Time to Stop Spending. The Writing is on the Wall.

I would not be a responsible blogger if I kept posting new clothing and shoes when we are definitely in a full blown recession. Headed into a depression, and that threat is immediate.

Ladies, it time to stop spending! This is the silent you hear right before the whole house falls around you. There are harsh economic times ahead. It time to pull back! The global economy and more immediate our own, is facing one of the worst economic failures. The fall out is on the way.

Folks probably don’t want to see this type of news on this blog – but this is reality and everybody needs a reality check right now, including myself. Whatever I post will be what I already own. I’m personally bringing the clothes and shoe spending to a halt. Its just real ugly right now. I’m not an alarmist by any means, but it is definitely time for everybody to take a good long look at their spending habits……and if you ain’t look at your 401K in the last few months, you probably need to sit down first before you attempt that brave feat!
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23 Responses to Time to Stop Spending. The Writing is on the Wall.

  1. Corey says:

    Well said! Last weekend, I got all freaked out and returned all the new items of clothing that I had bought but not worn yet. I have PLENTY of stuff to wear and look cute in without anything new!

  2. Profile photo of Budget Chic Budget Chic says:

    Corey, you did the right thing.

    I got so much stuff…. (as many of us do) things that I have’nt even worn yet!! I don’t need anything in the way of clothing, shoe or accessories!

  3. ohthatgirl says:

    I’m with you 100%! I went buck wild the past couple of weeks/weekends during the random sales ON has been having…and returned 95% of my purchases this past weekend. I’ll pay off my Target card (the one and only card I have beside debit) with the refund money. Then I can breathe and use the Target card for emergencies only until Christmas or the economy gets better.

  4. Profile photo of Budget Chic Budget Chic says:

    I wouldn’t sit a hot stove waiting for it to happen. The economy is not going to rebound like you think.

    Expect credit card companies to be sending out letters telling you that are decreasing your credit limit. The U.S. is holding a lot of I.O.Us that ain’t worth the paper their written on.

  5. rm says:

    it’s actually terrifying. you have no idea how it feels to be in college right now and racking up student loans during a time when getting a job when i get out of school is by no means guaranteed. and there’s not really a thing i can do about it.

  6. Profile photo of Budget Chic Budget Chic says:

    You should be concern. However, don’t let fear drive you, start doing your research, realize what you may or could be dealing with in the future and start making critical, smart decision now.

  7. Diya says:

    Yeah… I haven’t been buying anything for a while now. It’s quite sad to miss all of those sales but what can a girl do…

  8. Lara says:

    I just wrote something about shopping restraint! So glad you did too!

    I really want to get rid of about 50 pairs of shoes but unfortunately, they probably wouldn’t sell easily right now.

    You’re right about them possibly decreasing credit limits! My Target card had expired so, I applied for a new one recently. I’m a student and help with my family’s business so, I don’t have any real taxable income. They gave me a $1200 credit limit! Totally irresponsible and insane! I’m glad to have such a great credit history but the cards sit in a safe place… not in my wallet to be used!

    I’m just wondering what further damage NOT spending will do to the economy. Our consumerism keeps things going!

  9. Profile photo of Budget Chic Budget Chic says:

    It’s bigger than sheer consumerism. It is the weakening of the American dollar and the massive debt this country is in, overseas investors are pulling away from the dollar.

  10. lifeaccordingtob says:

    Hi Everyone,

    I think it’s really important for shoppers to buy (well spend responsibly) and put money into the economy. If we stop buying things the only hope we’ll have is for governments to pump money into economy (as the US and possibly now the UK will be doing).

    Same thing goes for high interest savings and pensions, we can’t pull that money out because we are riding through a rough time. The market is an organism that has cycles of growth and decline.

    But (and I stress) stop using credit cards if you are in debt and have a hard time paying your credit card on time! Use cash and keep the money flowing into the system!

    Nice blog by the way…you are so patient in keeping up with the outfits and posts!

    B

  11. issa says:

    great post!! i’ve definitely been way more conscious about spending… the economy is just so scary right now…

  12. Profile photo of Budget Chic Budget Chic says:

    @ lifeaccordingtob – I wish it was that simple but the U.S. is in trillons of dollars in debt. Trillons. Their financial position is completely compromised due to waste, greed and fraud and consumption instead of production. This has been building for years…….and now its unavoidable.

  13. Joann says:

    I like shopping, but I certainly don’t buy items just to let them sit in my closet. My parents taught me early on to buy only what I need. I can’t stand seeing clothes in my closet with tags still on it just because of a hot sale; that just tells me I wasted money. So unless I plan to immediately wear it, I don’t buy.

  14. sharon rose says:

    Yaay, you are so right! I’m going to try and stick to doing this, good luck to you too!

  15. fashion_guru says:

    i have no words. I feel like moving to another country but who is to say i wont see the same thing happening there soon if one of the most powerful countries in the world is going through financial crisis

  16. Laila says:

    I have to kinda disagree. I would say that people should stop mindless spending but to keep the economy going we have to pump money into it. That’s why they sent out those economic stimulus checks. There has to be money in rotation otherwise businesses will close and that’s no good.

  17. lacouturier says:

    totally agree. =)
    i try…but dreaming is free isn’t it? =)
    i love finding deals tho they’re the best!

  18. Marian says:

    Thanks for posting this hun,things are getting serious.
    have a good wknd dear
    x
    marian

  19. Jills says:

    This is very true – I’ve cut back my spending but not my looking and have made a pledge to myself to quit buying new clothes. I can only treat myself with the occasional thrift store find.

  20. elanarobinson says:

    I’m agreeing that these are times to be more financially conscious and careful. I have been noticing in just the last week that a lot more people seem to be selling their closets away on eBay for cheap because everyone is so low on money they need the extra cash. These days, it’s all about making very careful picks and avoiding purchases that won’t get much use. No more buying “little extra” items.

  21. candid cool says:

    great post!
    i checked my 401k a few days ago, my jaw dropped at the chunk that was poof! gone.

    ive cut back buying new clothes a lot! i was once buying a few things 2 wks! now im only buying a few things a month, plus clearing things out. now i look for my fashion inspiration elsewhere instead of buying new things. and it makes me more creative with what i have.

    also this economy is tricky, people need to spend in order to keep it running, but if people dont have the money to spend…it all just comes to a stand still.

    i really hope this situation, really motivates people to vote vote vote!

  22. Amy says:

    Part of what causes an economic slowdown is a fear-inspired halt to spending. People lose faith in the stock market and stop investing, they are slower to buy homes and durable goods (big ticket items like dishwashers) and this can cause a domino effect. For example, I live in Maine and the price of lobster is down to around $3/lb ($6-10 is the normal range) because of a) less tourism and b) people pulling back on spending. This hurts the lobsterman who then also has less money to spend on a new house, which hurts the housing industry and labor market, which hurts the grocery stores and shoes stores etc. etc.
    So, by all means if YOU are one of those people feeling the domino effect, don’t spend at your normal rate. But pulling back on spending if you don’t need to is not necessarily a solution, but rather something that hastens the economic slowdown.
    Luckily, the economy will eventually correct itself. If lobster is $2/lb some people will want to snatch up such a great deal, which will increase demand and then increase price. Unfortunately, as this process works itself out nationwide there will be casualties, such as lobstermen who have to sell their boats or real estate agents who take second jobs, for example. But, left to it’s own devices, the economy will eventually rebound, often more efficiently than it has in the past when the government has tried to force a certain outcome.

  23. Profile photo of Budget Chic Budget Chic says:

    My suggestion is to NOT spend unnecessarily if your wallet dictates otherwise. I understand where you are coming from, in reference to certain industries that will or are hurting because people are scaling back. Retail is one of them. But this government can’t ask the average consumer to “hold up the economy” when jobs have steadily been offshored since 9/11, when the US lost 760,000 jobs this years, when CEOs are robbing and stripping companies of all their value and putting thousands of workers on the unemployment roll in order to eject with their golden parachutes. When gas prices are $3.50 to $5.50 a gallon. I mean how crazy and debt ridden do they want the average hard working person to be?

    When things tighten up for those whose budgets were already tight to begin with – recession or no recession – they definitely need to consider pulling back on the non-essential spending and let those that are a better financial state “hold up the economy”. There are still many things that will result from this economic disaster – that have yet to manifest itself. To be caution at this point is very prudent.

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