Is spending to help the economy not tank on your mind d?

[EinsteinaGogo]

Hi all,

We had people round for a bbq last night - really, really nice to see people properly again.

We got to talking about how we've been very lucky to work from home, saved on commuting costs, Prets lunches and coffees etc, and I talked about how I've been glad to stop spending on frivolous things and would try and continue to save where possible.

I was kind of a lone voice, as the general perspective was that (if you could afford to) you should be pumping your cash back into the economy right now. Use it or lose it.

Also started talking about pension schemes etc., and how we need to spend to ensure investments don't crash.

Do you have the economy on your mind too, and have a 'spend to support it' mindset?

I'm more scared about being laid off in future so want to build as much buffer as possible... am I in the minority?

Not really ,my dh is back at work tomorrow after 14 weeks due to being diagnosed with Diabetes just before lockdown, we also have a disabled child so maybe selfishly I'm more concerned about my family's health rather than the economy at present .

50/50 in our house. Keeping some tucked away, spending some on house renovations which we havent been able to afford to do recently

Millionaires and billionaires can do a bit of spending imo instead of hoarding it in tax havens.

I'm saving every penny I can as who knows what I'll need over the next year till this goes away.

Although actually we have spent a few hundred pounds in gravelling 'the garden and making it very pleasant ,rather than the mess it was in before lockdown but this was for us rather than a concern for the economy

Dh's job seems secure for the next little while at least and we have a good 24 x his salary in the bank so I'm spending a bit, mostly local. I'm redesigning the playroom and have just ordered bespoke shelving (goes around a corner and then fits under a flight of stairs) from a local furniture shop who make most of their stock. Plus we got 2 holidays fully refunded so will use that money for a few day trips once Scotland relaxes the 5 mile rule. Looking forward to the local farmers market reopening next weekend.

I’m probably losing my job, my company is starting a consultation so I’m more bothered about my personal situation. During lockdown I’ve managed to pay credit cards off and am not interested in buying as many clothes and things.

I really feel for small businesses though, I was in the next town along and my favourite cafe was all shuttered up and it made me so sad. You can’t spend what you haven’t got though.

I'm spending to support the economy and because I like to spend money on doing nice things. I've really missed meals out, nights out, my spa and holidays.
walking around the countryside and then going home to cook dinner isn't then type of weekend I wAnt and am fortunate to be in a position to spend money .

We’ve saved during lockdown, but Im too nervous about the next 12-24 months to spend much of it. Our biggest expenditure is usually on holidays which we won’t be having until at least next spring, and very probably later than that (shielding DH). I have however decided that I will actively try to buy local/made/grown in the UK wherever possible - hence I spent a small fortune on a new duvet last week, but it is made in the UK from UK wool. And I’ve signed up for a local veg box.

Our summer holiday is cancelled so I am using the money plus other savings accumulated during the lockdown to get dental implants. I couldn't afford it before. If I don't do my teeth work this year, I will never afford it again.

I’m lucky my income hasn’t been affected, I’ve actually had a pay rise as I’ve switched jobs during lockdown. Im not scrimping and saving every penny but I am making the most of not commuting and not throwing away money on buying rubbish food at work. I don’t have much in savings, so I’m absolutely going to prioritise saving money to give myself a proper financial cushion over spending for the sake of it. I’m talking about going from a couple of weeks worth of income saved to aiming for 3 months worth, I’m not hoarding hundreds of thousands of pounds! Just trying to protect my own very modest finances from future uncertainty.

It would be better for the economy if people did, yes. However many will feel that they need to put away what they can, and understandably so.

Supporting local is a sound move.

I can't afford to splash out money simply to support someone else's business or to prop up the economy. I'm also worried we're heading into a long recession and that prices will rise. I have to look at cutting back and cutting down on spending.

We don't have much spare to throw around at the moment because lockdown has increased our outgoings (electricity/water/food) and reduced our incomings but when we do need something I'm spending in smaller more local businesses where possible, where larger companies are needed I'm only spending with those who pay a fair amount of tax in the UK.

The wider economy will need to rely on wealthier folk than us.

We're both still working FT. Our Easter holiday was cancelled and we spent the money on garden furniture instead. We've also had an extra takeaway each week as local places were delivering and I want to help them stay in business in the meantime if at all possible.

I’ve done both, overpaid the mortgage but also bought stuff to make lockdown more enjoyable.

Big thing I’ve done is support companies I love that might not survive. Local independent stores and online businesses etc

We’ve spent lots on home improvements recently, mainly due to now having the time to get things done but also to give work to some of our friends who had jobs cancelled during lockdown. I fully believe in spend to support, and think our country would be much better placed to recover from economic crisis if we had better out of work benefits like Germany. If we did, people wouldn’t worry so much about spending and some of the redundancies would probably be avoided.

I’m probably a lone voice here, but what is your occupation ? You don’t sound genuine.
Huge apologies if I’m mistaken.

Of course not. Mental idea. Why is our economy so fragile that it depends on people buying shit they don't need?🤔

No. I probably spend less. Lockdown made me experience new things; e.g: I enjoy making my own bread …

Have made savings & have spent some with local businesses however our jobs are not 100% recession proof so imo it would be crazy to not save some.

Also I never realised how much I frittered on crap so I will definitely be more mindful

Not if the stasi want face masks to be worn in all shops.............nope.

and trying to completely avoid Amazon

Millionaires and billionaires can do a bit of spending imo instead of hoarding it in tax havens.

This