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Yahoo
09-04-2025
- Business
- Yahoo
Older Adults Are Sharing The Grueling Ways They Saved Money During The 2008 Recession, And It's Sobering
Donald Trump's tariff plan has recently gone into effect, imposing a baseline of 10% tax on imported goods from dozens of nations and US trading partners. Though there is now a 90-day pause on Trump's reciprocal tariffs, the downward trend of the stock markets since the plan's announcement has people bracing themselves for an upcoming recession, comparing it to the likes of the 2008 Great Recession. So as someone who was barely conscious during 2008, how do I survive a recession? — Professional Zoomer 🌹 (@Zoomer_Doomer_) April 7, 2025 X: @Zoomer_Doomer_ / Via Twitter: @Zoomer_Doomer_ As economic uncertainty continues to rise, Redditor u/itsmejuji asked the older adults of the Reddit community to share how they saved money during the 2008 recession, and it's sobering. Here's how people got by during the Great Recession: 1."When gas hit $5/gallon, I outfitted my early '90s Schwinn mountain bike with slicks and fenders, built a cargo trailer, and started doing most of my errands with it." —bentnotbroken96 2."I had seniority at a good union job. I was truly lucky and survived. We took a 10% pay cut to save other peoples' jobs, so we tightened our belts, but at least we knew we had a check coming every two weeks." —mikeyfireman 3."Manage your expectations. I got laid off about a week after buying a house during that period and didn't recover job-wise for about a decade. Learn to enjoy cheap pleasures like library books, city parks, and Little Caesar's. Treat living frugally like a game, and be open to switching careers. If there's anything I wish I would've done differently, it'd be not getting caught in the rage and leaving myself vulnerable to the people who'd exploit it. Good luck." —OldLadyMorgendorffer 4."I combined five loans into one. It reduced my payments and made life easier." —cynic_boy 5."Buy in bulk and eat the basics: big bags of rice, dried beans, and potatoes. Buy cheese and hearty vegetables on sale. Never eat out, and make your own coffee. Audit your spending every month with your partner if you have one. Money is the only thing that will get you through, so you cannot mess it up. If you have a long commute, find a rideshare. If you can take public transportation, take it, as it'll make a ton of difference in monthly savings." —thetaleofzeph 6."I lived very carefully paycheck to paycheck. My son never knew we didn't have much. As an adult, he told me he never realized money was so tight. He had a great childhood and thanks me often for it." —Responsible-Top-1183 7."Extreme frugality. I was lucky that my fixed expenses weren't out of line since I resisted using my home as an ATM, so I had a relatively low mortgage payment. I owned my car, too. I didn't eat out, though, not even for a coffee. I had this mindset of saving money to some extent, anyway, since I worked in the entertainment field. So, even when I was making money, I tried saving up as much as possible and limiting discretionary spending since I never knew when I would be living on my savings." —laurazhobson 8."I worked for rich people. I did great during the Great Recession, so you should find some rich people and work for them. I hate that this ISN'T sarcasm. Where I work now is going to do great with this upcoming recession, so yay for me, I guess." —WhatTheHellPod "While I don't work directly for rich people, I'm adjacent to it. Our client's clients are super wealthy, so they are immune to any economic upheaval. It's funny when people say the richest .001% 'lost' billions with the market. They don't care, and they also didn't lose shit. Either way, being in an industry that the wealthy use makes it recession-resistant." —CatStretchPics 9."When our 'assets' dropped by half, we cashed out into CDs. We reinvested, and they did recover. Thank you, Obama." —xeroxchick 10."Get a recession-proof job (pharmaceuticals, utility work, and other essential services). The economy is going to be manipulated by the rich, and once prices go down, they'll buy at a discount. It's a strategy to transfer most of the wealth to corporations. Take advantage of homes or other investment opportunities." —InternationalArea77 11."I filed for bankruptcy, lost a farm, and moved closer to work to cut down on gas." —SnooHobbies7109 12."I eliminated any unnecessary purchases, grew a garden, shopped at discount stores, and planned meals around what we had. The three kids had movie nights at home: we checked out movies from the library, made popcorn, and ate in the living room. We kept the kids entertained by going to free events, and when we did go out, we packed our own snacks and drinks." —Decemberchild76 13."We cut everything down to the bone. We let the house go and moved into a cheap rental before our credit was impacted. That probably won't work now since rent prices are way higher, but we rented a whole house for $650 in 2010, which helped as our business went from generating a $100K income to $25K. It was brutal, but I still pinched a bit from every paycheck, no matter how little. I saved every tax refund, rebate, tip, etc. I let my car go and bought an old one for $3K. Again, I understand it might not be possible today, but there was lots of Hamburger Helper, turkey meat, and spaghetti. The sooner you can be debt-free and stack a bit of cash, the better." —LeighofMar 14."We ran up debt and stopped contributing to our 401K for a bit. I didn't lose my job, but I definitely didn't get the raises I would have had there been no crash." —Coffey2828 15."I had just had a baby when the housing crash happened. I was married to a man who was allergic to work, so I had to cash out my 401K and get government help. I did work, but it wasn't enough. I was making around $45K in Los Angeles. I didn't eat much and made all my meals at home. I didn't do anything fun or buy anything new, and I spent a lot of time walking around and selling off what little I had to get through. My credit cards went to collections. I didn't have parents I could live with, so I just stayed hungry and survived." —Junior-Difficulty-42 16."At that time, I was fired from a job. I was in my mid-40s and had been working in corporate America for about 20 years, so I had investment savings to draw from. Unemployment payments also helped. I was single with no kids, so I did not have to worry about providing for others. I rented an apartment and just cut back on spending. I was out of work a little over a year and survived it." —nontrackable "To 'save money' in 2008, I literally had to walk away from my home, which had dropped in value by half. I suddenly owed the mortgage company twice what it was worth the day before. Then, I moved in with relatives, paid rent, and said goodbye to my retirement savings. I'll never look at a conservative or Republican with any form of respect again (not that I really ever did). And now it looks like it's happening again, but this time, trying to cut social security, health insurance, veteran benefits, and more. Here are bits of advice: pull in your belt, stop buying stuff, and learn how to cook, consolidate, drive used cars, and walk when possible." —womanitou *Sigh.* If you remember the 2008 recession, how did you save money? Let us know in the comments, or you can anonymously submit your story below! Note: Some submissions have been edited for length and/or clarity.
Buzz Feed
09-04-2025
- Business
- Buzz Feed
Older Adults Are Sharing The Grueling Ways They Saved Money During The 2008 Recession, And It's Sobering
Hot Topic 🔥 Full coverage and conversation on Politics Donald Trump's tariff plan has recently gone into effect, imposing a baseline of 10% tax on imported goods from dozens of nations and US trading partners. Though there is now a 90-day pause on Trump's reciprocal tariffs, the downward trend of the stock markets since the plan's announcement has people bracing themselves for an upcoming recession, comparing it to the likes of the 2008 Great Recession. So as someone who was barely conscious during 2008, how do I survive a recession? — Professional Zoomer 🌹 (@Zoomer_Doomer_) April 7, 2025 X: @Zoomer_Doomer_ / Via Twitter: @Zoomer_Doomer_ As economic uncertainty continues to rise, Redditor u/itsmejuji asked the older adults of the Reddit community to share how they saved money during the 2008 recession, and it's sobering. Here's how people got by during the Great Recession: 1. "When gas hit $5/gallon, I outfitted my early '90s Schwinn mountain bike with slicks and fenders, built a cargo trailer, and started doing most of my errands with it." 2. "I had seniority at a good union job. I was truly lucky and survived. We took a 10% pay cut to save other peoples' jobs, so we tightened our belts, but at least we knew we had a check coming every two weeks." — mikeyfireman 3. "Manage your expectations. I got laid off about a week after buying a house during that period and didn't recover job-wise for about a decade. Learn to enjoy cheap pleasures like library books, city parks, and Little Caesar's. Treat living frugally like a game, and be open to switching careers. If there's anything I wish I would've done differently, it'd be not getting caught in the rage and leaving myself vulnerable to the people who'd exploit it. Good luck." 4. "I combined five loans into one. It reduced my payments and made life easier." — cynic_boy 5. "Buy in bulk and eat the basics: big bags of rice, dried beans, and potatoes. Buy cheese and hearty vegetables on sale. Never eat out, and make your own coffee. Audit your spending every month with your partner if you have one. Money is the only thing that will get you through, so you cannot mess it up. If you have a long commute, find a rideshare. If you can take public transportation, take it, as it'll make a ton of difference in monthly savings." 6. "I lived very carefully paycheck to paycheck. My son never knew we didn't have much. As an adult, he told me he never realized money was so tight. He had a great childhood and thanks me often for it." 7. "Extreme frugality. I was lucky that my fixed expenses weren't out of line since I resisted using my home as an ATM, so I had a relatively low mortgage payment. I owned my car, too. I didn't eat out, though, not even for a coffee. I had this mindset of saving money to some extent, anyway, since I worked in the entertainment field. So, even when I was making money, I tried saving up as much as possible and limiting discretionary spending since I never knew when I would be living on my savings." — laurazhobson 8. "I worked for rich people. I did great during the Great Recession, so you should find some rich people and work for them. I hate that this ISN'T sarcasm. Where I work now is going to do great with this upcoming recession, so yay for me, I guess." Mrs / Getty Images — WhatTheHellPod "While I don't work directly for rich people, I'm adjacent to it. Our client's clients are super wealthy, so they are immune to any economic upheaval. It's funny when people say the richest .001% 'lost' billions with the market. They don't care, and they also didn't lose shit. Either way, being in an industry that the wealthy use makes it recession-resistant." — CatStretchPics 9. "When our 'assets' dropped by half, we cashed out into CDs. We reinvested, and they did recover. Thank you, Obama." — xeroxchick 10. "Get a recession-proof job (pharmaceuticals, utility work, and other essential services). The economy is going to be manipulated by the rich, and once prices go down, they'll buy at a discount. It's a strategy to transfer most of the wealth to corporations. Take advantage of homes or other investment opportunities." — InternationalArea77 11. "I filed for bankruptcy, lost a farm, and moved closer to work to cut down on gas." — SnooHobbies7109 12. "I eliminated any unnecessary purchases, grew a garden, shopped at discount stores, and planned meals around what we had. The three kids had movie nights at home: we checked out movies from the library, made popcorn, and ate in the living room. We kept the kids entertained by going to free events, and when we did go out, we packed our own snacks and drinks." — Decemberchild76 13. "We cut everything down to the bone. We let the house go and moved into a cheap rental before our credit was impacted. That probably won't work now since rent prices are way higher, but we rented a whole house for $650 in 2010, which helped as our business went from generating a $100K income to $25K. It was brutal, but I still pinched a bit from every paycheck, no matter how little. I saved every tax refund, rebate, tip, etc. I let my car go and bought an old one for $3K. Again, I understand it might not be possible today, but there was lots of Hamburger Helper, turkey meat, and spaghetti. The sooner you can be debt-free and stack a bit of cash, the better." — LeighofMar 14. "We ran up debt and stopped contributing to our 401K for a bit. I didn't lose my job, but I definitely didn't get the raises I would have had there been no crash." — Coffey2828 15. "I had just had a baby when the housing crash happened. I was married to a man who was allergic to work, so I had to cash out my 401K and get government help. I did work, but it wasn't enough. I was making around $45K in Los Angeles. I didn't eat much and made all my meals at home. I didn't do anything fun or buy anything new, and I spent a lot of time walking around and selling off what little I had to get through. My credit cards went to collections. I didn't have parents I could live with, so I just stayed hungry and survived." 16. "At that time, I was fired from a job. I was in my mid-40s and had been working in corporate America for about 20 years, so I had investment savings to draw from. Unemployment payments also helped. I was single with no kids, so I did not have to worry about providing for others. I rented an apartment and just cut back on spending. I was out of work a little over a year and survived it." — nontrackable 17. Lastly: "To 'save money' in 2008, I literally had to walk away from my home, which had dropped in value by half. I suddenly owed the mortgage company twice what it was worth the day before. Then, I moved in with relatives, paid rent, and said goodbye to my retirement savings. I'll never look at a conservative or Republican with any form of respect again (not that I really ever did). And now it looks like it's happening again, but this time, trying to cut social security, health insurance, veteran benefits, and more. Here are bits of advice: pull in your belt, stop buying stuff, and learn how to cook, consolidate, drive used cars, and walk when possible."
