Are you afraid?

Recent articles in Business Mirror and Malaya indicate that more and more Filipinos are cutting back on expenses for fear that they may lose their jobs or other sources of incomes. A study by global market research company Synovate shows that 94 percent of Filipinos have made cuts in their spending.

The “State of the Economy” survey also indicates that Filipinos are saving less, investing less, and spending less on luxury items. Instead, more Filipinos are stocking up on food.

22 percent of the respondents said they gave up eating out while 29 percent gave up purchasing big-ticket items (bye, bye plasma TV!) and high-tech gadgets.

Hubby and I ourselves are feeling the crunch. Because my husband had to change jobs, we had to dip into our savings since his last paycheck would be delayed until he is cleared by his previous company. We had to tighten our belts until he receives his first paycheck on Dec. 5. But even then, we would still continue to be cost-efficient until we have recouped all the money we had to take out the entire 2008 (2008 was and is an expensive year for us).

How about you? What measures are you taking to cut costs?