Downturn Survival & Planning

bike21

9-5 Ruins Lives
Figured a thread on financial sense and budgeting is in order although pilots seem to have an inherent sixth sense of cheapness. Probably a good time to recall those dirt bag CFI or freight dawg days. I realize not everyone has six months of savings or access to liquidity so a little prudent planning could be in order.

Ideas to start cutting back or saving:

- Comb though your recent spending, look for things to cut out - focus on the essentials
- Look for magazine or online subscriptions to cut
- Be cognizant of auto-renewing services/organizations/apps/gaming that you could do without for awhile
- Dust off your old MP3 collection and cut Spotify
- Still have cable? Ditch it!
- TV services, how many streaming services do you really need?
- Cook more but don’t forget about occasional takeout from your fav local restaurant to support them and your sanity
- If you have student loans reduce to the minimum payments if you’ve been paying ahead
- Refinance debt/mortgage/student loans if possible/applicable
- If you have 0% financing through a retailer's card (Best Buy, Apple, Tire Center, Local Adult Superstore, etc.) and have been paying ahead, stretch it out to the max term to save cash now
- Look around the house/garage for stuff to sell for a little extra $$$
- Get rid of car payments. Sell it, lease takeover, etc. get something cheaper
- Extra bedroom? Get some roommates
- Cancel your season ski pass for next year (crying)

And of course extra income, inventory your skills and connections in case you might need it. Lay the ground work early to get ahead.

We are making some small adjustments for now to be prudent and identifying areas that we can cut further if things really go south. While we are prepared for something like this, it makes sense to get ahead now and plan for the worst. No harm in cutting spending in the short term as you can always add things back in.

Be smart, take care of each other and please share your ideas as I'm sure there are many more.
 

tcco94

Professional GTA V Pilot
Cancel your season pass for next year... Ooo that will hit hard but has to be done....

Who would have thought we got here so quickly
 

bike21

9-5 Ruins Lives
Cancel your season pass for next year... Ooo that will hit hard but has to be done....

Who would have thought we got here so quickly
Not doing that quite yet, but might go from two to one. Forced backcountry the rest of this season it looks like anyway. At least the snowpack is setting up and getting safer as this drags on.
 

tcco94

Professional GTA V Pilot
Not doing that quite yet, but might go from two to one. Forced backcountry the rest of this season it looks like anyway. At least the snowpack is setting up and getting safer as this drags on.
I didn't even ski this much when my resort in Utah changed the parking policies. I'm a single skier and I guess that's not allowed here anymore. Was exploring Park City but probably not.

Hockey is cheaper for me anyways, I enjoy it more right now. Wouldn't mind hanging the skis up a year. Getting outrageously crowded and expensive
 

Kingairer

'Tiger Team' Member
I was paying extra on the house mortgage. I cut that out.
Put gym membership on hold for sanitary and financial reasons. Cut youtubeTV starting next month.
 

Richman

Well-Known Member
I went out on personal leave back in 2006/7 when things were bumming. House was paid, so no mortgage and no car loan. You can pare your expenses WAY back if you're aggressive.
 

KLB

Well-Known Member
A career set back always happens in the middle of my home renovation project!

I have not heard any change in the bosses' tenor so far. I'm part 91 and fly 90% business. I think that the products that the bosses sell is recession proof. But I do have 5.5 months of savings set aside. I could probably squeeze it to 6 if I go to a ramen noodles diet. There is a lot of equity in my home at the moment. I could get a loan from the mortgage company to last a while IF housing prices don't fall dramatically in the near future.
 

ppragman

FLIPY FLAPS!
The other thing we need to be thinking about is how we can help others through this. Some of us will be fine, we have an obligation to try to help those who are not.

We may see 20% or 30% unemployment, or godforbid even crazier numbers. How can we feed our hungry neighbors, how can we keep a roof over the heads of the vulnerable.

It is NOT every man for himself during these times - now is when we (after social distancing) need to start coming together to make sure that nobody suffers. Good luck, we're all counting on you!
 

ShortField

No one of consequence
Cancel your season pass for next year... Ooo that will hit hard but has to be done....

Who would have thought we got here so quickly
Alyeska is still open but asking those “who have recently flown on an airplane” to stay home. Ok fine. It could be worse though. Imagine being a liftie, groomer, patroller and having your work season whacked by 2 months or more when you were barely squeaking by as it was.
 

tcco94

Professional GTA V Pilot
Alyeska is still open but asking those “who have recently flown on an airplane” to stay home. Ok fine. It could be worse though. Imagine being a liftie, groomer, patroller and having your work season whacked by 2 months or more when you were barely squeaking by as it was.
Don't think the state of Utah has a resort open. Some called it good on the season, don't even want to deal with this. My resort says I can hike the mountain and ski down. No way I will be doing that in fresh pow. Hockey rinks and golf courses closed too. Guess it's gonna be madden and call of duty for me, my only outside walks will be for the dog and grocery store. :cool:
 

ShortField

No one of consequence
Don't think the state of Utah has a resort open. Some called it good on the season, don't even want to deal with this. My resort says I can hike the mountain and ski down. No way I will be doing that in fresh pow. Hockey rinks and golf courses closed too. Guess it's gonna be madden and call of duty for me, my only outside walks will be for the dog and grocery store. :cool:

Tahoe has a • season until this weekend. 114”!!!!! Oh we’re closed though. So sorry.
 

tcco94

Professional GTA V Pilot
Tahoe has a • season until this weekend. 114”!!!!! Oh we’re closed though. So sorry.
Never knew skiing was considered social. It's some of the most social distancing I do on a week to week basis besides my hotel room on my overnights...and that even includes skiing with friends!

But here we are.
 

ShortField

No one of consequence
Never knew skiing was considered social. It's some of the most social distancing I do on a week to week basis besides my hotel room on my overnights...and that even includes skiing with friends!

But here we are.
To a certain degree, I concur. You’re outside, everyone is minimizing skin exposure etc. Alyeska’s approach is to leave the mountain open, including chairs, and close all the indoor stuff. They closed the tram, and you’re only supposed to ride on the lift with the people you came with. To me that seems reasonable.
 
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z987k

Well-Known Member
Do this yesterday. Rates on a refinance or HELOC were fantastic in the last few weeks, but actually getting the deal done may become impossible. And rates may well not reflect reality for a while.
I did 3.2% today for a conventional refi. That's as low as mortgages got up here last week so I went with it. 1% lower than I had so that's nice.
 
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