According to a Deloitte’s 2013 American Pantry Study, a whopping 94% of consumers are keeping their frugal attitude. The study said that, even if the economy improves, these consumers plan to remain cautious and keep their spending at current levels.
It seems that many of us are taking the lessons that we have learned during the great recession and are developing a new relationship with our money and with our debt.
Families who once didn’t blink twice about running up thousands or even hundreds of thousand dollars in debt are working hard to pay everything down, creating budgets and sticking with them. They are making more purposeful purchases, doing research before they buy, and making do with what they already have. I think it is wonderful.
Many families who were frugal from the start worry about the competition posed by newbie frugal families who are now shopping at thrift stores, beating them to deals at the retail stores and clearing supermarket shelves though extreme couponing. While their complaints may be valid, I still say that they should stop complaining. A nation of families who are good stewards of their money and who don’t have to rely on bankruptcies or bail out programs are good for us all. We can all build wealth together and then give generously, while having fun doing it.
Frugally minded people also understand why you don’t have a new car every other year, why your child doesn’t have a smartphone (well, besides some other obvious reasons), why you don’t think it is a good idea to purchase a 5,000 square foot home for a family of three. Bonding over the size of your savings account instead of the size of your diamond ring makes a lot more sense to me. Plus, frugally-minded people help each other, with time, ideas, savings opportunities, and even material possessions.