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Conservative Spending Practices Help Colorado Town

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Mar 25, 2009 11:40 am US/Mountain

Conservative Spending Practices Help Colorado Town

HOLYOKE, Colo. (CBS4) ― The main street of Holyoke, Colorado has not changed much in decades. Many of the stores and businesses here were established decades ago. While the merchants know there's a recession but most are not worried.

"We can tell that people are, they're just not free spending like normal," Chip Sheinemann, owner of Sheinemann's Mercantile, told CBS4.

Chip Scheinemann's grandfather opened the store in 1899 and they've weathered economic ups and downs ever since.

"We've had slow times before," Sheinemann added.

He relies on loyal customers, consistent merchandise, and steady prices to get him through the tough times. He could have expanded over the years but chose not to. The store remains in the same building in the same spot on Main Street as it did more than 100 years ago.

It's that conservative economic attitude that helped Philips County weather the Great Depression and residents here feel it will get them through this recession too.

Albert, 99, and Annie Bahler, 93, remember the depression well. Back then they never spent money they didn't have, never bought anything on credit, and never invested in the stock market. Now, in 2009, they don't spend money they don't have, they don't buy anything on credit, and they don't invest in the stock market.

"Do you have money in the stock market?" CBS4's Suzanne McCarroll asked the elderly couple.

"No. We have money in savings," Annie replied.

"Under the mattress?" McCarroll inquired.

"Well some," Annie said half laughing and half serious.

"I'd rather be tight than be broke," Albert added.

After seventy five years of marriage, Annie says they have never argued about money. They worked hard to earn it, and worked hard to save it. It's a simple formula that continues to work for them.

"We never bought anything we couldn't pay for. If we couldn't pay for it, we didn't have it." Annie told CBS4.

They both are surprised how freely younger generations spend money. In recent years, their only big purchase has been a T.V. set which they paid for with cash. They paid cash for their home, they have never owned a credit card, and never spent a penny in interest. They went out to eat in a restaurant once last year when they had to drive to Sterling for dental appointments.

"We've got everything here that anybody would ever want." Annie said.

They say people, not possessions, have brought them happiness during their ninety plus years. They both think the world might be a better place if everyone could adopt a bit of their common sense economic philosophy.

"We're just happy with what we've got." Annie adds.

(© MMX CBS Television Stations, Inc. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)

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