I have a unique opportunity while my new job is ramping up and my old job is ramping down to have "two jobs" for a while...
Guess what we're doing? Paying off debt as fast as we can. The goal is to have our credit card/fridge/computer/dryer stuff paid off on the extra money.
I told my wife last night that I think this (lower pay environment) is a long term thing and that we need to be prepared to live on about 50-60K a year (combined) in future years. Much less than that, and I've got to move to a smaller house (or a trailer) with 3 kids to feed and clothe. The wife and I fuss quite often about "entertainment" for the kids, because I don't believe in it, but she does.
I've wondered about getting rid of the cell phone and other extras to save the money.
Gym, swimming lessons, baseball camp. It all adds up. However, if I can get my son a copy of JBuilder Personal or Delphi, then maybe he can start helping the family earn a living in a year or two. A couple more years, and I'll recruit my daughter, too. Besides, once I'm 45 or 50, noone will hire me (because I'm too old).
I guess I'm a stick in the mud, but for centuries, kids worked alongside their parents in the fields, in stores, in blacksmith shops, etc. I think a lot of what is wrong with kids today is that they have to be "entertained". Unfortunately, the U.S. is rapidly going from being a "rich" country to a 3rd world country. Mainly because of the greedy rich bastards running the place, who don't believe in letting anyone make an honest day's wage.
Unfortunately, I think we're entering a period of prolonged "hard times", where it may take all four of us to keep our house and get us out of debt. Japan isn't as far away as you think.
Glen Austin