October 27, 2008

What would you have done differently this summer if you'd have known how hard the recession would hit?

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In talking to friends and neighbors this weekend, I began to detect a theme. Not being economists or psychics, none of us could have predicted how hard the stock market would tank this fall (and how much our retirement savings would dwindle) or just how many layoffs we'd be in store for. Among the if-only-I'd-have-known-then-what-I-know-now's:

"I wouldn't have voted with my union to strike."

"I wouldn't have taken such a pricy vacation this summer."

"I wouldn't have left my day job to start a business right now."

Among the things people told me they're doing to compensate for the fact that have (or anticipate having) less money coming in each month due to a layoff or "business being slow":

"I refuse to turn on the heat till November."

"Although I broke up with my boyfriend a few weeks ago, I'm not moving out just yet because I was laid off this summer and am still looking for a new job."

"I'm giving lottery tickets for Chrismukkah -- no fancy presents this year."

How about you? What would you have done or not done had you known how financially sketchy this fall and winter would be? What are you now doing to conserve your cash? 

Michelle Goodman is the author of "My So-Called Freelance Life" and "The Anti 9-to-5 Guide." E-mail Michelle at mgoodman@nwjobs.com

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