I am a recent grad in my first "real" post-grad academic position. I've been check-to-check for several years and still will be for a little while. I suppose big vinyl purchases will have to be cut off for awhile, though I guess on the consumer end more "specialty" items will be cheaper.
I don't own my house, but rent it. My car is in good shape and paid off. Guess I'm one of those not-on-the-radar broke mofos... invariably this meltdown will affect things like getting on tenure track, etc., in the coming year or two, but I been down so long I don't know which way is up...