As I approach my 40th birthday this week I find myself being very retrospective. In addition to going through all the mid-life type thoughts, I find myself wondering how I would have approached the current economic conditions 10 or 20 years ago.
1989: I was still in college, had my housing and meal plans paid for, did not have a cell phone or e-mail address, drove a 1986 Toyota 4Runner, had a cassette walkman and a fake ID. I think I still had a cassette carrying case. Most of my year revolved around lunch at 11am, rec center for basketball or stickball in the quad, and collecting $5 from people on the 1st floor of West Residence for beer. I worked in the mortgage business during the summer and winter breaks for money, and the two highlights of my year: 1) Seton Hall made the Final Four, and 2) I saw The Who 5 times during their first reunion tour.
1999: I got married that January and do not think I had a cell phone or personal e-mail address. I would rarely be on the internet and although life had its stress points, all things considered, life was still pretty simple. My mortgage payment was a fraction of what it is today and started a new job with a California company named Option One to open up the New York market. The Yankees got Roger Clemens, repeated as World Champions and life was good.
2009: I have two daughters, still reside in North Jersey and have a whole new perspective. I shuffle from work to children activities to little league games. In many ways I am my father’s son. What is different from 1989 and 1999 is that I constantly hear how we are in the worst financial crisis since the Great Depression. Ironically, 1989 and 1999 were terrible years for the mortgage industry, but the issues were more industry specific, not global like today. Now, we hear how the ensuing recession has forced Americans to change their lives in ways large and small. The phrase I recently heard: “this is the new normal”. This normal will have more belt-tightening, less income and, in many cases, a newfound gratitude for the most basic human comforts: family, home and health.
I see people approaching this new normal in many different ways. Some say they are cutting spending. Some say they ask the question “is this item critical” prior to purchasing. Some are scaling back on future plans. Some people say they are “toughing it out” yet in the next sentence say how they left work early for a social activity and will not be around next week because they will be on vacation. I heard a story this week how someone was in bankruptcy yet will be leaving for a 10 day trip to Cancun. From my view, this new normal still has some damage to do.
I believe Discount Benefits are a great way to fight back in today’s economy. Discount Benefits provide membership privileges and offer discounts on just about everything…from medical services to financial protection to recreational activities…Discount Lifestyle Benefits provide a financial advantage that is not just a nice to have, but a “need to have”.
Would you spend $15 to save hundreds? Of course you would.
Is there ever a reason to pay asking price anymore? We have all become more frugal and have to think outside the box. Here are some ways I have found that Discount benefits save people money:
TelaDocTM: Why take time off of work and spend money on babysitters and co-pays when you do not have to? TelaDocTM is a new alternative to traditional healthcare that prevents further sickness while saving money.
Dental & Vision Discounts: Whether you have insurance for these or not, why not take advantage of discounts that are available? Discount Vision Plan Benefits and Dental Discount Plans Why not pay $30 up to several hundred dollars less than retail pricing? Even if you have insurance…take the discount and submit the claim for re-imbursement. Cut down on co-pays and maximize your dollars. Is there a reason not to?
Movie Discounts: I recently went to see the new Star Trek movie and the ticket price was $11.50. $11.50!!! I looked at my movie discount plan today and see that I could have purchased tickets for $3.50 for children and $5.50 for adults. That means by utilizing discount movie tickets, my wife and I can go to a movie for less than I paid to see Star Trek by myself. I can take my wife and two kids to a movie for $18. That is probably about what it cost my parents to take our entire family to a movie in 1989.
Dining Discounts: My family was out to dinner with friends last week…4 adults, 5 kids. When the bill came, our friends broke out a coupon for 15% off. I looked on with amazement as this happened…I was so happy to see our friends take advantage of restaurant savings and dining discounts. Ask yourself this question: Why not save $20 off the bill and receive dining discounts if you can? It is a true no brainer. I looked at some of the dining discount coupons I have available through my discount dining deals…just by going to restaurants I normally go to anyway, I save about $50 over the course of the month. This $50 savings pays for my Discount Benefit membership several times over….and that is just the dining piece.
I will share more saving experiences and ideas in the future. I hope this has helped you consider ways to bust out of the gloom and doom and start to fight back. When I use one of my discount options, I feel like I am getting one back for the good guys.
In closing, as I watch the Yankees hit (actually not hit) this week, age 40 or not, there is not a doubt in my mind I can make that line-up and do some damage…I am not kidding.
Bob Germano
June 24, 2009
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