Tuesday, Jun. 03, 2008

S.C. Economy: What we will, won't give up

As gas and food prices go up, some consider reducing consumption of life's non-essentials

Jannie Morton will take a pass on the prime rib, but no way will she part with her fresh grapes and bananas.

It’s a decision she’d rather not make, but one she’d find easy if faced with the choice.

“I can do without meat, but I have to have my fresh fruit,” Morton said.

The retired Department of Defense employee is among a growing number of people pondering ways to tighten their budgets as gasoline and other prices continue to rise. Some are clinging to long-held conservative spending practices to make ends meet, while many others are setting spending priorities for the first time.

But those priorities vary widely, and what people are most and least willing to do without is a matter of preference.

“I might only buy sale-priced food items,” Morton said. “But then, I’m doing that now.”

Generally, among the things area residents say they can’t live without are cable television, Internet service, and visits to see family and friends.

Among the things some say they would forfeit include casual shopping, trips to the spa and the use of larger vehicles.

The potential sacrifices are more drastic for some.

Norton’s Stereo employee Kevin Karr said his Dodge Dakota truck likely would be the first thing on his chopping block if gas prices continue to increase.

“I need to sell it as soon as possible,” Karr said. “I’d probably be in the market for a motorcycle.”

But last on his goodbye list, he said, would be his dirt bike.

“I just like riding,” he said.

Rising fuel costs are threatening Lexington County resident Jason Taylor’s very means of earning a living.

Taylor owns a small landscaping and construction business and said he spends anywhere between $300 and $400 a week on gas. Reluctantly, Taylor said, he might have to pass on some of those costs to his customers, unless there is relief from the prices soon.

“If I don’t get the work, I’d go out of business,” he said.

Even so, he’s not ready to sacrifice his current way of living and said he would sooner give up the business for another job if it meant the difference in providing for his family in the same manner.

Not every choice facing consumers involves transportation.

Laura Farra, who is a server at the Cracker Barrel in Irmo, said she won’t do without her regular movie outings, even if times get tighter.

“I really love going to the movies. I kinda have to do that to clear my head.”

But one of the first things she would eliminate to save money is eating out, although the prospects of others doing the same unnerve the service industry worker.

“I do worry about that if it gets really bad,” she said. “But you’ve got to do what you’ve got to do.”

The challenging economy is affecting household budgets locally and nationwide as many people are living off credit cards, dipping into retirement accounts or tapping into 401(k) money for loans or hardship withdrawals.

Northeast Richland resident Joann Roberson hasn’t resorted to such measures and doesn’t expect to, largely because of what she describes as simple living.

“I go to work, to church and home,” said Roberson, a nurse at National Heath Care on Parklane Road. “That’s all I do. I’ve always been that way.”

And while she’s not suggesting everyone should live the same way she does, Roberson believes more people could stand to consume less.

“As long as we buy (gas) for $150 a barrel, they’re going to sell it for $150 a barrel.”