The Recession and Your Spending Habits

Has the daily news of an impending recession changed your buying and/or saving habits? I wrote a couple of weeks ago that I’m putting more thought into my purchases out of necessity—I started my own small business and no longer get a fat, dependable paycheck every two weeks.

My plan has been to put away the same amount of money every month. I’m free to spend whatever’s left after paying bills, buying food, etc. I tend not to have a lot of discretionary income, which is why I try to ask myself the six questions every time I’m about to buy something.

The past week, I’ve been trying to talk myself out of getting highlights; I tell myself that a new ‘do could help me beat the winter blahs, but there are so many other things that I could buy instead. What about you? Have you given up little luxuries lately, either out of necessity or as a precautionary measure given the doom-and-gloom recession news?

Pulling the Wool Over Our Eyes

Which material's more eco-friendly: wool or cotton? That is, given the choice between a wool sweater and a cotton sweater, which should you pick? It's a bit of a toss-up, says Slate's Brendan I. Koerner. Read his explanation here.

How Much Information Do You Consume?

Are you suffering from information overload? Time management expert Laura Stack calls “incoming information” one of the “biggest time and energy wasters in your day.” If you’re feeling short on time—and who isn’t these days?—she suggests going on a “low-information diet,” cutting out unproductive meetings, checking e-mail only a few times per day and even canceling magazine and newspaper subscriptions.

“I haven’t regularly watched the news or read a newspaper in fifteen years,” she writes. “To be honest, most of the news out there just isn’t the kind of thing that really impacts my family, my business, or me. And quite frankly, a big chunk of what gets reported will do little more than make me feel angry or even depressed.”

Although I won’t go so far as to cut out news entirely—I find that much of the news does pertain to me and my family, if indirectly—I can see Stack’s point. The onslaught of information is overwhelming, and no matter how much I consume, I consistently feel that I’m not as informed as I could be.

But I have taken steps to cut back, as Stack suggests. I’ve reluctantly phased out many of my magazine subscriptions (I'm a journalist and a magazine junkie, so this was hard), and I read only the articles that really interest me. I used to think that in order to get my money’s worth, I needed to read every word. I ended up with a pile of unread periodicals.

My news diet consists primarily of listening to NPR every morning while I get ready for work and again when I’m cooking dinner. When I have time, I’ll read the newspaper or tune in to “NewsHour with Jim Lehrer” in the evening. I use Google Reader to scan the posts of a few favorite blogs most days.

Now that I've taken some of the pressure off myself, I feel informed but not as overwhelmed. I enjoy reading again. For a while, reading a magazine or a newspaper was a chore; it felt like crossing off one more item on my to-do list.

Out on the Weekend

This weekend, I did lots of shopping but not much buying. On Saturday, I returned a few Christmas gifts at the mall and resisted the urge to purchase yet another long-sleeved cotton crewneck T-shirt (even though I could buy two for $20) when what I really needed was a pair of jeans. Not finding any jeans, I left the mall empty-handed but admittedly impressed by my self-control.

Sunday, I braved the cold and visited a little French-inspired boutique in a small neighborhood shopping center near my home. I needed a birthday gift for a friend, and the store’s shabby chic merchandise reflects her style.

I found several unique but pricey possibilities and ended up with a small, silver credit card holder with an ornate design. Before going home, I bought a loaf of sourdough bread from a bakery down the street.

Despite the frigid temperature, I enjoyed shopping amongst my neighbors. For me, trolling the mall is a more anonymous and less-satisfying experience.

Yet, even as someone who values shopping at independent stores like the French boutique, I still experience sticker shock from seemingly needless markups. I have a hard time justifying spending $32 on a candle or $80 on a T-shirt, even a really cool T-shirt. When am I supporting a local business, and when am I simply getting ripped off?

I’d like to see more independent stores that carry merchandise the average person can afford. Of course, in order for these retailers to survive, average consumers—not just affluent consumers—would have to make a conscious effort to shop there.

In the meantime, if I make an effort to pass over products that I don't need—for example, that bargain cotton crewneck—then perhaps I'll save enough money to put toward something that I really want, like an $80 T-shirt.

Carpooling Made Easy

Following up on Tuesday’s post about curbing oil consumption, I thought I’d put in a plug for carpooling and vanpooling. By sharing rides to and from work, you can save money, put less wear and tear on your car and get access to HOV lanes. Plus, you’ll have someone to commiserate with when you’re stuck in traffic!

Organizations such as Commuter Connections, which serves the District of Columbia, Virginia and Maryland, make finding potential carpool partners easy: You fill out a short application, and they send you a list of people who live and work near you and have similar schedules.

Do you carpool already? Please share your experiences here.

Why Am I Writing This Blog?

I’ve always been a conscientious consumer of sorts. I’m the type of person who spends 10 minutes reading the backs of shampoo bottles before choosing just the right formula. Whether I need a new car, DVD player or hair dryer, I’ll spend hours or even days reading reviews.

Lately, I’ve had to take a closer look at my purchases for two reasons: 1) I’ve started my own small business and don’t have the purchasing power that I did before and 2) I’m running out of space in my small, urban apartment. Before I buy anything, I have to ask myself: 1) Do I really need this? 2) Do I love it? 3) Can I afford it? 4) Do I have a place to put it? 5) Was it made locally or at least in the United States? and 6) Is it relatively healthy for me and for the environment?

Sometimes the answer’s a no-brainer: Yes, I do need to buy these disposable razors that were made in Greece because I don’t see any alternatives and I really don’t want hairy legs. But other times I’m not so sure, and I’ll end up talking myself out of something that I love but can’t afford or that I want but don’t need or have space to store. (It’s too bad I didn’t ask myself these six questions when I registered at Bed, Bath and Beyond before my wedding. No, I did not need an avocado slicer or an apple corer, and these silly gadgets are taking up prime space in my kitchen.)

I’m writing this blog to work out some of my purchasing decisions in my own head and to solicit advice from other conscientious consumers. Have a comment or topic suggestion? E-mail me. Thanks for reading!

Curbing Our Oil Consumption

The days of paying less than $1 per gallon at the pump are long gone, and our nation faces a growing energy crisis. Today this issue takes center stage as Michigan voters decide which presidential candidate can mend their state’s economy while decreasing our dependence on foreign oil. (CNNMoney.com has a chart that outlines each candidate’s energy policy.)

As we weigh the candidates’ positions on this issue, let’s not forget that every American can play a role in ending our “oil addiction.” Not everyone can afford a hybrid car, but each of us can make an effort to drive less by choosing to walk, bike or take public transportation to our destinations. It also helps to group errands—for example, running to the bank, the grocery store and the hardware store in one trip—so we're not jumping in the car each time we think of something we need. A little forethought can save each of us time and gas money.

Putting an End to the Paper Towel Trail

It’s no secret that green cleaning products have gone mainstream—even my local Target store sells Seventh Generation-brand sprays and detergents. Although I’ve gradually phased out Dawn dish soap, 409 kitchen spray and other old standbys in favor of greener alternatives, I’ve found that there’s one cleaning product I can’t seem to pass up: paper towels. They make wiping down bathroom and kitchen surfaces so simple—and sanitary.

But recently, I thought about how many paper towels I throw away (my husband and I easily go through a roll a week), and decided to investigate more eco-conscious and budget-friendly products.

Machine-washable microfiber cloths might do the trick. Method makes cloths ($5 each) specifically for glass, wood, granite and stainless steel surfaces, so I could use one for each task. Or I could simply use old dish towels or rags, as Co-op America suggests (the organization included paper towels on its list of "Ten Things You Should Never Buy Again").

I’m willing to give some of these paper alternatives a try—at least for certain tasks. But I can’t say that I’ll quit buying paper towels cold turkey. Using a cloth towel to wipe down a kitchen counter after cooking poultry seems unsanitary (what do you do with the towel before washing it?). For that, I’ll probably stick with paper.

Owed to My Cobbler...

A BIG thanks! I thought my scuffed-up, broken-heeled, pointy-toed shoes were goners, but my capable cobbler proved otherwise. For 20 bucks, he fixed the heels, stretched the leather over the scuffed toes and gave them a good polish. These classic kitten heels look as good as they did the day I bought them—no need to toss ‘em and spend $80 on a new pair.

I’d like to hear what types of products you’ve successfully had repaired and which ones you’ve grudgingly kicked to the curb—for recycling, of course.