Recession Concessions: Keeping My Coffee

Laura Yona, 36
Glen Rock, N.J.

Keeping: Starbucks ($5 per cup)
I used to commute into NYC before I got laid off from my management position at Tutor.com. The one real just-for-me splurge that I’ve kept since being laid off is Starbucks in the morning. I have cut back to 3-4 times a week instead of every day, but it’s still $15-20 a week on coffee. For me, though, a lot of it is about actually going to my local Starbucks. The people there know me and are super nice to me and chat with me about what I’m reading. They are really the only people I get to talk to these days that I’m not related to or talking to about my kids. I always walk out of there with a smile on my face—totally worth the $5 or so I’ve paid for the coffee. (I also justify a little because I get four shots, so I’m really paying $5 for four coffees…they’re just all served in the same cup, right?)

Ditching: Salads, manicures, sitters, yarn and more
After being informed that my position was one of 13 being eliminated at the end of October, the second phone call I made was to cancel my cleaning service (the first was to my husband)…

What are you keeping and giving up in the recession? Email us, or discuss it in the comments section.

I Want My IRA

In 2001, I made my first contribution to a Roth IRA. I felt very proud of myself at the time. Look at me! I’m responsible. I deserve a gold star. Everybody was raving about the Roth as a great way to save for a home, or your kids’ college tuition, or retirement. A Roth is different from a traditional IRA because the money you contribute (up to a maximum of $2,000 a year per person if you meet certain income qualifications) isn’t tax deferred. People like the Roth because you can withdraw both your money and earnings tax free. You can take out your own money (your original contribution) any time you want, for any purpose, without paying taxes or a penalty, because it’s already been taxed. Plus, your total (contributions + earnings), can be withdrawn without any penalty regardless of your age if you use it for certain approved purposes, like college or $10,000 towards your first home.

All of this sounded fine and dandy to me, so I dutifully made my contributions, be them ever so humble. As time went on, I took the advice of my accountant to distribute Roth money to various “growth” funds, such as Calamos…

Screwed: Up to 7,000 in New York

A daily review of the employment fallout around the country and the world.

Facing budget pressures, the city of New York may have to trim 7,000 positions. … Detroit Public Schools is closing 23 schools and laying off 600 employees. … Tucson is also looking at 607 cuts to its school system. … In Iowa, Deere & Co. is putting 160 workers on indefinite leave.

Recession Briefing 4.9

Initial jobless claims fell last week after hitting a record high the week before, but the overall jobless figure remained high. (CNN Money)

U.S. may role out a version of Depression-era “Liberty Bonds” — in this case, “bailout bonds” that consumers can buy to help boost the financial system. (New York Times)

Notes from the Federal Reserve’s mid-March meeting reveal that regional presidents see no glint of recovery, reversing a sunnier view of two months earlier. (AFP)

Taking “You’re Fired!” Too Far

From the Beyond Tasteless Files: The Fox network is planning to make a reality show out of layoffs, an AP story says. We’d peg it as a joke, but they’re a week late.

In the series, called “Someone’s Gotta Go,” employees of a small business get to choose which of their colleagues will lose their jobs. That might be…uh, entertaining…during a boom time, when the job market is awash with opportunities. But it seems vicious during a downturn, when more than 5.1 million people are unemployed in the U.S. The financial and emotional fallout that comes from losing a job is no game…

Best Twitter Feeds for the Recession

Still getting used to the verb “tweet?” It seems like practically everyone is Twittering.

If you haven’t set up a Twitter account yet, here’s a good reason to do so: people are putting great information out there that can help you get through the recession. Everything from finding a job to shopping deals and the latest recession news. We combed the Twittersphere to find useful, unique and consistent feeds…

Pluses of the Pinch

Spring’s here, so even in the face of endless lay offs, the mortgage meltdown, and the tax collector’s knock, I’m convinced there’s something worth celebrating. Maybe it’s because mom always said, “When you’re upset put on a smile, think of something you’re grateful for, and soon your expression will be genuine.” An annoying exercise in fakery perhaps, but it often works.

So, with an acknowledgment to mom, let’s review some of the changes that have smile-inducing side effects:

The Tour de France-Style Commute
People have less money to spend on gas/parking/tolls/trains. In New York the MTA is threatening another fare hike. But bike commuting is booming—up 35 percent over 2007, according to the New York City Department of Transportation.

Pluses: It’s scenic, it’s free and since it’s a commute-workout combo you can save even more money by ditching your gym membership. (If you’re jobless, substitute “commute” for “errand running.”)

Do College Campuses Need a Recession-Reality Check?

Worries about the recession are keeping one college senior up at night…but is she alone?

Call me prudent. As a graduating college senior, I make it a point to invest thought in my career plans. Like most colleges, my state university offers the services of a Career Center, holds career fairs, and welcomes company recruiters to communicate with the student body.

Recently, I attended an information session held by a well-known publishing house; a company that I am very familiar with and would love to work for. Having already attended an info session for this publishing house before the media meltdown, I was familiar with their presentation. So familiar, I was having déjà vu while listening to the pitch. Economic developments and the drastic downturn in the print industry were obviously taboo at this meeting…

Screwed: 300 in Peoria School District

A daily review of the employment fallout around the country and the world.

Peoria school district has approved layoffs of 300 teachers…Deere to can 160 workers at its Des Moines Works facility…DHL Express said to be getting rid of another 120 employees in New York…Portland-based Hampton Affiliates to temporarily close lumber mill and will pinkslip 85…Roanoke City school system will cut 58 jobs, including teachers…

Recession Briefing 4.8

What you need to know today to survive and thrive in the recession.

Recession hits baby-making market: Charitable giving has cooled since the recession hit, but egg and sperm giving is hot, hot, hot. (USA Today)

Recession Fuels Readers’ Escapist Urges: Sales of romance novels are outstripping most other categories of books and giving some buoyancy to an otherwise sluggish market. (NYT)

Recession Start-Up Snags And Solutions: As layoffs mount, the number of start-ups is on the rise too. (Forbes)

If you come across a good article or blog post about the recession pass it on.