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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