Cutting down spending vs supporting the economy

[tectonicplates]

I know many of us have been thinking through our spending and seeing how much of our stuff we really don't need. There's been numerous posts here about things you no longer want to do or buy.

How can we support the economy? All of these non-essential shops have thousands of employees. How can we find a balance?

Even things like supporting local restaurants is a discussion in itself because I now realise just how many calories they add. I've lost 9lb of weight since the lockdown, as well as saving money.

I think we can call do our part in supporting the economy:

Spreading your spends - rather than just spending all your money in a supermarket, buy some items from local, independent shops. Prices aren't always more expensive and sometimes you can get a good deal.

Donating unwanted items to charity. People will buy these items and this gets money into the economy.

Using your local library etc, keeps people in work, from library staff to cleaners and authors.

Free entry Museums etc rely on donations, but it's also important to just get visitors through the door in order to retain funding. So donate what you can, but encourage friends and family to also visit.

With the exception of getting my hair coloured every 4 weeks I am going to carry on spending as I did before. I've really missed spending money, not just buying stuff but on activities, days out and meals out.

I have been thinking about this too. I am very aware that the economy needs us to spend in order to keep going. However, neither DH nor I have had a job or been paid since this started, we have survived only because of a mortgage holiday & thanks to help from family & DLA money for DS2 So I really can't see us having anything to spend beyond the very occasional coffee, and those are noticeably more expensive from local places & do not taste as nice, not the range of flavours you get from chains, nor can you build up loyalty points for the odd freebie.

Spreading your spends - rather than just spending all your money in a supermarket, buy some items from local, independent shops. Prices aren't always more expensive and sometimes you can get a good deal.

That's a good point. We do have a really good local shop actually, the sort of place where get stuff the supermarkets don't have.

Donating unwanted items to charity. People will buy these items and this gets money into the economy.

I have a small bag of clothes to give away. I think the charity shops will be inundated though, so I was waiting to find out the situation in case they get full.

I have done stuff listed on Ebay too, but there's been very little interest recently. People are really holding back.

I don't intend to. I believe our economy to be deeply flawed - a society which exists only if we continue to buy more unnecessary things than the previous year.

I very much intend to continue the significantly reduced spending we've done over lockdown and enjoying the simpler things in life.

Lockdown has made me realise how much happier I am with less.

If we all did this, people would lose jobs as we lose certain industries but I also feel it would make other industries more valuable.

Apart from food, which industries would become more valuable?

I absolutely agree with @covidco

Lockdown has made me realise how much money we waste every month.

The 'call to arms' from the government to go out shopping actually makes me feel a bit sick. The queues outside Primark and mobs at the Nike store - what are they all so desperate for?

That's the thing, I agree with you. But these industries support thousands of jobs.

Lockdown has made me realise that local small businesses deserve more of my money than the chains. They really came through when the big companies like the supermarkets couldn't and I enjoyed discovering new businesses too.

That's the thing, I agree with you. But these industries support thousands of jobs.

And ? Added together they are also killing our planet. Especially the air industry with it's huge carbon footprint.

By all means let's go back to exactly how we were before and piss away this chance we've been given. If we do, we don't deserve to survive as a species.

And everyone needs to pay the rent. So if millions of people end up unemployed, then they're going to need to find jobs somewhere.

And everyone needs to pay the rent. So if millions of people end up unemployed, then they're going to need to find jobs somewhere.

If you knew how much money the top 1% of the UKs population have squirrelled away, you'd never sleep at night.

The other 99% of us still need to pay the rent and buy food etc, so I'm not quite sure what your point is.

I’ll be shopping less, buying better quality, more local/independent, buying more organic food. After Brexit even more so. Obviously I can’t afford all British-made clothes etc but will buy quality & second hand. I may still buy pyjamas from Primark though as they are phenomenal value and last years. I was already a very infrequent flyer & will try not to fly unless I have to. I don’t think the aviation industry should be propped up, although obviously I have a lot of sympathy for people who work in it.

Anyway, most of what I waste too much money on is actually food. Not just restaurants and cafes, but also stuff like buying lunch at Pret etc. It's amazing how much weight I've lost, as well as saved money, by stopping doing this.

But also I won't be going back to any trendy gyms or yoga studios, because I've realised how much I hate them! Exercising at home has been so much better for me. But I only actually pay my one yoga teacher for online classes. Everything else I've been doing for free, including YouTube videos and using DVDs that I bought years ago. This is so much better for my health and happiness, but I'm also aware this is a loss of business for exercise venues. Certainly not the same thing as buying a load of clothes you don't need.

Good thread, I will be spending more on UK travel as I’ve missed days out and meals out.

I’ll also be increasing our mortgage so we can finish our house. I’d rather just get it all done now, I’m fed up with living with holes in the wall and broken things!

I think it is about spending differently. We have saved during lockdown and there are things I won't go back to buying BUT we have a good amount saved which will be spent on the house (sooner than we could otherwise have afforded) and I will look to spend the money on more environmentally friendly things so for example solar panels.

Our neighbour has been brilliant while we have been shielding and we are very grateful. I have given his lovely teenage daughters some money (they took some persuading) and told them it was their civic duty to help boost the local economy! I think the milkshake shop was going to be their first stop.

I have only ever spent when necessary as I dislike shopping. When I do buy I buy well made stuff and attempt to buy locally. Have had furniture made by a local firm, stuff like that. We have saved a lot by nit eating out a couple of times a week. Will resume at some point but not for a while.

My spending has remained at a similar level to before, I’m just spending it differently. I’ve done a food shop for the month, but will do top up shopping in the local independent supermarket, I buy meat from the local butchers Online and will be buying things off of eBay more than usual which helps either smaller businesses/independent traders or private sellers.

I’m not in any rush to go to the shops and will mainly carry on staying at home.

@KevinTheBard

That's the thing, I agree with you. But these industries support thousands of jobs.

And ? Added together they are also killing our planet. Especially the air industry with it's huge carbon footprint.

By all means let's go back to exactly how we were before and piss away this chance we've been given. If we do, we don't deserve to survive as a species.

Okay but the fall out is we won't be able to afford an NHS or pensions

We have saved in lockdown and now have enough saved to do the bathroom which I didn't think we'd manage until next year.

However, I am worried about my job - not likely to be imminent but we'll be hit when our clients pull back budgets so I reckon Christmas time is likely to be our risky time. I'm therefore loath to pay out such a big expense on a nice to have in case I need that money - it's 5 months worth of living costs.

I think we will change our shopping to more local providers though. I'd like us to stop relying on Amazon as that's where the bulk of our non food spend is.

same problem as saving the planet, which has been rather forgotten now. Drive less, buy less, have less, travel less - bang go a lot of jobs.

Industries that may become more valued- service industry, carers etc.

Lots of things that are good for us are unpalatable. But I'm more concerned about the greater good than the individual good.

Saving the environment comes at personal cost. But it is worth doing.