Is the impact from the fiscal cliff going to hurt your scrappin budget?

Two Peas is Closing
Click here to visit our final product sale. Click here to visit our FAQ page regarding the closing of Two Peas.

Posted 12/29/2012 by scrappypeanut in General Scrappin'
 

scrappypeanut
PeaFixture

PeaNut 210,542
June 2005
Posts: 3,160
Layouts: 19
Loc: Behind the camera!

Posted: 12/29/2012 2:11:03 PM
(If one is not passed).

I know it will mine. I am hoping CHA underwhelms me. LOL.

dalayney
Shut the PEA UP! Yer gettin me all twitterpaited!

PeaNut 123,471
January 2004
Posts: 16,907
Layouts: 165
Loc: Husker by Heart in WI

Posted: 12/29/2012 3:21:35 PM
I think alot of people are going to be surprised just how much this will affect everyone when they go do their taxes. (if something isn't passed) Heck, if they don't do SOMETHING, people won't be able to even file till, I heard, march? For those that get their taxes done right away in anticipation for their refund, that's gonna hurt. (let alone refunds will be smaller)

I see my own paper crafting business getting a little hit by it. It's the first thing we cut out, when we have to tighten the budget, our hobby.

KBPea
Ancient Ancestor of Pea

PeaNut 395,153
October 2008
Posts: 10,537
Layouts: 139
Loc: Here

Posted: 12/29/2012 3:30:03 PM
Not immediately because I keep my budget pretty small already and most of the big changes (reduction in child tax credit, AMT, loss of unemployment benefits) won't affect me directly, but the long-term macroeconomic impacts might hurt it down the road. For example, I'm sure it won't help the employment rate, and if I can't get a job when I finish school I'm not going to increase my scrapbook budget. If I manage to get a good, high-paying job I'd be prepared to spend a lot more.

Scrappinnut01
PeaAddict

PeaNut 101,443
August 2003
Posts: 1,374
Layouts: 0

Posted: 12/29/2012 3:30:15 PM
Yep, it's going to stop my spending. No more new scrappy supplies. I'll have to use only what I have. No more eating out and no more buying anything fun. My DH and I give ourselves a monthly allowance to spend on whatever we want, but we're not going to be able to do that. We have to come up with the extra taxes somehow, so all that goes until we see how much this will affect us. Sad thing is, we only get paid once a month, on the 26th, so we have to wait until then to see how much less we get on the check.

spokanemom
PeaNut

PeaNut 361,162
February 2008
Posts: 212
Layouts: 25

Posted: 12/29/2012 3:46:24 PM
Probably. So, I just bought a bunch of stuff today while it is still 2012.
Uploaded with iPhone client

gerryglow
PeaNut

PeaNut 77,852
March 2003
Posts: 377
Layouts: 7
Loc: Illinois

Posted: 12/29/2012 4:17:01 PM

I think alot of people are going to be surprised just how much this will affect everyone when they go do their taxes. (if something isn't passed) Heck, if they don't do SOMETHING, people won't be able to even file till, I heard, march? For those that get their taxes done right away in anticipation for their refund, that's gonna hurt. (let alone refunds will be smaller)


No matter what happens it won't effect the taxes we will be filing for 2012. The immediate effect will be smaller paychecks and long range the taxes we file in 2014 for 2013.

aerynkelly13
PeaFixture

PeaNut 176,471
November 2004
Posts: 3,789
Layouts: 34
Loc: Big Bear Lake, SoCal

Posted: 12/29/2012 4:21:38 PM
I will freely admit that I don't understand what's happening. BUT, DH has said that it will affect us negatively and since I was already going to work on curbing my impulse spending I'm certain that can only help us down the road.

thenancyrd
PeaAddict

PeaNut 369,162
March 2008
Posts: 1,099
Layouts: 5
Loc: New Jersey

Posted: 12/29/2012 4:32:53 PM
I am like aerynkelly, I am not financially up on things but I know personally the beginning of the year is a shock after the Christmas spending... I'd better get myself in gear and rejoin the frozen peas, use what I have (what a concept, haha!)
Uploaded with iPhone client

zimmy85
AlienGreenPea

PeaNut 518,528
August 2011
Posts: 507
Layouts: 0
Loc: IN

Posted: 12/29/2012 7:05:55 PM
gerryglow thanks for clearing that up because I was thinking that was how it was going to work and then when I read we can't file taxes early I was a little freaked lol. I already booked for spring break but we always use our tax return because we get it early. I will definitely have to re-plan that for 2014 if thats the case

Shih Tzu Mommy
Million dollar camera, 10 dollar lock!

PeaNut 224,352
September 2005
Posts: 24,004
Layouts: 0
Loc: Right here

Posted: 12/29/2012 7:12:12 PM
I wish I knew what the real impact will be. The bump in the Social Security won't be a huge impact, we're really just talking about going back to what it was and thankfully I don't pay it after about May 15 usually, but beyond that, I am not clear on what other impacts there may be for our family.

Riprornfun
PeaNut

PeaNut 19,722
August 2001
Posts: 33
Layouts: 0
Loc: Pooler, GA

Posted: 12/29/2012 7:15:29 PM
I'm in the same category as aerynkelly and thenancyrd. I don't really understand it, and honestly try to avoid getting a better understanding. sometimes for me, ignorance is bliss because it keeps my hair from falling out...

scoobers
Why, YES!, I am a princess.

PeaNut 417,049
March 2009
Posts: 12,906
Layouts: 0

Posted: 12/29/2012 8:31:05 PM
I think scrapbooking money is going to be the least of our worries......
Show/Hide Icons . Show/Hide Signatures
Hide
{{ title }}
{{ icon }}
{{ body }}
{{ footer }}