Skip to content Skip to sidebar Skip to footer

Who knew that budgeting would bring such interesting responses.  In this economic downturn, while some of my clients have seen really hard times, for most of my clients, cutting back has meant lower incomes in commissions and bonuses, less net profit at the bottom line. They are taking simpler vacations, spending less at the holidays, delaying big purchases.  What is interesting is what many of my clients have chosen not to cut in their budgets.

Where you spend your money does reflect your values

When my clients were cutting back, here’s what some of them said they made sure to keep:

  1. The housekeeper.  For most of them, this was about marital bliss.  Even if times are tough, no one wants to fight about who will clean the toilet this week.  Some have cut back on frequency, but many have kept their usual schedule. In many cases, I have heard that the choice to keep the housekeeper was also about keeping that person employed and making money.  Once they’re around a while, it’s hard to let go of household help where you’ve developed a relationship.
  2. Holding onto staff. Along the same lines, I’ve seen many business owners hold onto staff for as long as possible to allow those people to keep their jobs, feed their families, hold onto their benefits.  I’ve also seen business owners grit their teeth over this decision, but for now, they’re doing what they feel they want to do.
  3. Charitable giving. For many of my clients, they’ve continued to give when they could have cut back.  One of my clients said, “Hey, I’ve never been homeless. Times might be tough, but they’re not that tough. I can afford to write a $100 check to help someone out. I’ll take it out of my end somewhere else.”
  4. Kids activities.  Some activities were cut back but others were kept. I’ve heard parents talk about what they felt were their children’s best activities, the ones that gave them the most joy or the most fun or taught them the most. I’ve heard about parents having frank conversations with their children about having to cut back and asking them to choose.  Those conversations have brought families closer together in many cases.

What have you kept? What have you eliminated? What values are you demonstrating by where you spend your money?  There’s lots of learning going on in this downturn. What’s yours?

Your partner for financial peace and clarity

Join Our Email List

By submitting this form, you are consenting to receive marketing emails from: Lanning Financial. You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email. Emails are serviced by Constant Contact

admin [at]

By appointment only:
100 Pine Street, Suite 1250
San Francisco, CA 94111

Disclosure – Lanning Financial Inc. is a Registered Investment Adviser. Advisory services are only offered to clients or prospective clients where Lanning Financial Inc. and its representatives are properly licensed or exempt from licensure. This website is solely for informational purposes. Past performance is no guarantee of future returns. Investing involves risk and possible loss of principal capital. No advice may be rendered by Lanning Financial Inc. unless a client service agreement is in place. / Lanning Financial Inc. provides links for your convenience to websites produced by other providers or industry related material. Accessing websites through links directs you away from our website. Lanning Financial Inc. is not responsible for errors or omissions in the material on third party websites, and does not necessarily approve of or endorse the information provided. Users who gain access to third party websites may be subject to the copyright and other restrictions on use imposed by those providers and assume responsibility and risk from use of those websites.

2024 © Lanning Financial Inc. 

Copy Protected by Chetan's WP-Copyprotect.