My IT job was outsourced Nov. 1st last year. I got hired on by the outsourcer at a 14% pay cut and ~75% benefits cut(less vacation, less perks, no 401K match, no pension, etc.). Second child arrived April 6th this year so that is expensive. We aren't eating out as much and our impulse buying is down to nil. We had been paying off all of our debt but that had to slowdown. School loans would have been paid off at the end of last year on the old pay scale but now they probably won't go away until July. I think we were feeling the crunch more before the baby but now we are too sleep deprived/busy with the baby to sit around thinking about stuff to buy.
I feel lucky to have a job right now.