What are You Doing With Your Money?

17 November 2008

It's not the best of time here in the UK these days.

We've all heard by now that unemployment in the UK has spiked to 5.3% an 11-year high (official figures from the Office for National Statistics).  There are currently 1.825 million Brits out of work, with 140,000 having lost their jobs only between July and September of this year.  Heck, people are even cycling more to work than driving now, and it's not because they really care about the environment.

Every day we hear more news like that.  Stock futures today are showing sharp declines, with news that Citigroup may lay off 50,000 people (14% of their global workforce). Sunday Telegraph reported yesterday that JPMorgan Chase will have thousands more layoffs next year.

The Governor of the Bank of England, Mervyn King, announced last week that we are entering an even deeper recession than what was predicted. City Index's chief market strategist summed it up in a news interview, "This baby is going down and it's going down fast." The economists are worried, and the bankers are pissing their pants.

But what about you?  Have you been affected, and in what way?  What are your thoughts on all this?  Do you have a backup plan in case things do take a bad turn?

We'd love to hear your comments and opinion on how to weather the upcoming economic storm, and things to do to protect your money, savings, or even better, how to make money out of the current situation.

What have you done to cut down on expenses, save money, make money?  Have you got a good backup plan that you don't mind sharing with us?  Have you gathered tools to build a house in the middle of a forest?

We'd love to know, and will assemble the best tips shared here this week into a post before the weekend.

TOPICS:   Economy

3 comments

  • Carley
    I've recently been made redundant having worked in automotive manufacturing since i left school 18 years ago. I have halved my grocery shopping budget, which wasn't too hard even with 2 kids (down from £100 per week to £50 per week) I have stopped buying DVD's, CD's and other impulse buy's and have given up buying alcohol. I have always run a spreadsheet for my finances and with my redundancy i know that as long as I stick to my budget then I am OK until next July / August before my cash runs out. I hope to get another job before then but am using this time to gain more experience from training courses that are being offered free so to enhance my employment opportunities.
  • Susan
    Made redundant from my main part-time job in July, so only working 1 day a week now. Enough to cover the mortgage but nowt else. Don't qualify for job-seekers allowance as I earn too much on the 1 day per week, but do get Council tax benefit as on low-income now. I am a qualified accountant so unable to upskill any further - in fact this is a hinderance as I am being told I am over-qualified for jobs I apply for. One agency I am signed with has 8 people of my calibre on their books, they usually only have 1 or 2, but no jobs for us anywhere. Plus employers are dropping the salaries on offer - £20-25k for a qualified accountant is peanuts!
  • Vince V.
    Hi Carley - well done on taking action. The impulsive stuff is the hardest to stop out of habit. I like that you have a spreadsheet and all. Well done for being proactive. Susan - covering your mortgage with 1 day a week work is well impressive! The remaining 6 days you have, have you thought about using it to develop your own business?

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