These are the effects I think the economy have had on our family personally:
Positive effects:
-One of the benefits of the economy is that our mortgage lender offered us a refinance with no closing costs. We were able to save 1.125% a year on our mortgage rate.
-With the stock market going down, I see that as a benefit for us. Since we have just started building our retirement plan a few years ago and have no plans for retirement for 35+ years, stocks being down right now means we are buying stocks "on sale". And even with the economy the way it is, it has not made a difference to amount we put toward retirement. My husband's work automatically deducts 10% for retirement and then matches about 13.5%.
Negative effects:
-Increase in gas prices has caused me to try to limit my driving so I stay on budget. Also with extra income I make a percentage now go to adding to my gasoline fund.
-Increase in cost of groceries. I have added a little to this fund. I just continue to shop the way I did before. Look out for bargains and stock up!
-Savings rates have gone down so I don't get as much interest every month
-In the area around us there has been a lot of layoffs, so the housing market has taken a hit. Currently we are planning on being in our home three more years, so we will see how the economy is in a few years when we have to sell. Fortunately we didn't buy 0 down on our home, so we have equity to lose when we sell, verses having to cough up the money out of pocket.
No effect:
-Even though the economy job market right now is shaky, especially the area I am in, we don't have to worry about my husband losing his job. He is in a surgical residency and unless he does something illegal and lost his license to practice, we are good.