Great article in the July/August 2010 AARP mag, the Leap to Cheap, by Jeff Yeager...link below. A few years later not much has changed.
Seems a recent Gallup poll showed that 62 % would rather save than spend up from 48 % in 2001.
But one of these days...please Lord let it be soon...the recession will be over
The question is will people still practice cheap living or will they go back to the old spending habits of 2008?
Personally, I think and I hope, that the lesson folks have learned over the last several lean years will become a way of life... More people will take charge of their financial future and their retirement plans. Things have changed, and hopefully our mindsets have changed as well.
Some folks that Jeff interviewed repeat the authors mantra that time is more important than money.
Thanks for the reinforcement Jeff.
The more stuff you accumulate, the less time you have to enjoy the stuff.
You must earn more and more to maintain your stuff.
Tis far better to have less and spend less...and more time to enjoy what you have.
A "secret" the writer found out 18 years ago with the first year fulltime on thesailboat .
Cheap living was not on Robin Leach's radar when this popular show started many years ago...perhaps it has contributed to the $8,000 in credit card debt the average American family has now in 2012.
Consumption, not frugality has been the rule when we are in better economic times.
The first baby boomers are reaching "normal" retirement age in 2011...they are living with the reality of the recession, poor stock market performance, low interest rates on savings, and out of control Government spending.
My bet will be on continuing the frugal living habits forced upon many. Never have so many been slapped in the face with reality like the baby boomer generation...if the realization that spending less and taking more time to enjoy what you have isn't clear now...I would be very surprised.
Cheap living isn't about sacrifice...as the cheaper and fun lifestyles we have enjoyed in the last 16 years taught us and hopefully you.
Embrace the simplicity of living cheap...make lemonade out of the lemons we have been dealt.