Nick – We’re eating out less often. My parents both took small pay cuts at work.  

Grant – Dad got laid off from his job as realtor. Now he’s renting apartments to lower income people in Philadelphia.

When discussing their changing economic habits, this is what adults participating in the forum said:

George – I was laid off from Chrysler four weeks ago. They have cut bonuses there. People are having to be frugal The government needs to be more frugal, too.

Tom – I’m 29, a full-time student, and I design Web sites. I have always lived carefully and responsibly. Families need to help each other.

Jerry – At 61, I’m retired but not by choice. I got laid off. I shop at Aldi’s and buy store brands. No more deep sea fishing trips and cruises for me. I also feel frustrated that I can’t give more to my church.  

Find Realistic Solutions

These tough times are testing the relationships of some couples, especially the ones accustomed to a higher standard of living. Families without a safety net for emergencies are finding it harder to make adjustments. 

Couples are taking a more realistic look at their higher costs of living. Tom, employed in the housing industry, is thinking about giving up the expensive family vacation this year. He’s also reconsidering what makes a house a home. Realizing he can no longer afford his house payments, property taxes, and upkeep on the large house, he has decided to move to a smaller home. “My business isn’t bringing in the money it used to,” he said. “We can’t continue to live as if I’m still making a lot of money.”

Recent studies indicate that families don’t change their lifestyle for about six months after their income is reduced. If a family ignores their financial situation during this six-month time span, the results can be detrimental.

Roles are temporarily changing because of the recession. Husbands, who have been laid off, take care of the children and house responsibilities. Their wives are bringing home a regular paycheck. Dads take their kids to the bus stop and to school. Children are enjoying more time with their dads.

Some couples report they are now tackling money problems as a team. They are also spending more time together, as they did when they were first married.  

When money was “rolling in,” many families lived as if their income would always be there. Now that their income is meager, the credit line is gone, and credit card limits are lowered, families are learning to live on finite amounts of available cash.  

Joe, who is retired, moved to a smaller place he could afford. His daughter and son-in-law moved in with him. His son-in-law is laid off, and his daughter makes minimum wage.

Margaret is retired and was raised to be a good steward. She says she enjoys Starbucks coffee and won’t give it up. But she cuts costs by buying a 40 oz. bag of coffee and brewing a good cup of coffee at home.

Scott has always been frugal. He enjoys the simple pleasures of life. With less income coming in, he’s cutting back on food costs by gardening.

Assess Our Situation

There is no doubt that these economic storms are forcing Americans to reexamine their priorities in life.  They are redefining their goals when it comes to family, finances, and faith.  They are abandoning business-as-usual and making some tough choices.

Now is a good time to assess our situation. Put it in perspective. We can find out how and where we can get help, if needed. As stewards of our incomes, homes, and resources, we do have a choice to live more responsibly. It may take minor corrections or a major overhaul to take back control of our lives.

Copyright 2009 Deborah Nayrocker. All rights reserved. Permission to reprint required.