Americans have adopted other more frugal habits. 41% of People are going longer than they used to between haircuts, 43% of people are taking staycations instead of big trips and 48% of people are packing a brown bag lunch instead of eating out. The biggest cutback is 57% of women that were surveyed said they are painting their own nails rather than going to the nail salon. Consumers used to blow their tax return on vacations and lavish material things, but not anymore, the Consumer Reports surveyors who got a tax refund, more than half used the cash to cover everyday expenses such as food, energy bills, rent, mortgage, and to pay off debt.
Many experts think how people handle money has a lot to do with how they were raised. For some people, a continued growth of wealth satisfies the need to communicate power and status, for others it 's a form of security or more like a safe net and for others it 's a ticket for having fun, excitement and adventure. A family 's cultural style often falls into one of four categories or a blend of the two says Arne Boudewyn; head of family dynamics for Abbot Downing, a Wells Fargo company. These four categories are as follows:
1. Cautious/ conservative- this family is extremely cautious about every financial decision they make. It takes them a long time to decide if making a big purchase is right for them.
This …show more content…
While most people will stay away from getting credit cards, the same amount of people would still feel more secure with having a credit card for the convenience. Credit card companies would still be making money. The reality of it is credit cards do serve a great purpose when you don’t have the actual cash to spend. Living frugal will have both a positive and negative affect on society. While some people it would benefit tremendously, others would actually take a loss. But sill in all it would be a positive impact in the future for today’s
Many experts think how people handle money has a lot to do with how they were raised. For some people, a continued growth of wealth satisfies the need to communicate power and status, for others it 's a form of security or more like a safe net and for others it 's a ticket for having fun, excitement and adventure. A family 's cultural style often falls into one of four categories or a blend of the two says Arne Boudewyn; head of family dynamics for Abbot Downing, a Wells Fargo company. These four categories are as follows:
1. Cautious/ conservative- this family is extremely cautious about every financial decision they make. It takes them a long time to decide if making a big purchase is right for them.
This …show more content…
While most people will stay away from getting credit cards, the same amount of people would still feel more secure with having a credit card for the convenience. Credit card companies would still be making money. The reality of it is credit cards do serve a great purpose when you don’t have the actual cash to spend. Living frugal will have both a positive and negative affect on society. While some people it would benefit tremendously, others would actually take a loss. But sill in all it would be a positive impact in the future for today’s