What Americans Will Give Up to Save Money -- and What They Won't

Americans say they can give up tvPeople may be willing to change, but there's always going to be a line in the sand. As much as the Great Recession has caused Americans to give new sanctity to saving, some sacrifices they are simply not willing to make.

According to the June Financial Literacy Opinion Index poll hosted on the National Foundation for Credit Counseling website, while people are willing to give up eating out, shopping of both the online and catalog varieties, fancy coffee beverages, and even cable TV, they're clinging firmly to their cell phones and Internet services.

When asked to select the last thing they would give up in order to save money, only 1% of the nearly 3,150 poll respondents insisted on keeping their designer coffee, 1% couldn't do without online or catalog shopping, 4% would have trouble eliminating eating out, while 8% were reluctant to pull the plug on their cable TV, reports the NFCC.

But, lo and behold, 53% said no way, no how were they chucking their cell phones, and 32% said they would be least likely to disconnect from their home Internet service.

In the last two years, where have you made the biggest budget cuts?
Clothes705 (12.8%)
Vacations1529 (27.7%)
Gifts348 (6.3%)
Groceries181 (3.3%)
Eating Out1112 (20.2%)
Entertainment686 (12.4%)
Internet/Computers/Home Electronics93 (1.7%)
Phone/Cell Phone Services163 (3.0%)
No cuts, I'm spending like there's no tomorrow697 (12.6%)


American's obsession with staying connected doesn't mean there's not still room for savings. Examine your cell phone and Internet plans. Do you use all the bells and whistles you're paying for? Do you really need them? If not, nix them.

"People have chosen technology over eating, drinking and shopping, the preferred pastimes of just a few short years ago," notes Gail Cunningham, spokeswoman for NFCC. "Staying connected is apparently considered the new must-have."

Tech stocks anyone?

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cherrybls6

and shouldn't we be allowed to live. and have some of the bells and whistles. why dont people understand that spending -moderately-is good . it boosts the economy. it makes us look good. on the flip side, the world may end soon and then you will have saved for nothing.

July 19 2011 at 2:01 PM Report abuse rate up rate down Reply
talesofthegr

I'm starting a podcast along these same lines called Tales of the Great Recession to share peoples stories of long term joblessness, from the struggle of a long search to the joy of finding a job, and what you learned in-between. Please send your stories to talesofthegr@aol.com. The first podcast will be available free through itunes on 7/22, and I plan on doing it as a weekly podcast for as long as the stories keep coming in.

July 16 2011 at 12:55 AM Report abuse rate up rate down Reply
Pawngo

This article was so interesting! It's really eye-opening to see what Americans just can't do without... We at Pawngo.com, just wanted to take a second to comment and reach out to those who may be needing some extra cash. Pawning your fine jewelry or digital devices with Pawngo is super-fast, convenient, and totally hassle-free. It's a short term loan without risk to your credit score. You never even have to walk into a pawn shop! Everything is done online, electronically, and via UPS. For more info, check out our website Pawngo.com or feel free to email me at katy@pawngo.com. Thanks and best wishes!

July 14 2011 at 2:16 PM Report abuse rate up rate down Reply
swaggreg

This merely underscores how poorly most people have a grasp on drawing reasonable conclusions from poorly-constructed studies, What people say they will do, when you ask them, and what they actually do in practice are often world's apart.

July 13 2011 at 12:46 PM Report abuse rate up rate down Reply
Bill

I think I'll go to the beach today and look for gold coins washing up in the surf. Probably be more likely to find a dead body......oh well, one can dream.

July 13 2011 at 6:31 AM Report abuse rate up rate down Reply
cprents

Carlton Crocker makes excellent comments and I agree with his 100%. As long as Obama is in office we will never have an honest knowledgable leader that can get us out of this mess he has got us into. The Washington Democrats have lost sight of our needs and have no idea to reverse this economy and to get our countrty back on track. They need to take notice to the new people that came in to office the past election.and the reason they were voted into office.Jobs and housing industry must be repaired as well as stop depending on other nations for oil, etc. We have people hurting while Obama is only hurting thiose who voted him into office.

July 12 2011 at 10:17 PM Report abuse rate up rate down Reply
1 reply to cprents's comment
netexas121

Looks like more tea baggers postings here. more incompetent statements when you continually keep yourself in denial that the reason Obama can't fix things is because the previous president totally fubar'd this country for gain of wealth. The present Republicans won't let him take necessary steps to make corrections to the economy which is hurting the country as a whole, irregardless of how many more millionaires there are. Oh yeah I think your identiy "cprents" is pretty neat.....it must really mean serpents as snake in the grass.

July 13 2011 at 1:38 AM Report abuse rate up rate down Reply
1 reply to netexas121's comment
mehensley

Very well stated

July 13 2011 at 6:25 AM Report abuse rate up rate down
savemycountry911

Lets give up Obama in 2012.

July 12 2011 at 10:03 PM Report abuse rate up rate down Reply
1 reply to savemycountry911's comment
mehensley

Maybe when all the repubs get booted in 2012 The current Pres will get things done

July 13 2011 at 6:26 AM Report abuse rate up rate down Reply
nomorebarry7

all ewezzzzzzzz Bammy lovers get together and pray for your Welfare Checks ..........and discount coupons at chukie cheese

July 12 2011 at 8:57 PM Report abuse +1 rate up rate down Reply
nomorebarry7

NEW AMENDMENT ......IT IS AGAINST THE LAW TO LET BARRY'S TERRORIST FRIENDS TO RUN AMMUUCCKK IN THE usa,,,,,,,,,,his Mother In Law has a lot to do with it !!!! ,,,,Oh and George Soros ....too

July 12 2011 at 8:53 PM Report abuse +1 rate up rate down Reply
nomorebarry7

"Hey wouldn't be great if politicians quit lying to US ??"

July 12 2011 at 8:40 PM Report abuse +1 rate up rate down Reply