talkmagic.co.uk

Hey

I've wanted to post this for a little while as I want to know how the credit crunch has really affected people with day jobs. I can see how it might have had an inpact on the full time pros with work being harder to come by etc but not sure anything has actually changed for the rest of us.

Let me try make some sense of this.

My own personal experience is this, I work as a project manager on a FTA (fixed term appointment) with a contract that expires at the end of March. Back in October they talked to me saying that they were going to extend my contract and would I be happy to stay for the next three years. Silence then followed and two weeks ago I was told that due to financial reasons I wouldn't be getting a contract extension! Real impact I guess as a result of the credit crunch but luckily I've found out today that I've got a new job (first interview for first job I went for)

Now if I hadn't been an FTA nothing actually would have actually really changed for me. I'd have been on the same pay, same job security (as far as you can be secure in any job) petrol prices are back to being reasonable, a few bills have gone up but nothing drastic. I don't have any credit so not affected by that. All this considered though I've still tightened my belt, not spending as much money, I've been made to feel worried about the future of things.

And for what? have those with fixed stable ish jobs really been affected that much by what i going on with the financial markets? or is it mainly media hype (I have obviously been taken in with this I guess as eating less meals out, not buying as much magic (any?) )

So how has it really affected you if at all? Have you changed the way you behave towards your spending. Has your life style had to change? What has been the major impact and why?

I'm just starting this for discussion, add your thoughts if any.......

Congrats on the new job!

Trying to keep a positive on the recession, at least it seems to be driving food prices down a little. That's the only way it seems to have directly impacted me, really. Although professionally in my line of work budgets have tightened... marketing seems to be the first to go sadly!

But it's making me think more about saving money, so I'm trying to save at least a little bit each month. Y'know, just in case...

My revenues from freelance writing (which really is my day job) are actually up on this time last year. However, three female friends out of a group of six have lost their jobs (in banking, accountancy and logistics) since Christmas and a fourth looks dodgy.

Tomo wrote:My revenues from freelance writing (which really is my day job) are actually up on this time last year. However, three female friends out of a group of six have lost their jobs (in banking, accountancy and logistics) since Christmas and a fourth looks dodgy.

Oh no, that's not very nice. Congratulations on your freelance work being on the up though!
Seems some places are affected more than others. The electricians where I work don't have that many jobs at the moment, and yet the shops are buzzing. Weird, maybe everyone just wants to spend their money on TVs instead of putting the money in a bank.

People will be hesitant in for a while in putting their money in the bank due to the interest rates being so close to zero and they may feel that there's no better time to 'haggle' for that something that they've wanted for a while, whether it's a TV or a laptop etc.

I think that most things have bottomed out by mid year and then there will be another six months of lying at the bottom before things start getting a little better.

The business I work for is using the credit crunch as a reason for making some of the sh###est decisions involving the staff. Although profits are going up and the centre has been the top of the company for 18 weeks running, they are still cutting staff, reducing salaries and extending the required working hours for salaried staff.

The amusing thing - and very annoying for some people I'm sure - is that despite being called the credit crunch it's the sensible or "successful" ones who have saved and invested that are losing money, not those living on credit (I realise it was credit that started the whole thing).

Personally, it has only affected me in a good way. I've got a variable, low-rate loan from RBS... don't remember what it is now, but no more than 2% over base rate. And I have zero savings, so low interest rates can only be a good thing for me.

dat8962 wrote:People will be hesitant in for a while in putting their money in the bank due to the interest rates being so close to zero....

Agreed - no point in saving money at the moment - put any "extra" money you may have into paying off credit cards, loads, mortgages etc. £1000 on a credit card is costing you over a tenner a month on interest alone!

dat8962 wrote:....and they may feel that there's no better time to 'haggle' for that something that they've wanted for a while, whether it's a TV or a laptop etc.

Again agreed - go to a sole trader or independant shop - they really want your money and will bend over backwards to get it!

dat8962 wrote:I think that most things have bottomed out by mid year and then there will be another six months of lying at the bottom before things start getting a little better.

Six months? Six months!!! - I really wish I had your optimism - we should be prepared to be in this sh*te for the best part of 3 years before we can start to breathe easier again - maybe longer!

nothing much has changed for me mate, full time work, and gigging and a ebook sales...pretty much the same for me...

my mortgage i got fixed for the next 3 years at 5%, so right now, i'd be paying less i suppose, however - i dont think the low rates will continue over the next year and beyond...

my prediction is that the recession will officially end in late 2010...

Well on a personal level I lost my job just before Christmas when the firm I worked for had to shed about 70% of the staff.

I've been looking for a full time job without success ever since, I've recently started a temping job to tide me over moneywise, It's mundane and not what I was doing but at least it's a job. I'm sure something will turn up and everything will be okay, though.

Six months? Six months!!! - I really wish I had your optimism - we should be prepared to be in this sh*te for the best part of 3 years before we can start to breathe easier again - maybe longer!

I think that it will take two to three years to fully recover to where we were eighteen months ago but I do think that we will have bottomed out and started to climb back up the ladder towards the end of this year.

Thanks for the views, it obviously is having a real impact on the lives of many people. Mainly it seems where peoples companies are the ones suffering and cutting jobs as a result.

What about those who still have their original job? Have things really changed for you, it appears not in reality for those that have replied so far. Like I say, for me othe than the work situation nothing would have changed but i perceived things to change so changed my spending habits.

Although ressession isn't good for individuals do you think it makes businesses stronger? Only the fittest survive etc? I know people in my work place have bucked up a little in general, looking over their shoulders etc.

Another question as well, would you be prepared to move to find work? There is no doubt that work is harder to come by, competition is more fierce for jobs. I live in Manchester and love it, but when I found out my work was coming to an end for the first time ever I considered moving to find the right job. Without the looming crisis I would have never done this. I would have even considered a pay cut if neccessary so that I had some work.

Sorry, lots of questions and some random thoughts

Still got my job and unless the social services go's wrong I should still have it in the future. I've been pushed with money but for different reasons then credit crunch. I'm now wondering if it's worth me investing in the plumbing course I was going to do because I'm not sure if there will be any work when I pass, at least now I'm in a secure job.

No negative effect on me personally here - for some bizzare reason profit is actually up for our company. Considering they're insurance that's quite impressive.

I too am skint all the time, but then I was before the recession kicked in so that's all gravy too.

Agecroft wrote:Although ressession isn't good for individuals do you think it makes businesses stronger? Only the fittest survive etc? I know people in my work place have bucked up a little in general, looking over their shoulders etc.

Well, it's certainly an evolutionary process, but I think it also shows the power of diversification. I've always through that if you're prepared to roll your sleeves up and get involved, multi-skill, feed new ideas into management, and provide the best value possible, you're less likely to be laid off.