Living beyond our means has been a way of life for many Americans, and this year as home foreclosure rates skyrocketed, it became clear just how much debt people had been taking on. Time and again, our consumer culture has gotten us into trouble in the form of empty savings accounts and piled-up credit card bills. Something of a revelation came over some of us this year, and Americans began adopting more prudent money habits.
Savings and retirement account deposits increased, as we began to realize that living in debt is really no way to live at all. We started paying more attention to our big financial pictures rather than blinding ourselves with the idea that credit is the same as cash. Most of you made changes to your money habits and believe they are here to stay: 82 percent of you said you've been more mindful of your money as the economy has taken a turn for the worse, and the majority of you declared that your mindful money habits are here to stay no matter the economy.
D&G
Tod's
Christian Dior
I hope this trend sticks. A good part of inflation came from the casual attitude towards debt!
1I'm really glad I never really got swept up in the whole "I-can-make-monthly-payments-for-the-rest-of-my-life" attitude that a lot of people my age have. I've never lived beyond my means and I'm so glad that I don't rely on credit to maintain my lifestyle. We can afford the things we need and we don't buy a lot of extra CRAP (aka, Cheap Readily Available Products).
2My lesson learned from all of this mess: never take your job or your money for granted because the next job is not guaranteed, and no job means no money, no place to live, no... lots of things. I have become more conscious about where my money is going and where it's being wasted--for example, crazy unnecessary fees attached to car insurance and bank accounts that I never looked into or questioned before; so this cloud has a silver lining for me.
3Well, truthfully, I've always been sensible about money. We've lived well within our means, and we're content with our lifestyle.
4I've always been frugal and proud of it.
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