OMG! I just read this article in the L.A. Times that says that Americans have slashed debt by a record $21.6 billion! Viva la Frugalista! That's the whole reason I got into the frugal living game. I wanted to slay my credit cards. I'm super excited about the news. It's a little sad that retail stores are folding and struggling because we aren't spending so much, but at least we are putting the cash to good use. People are spending wisely.
Seventy percent of the American economy is based on consumer spending, so it's not the best over all for the economy that we are being tight-fisted. Still, I'm sticking with Frugalista. I have some savings goals I want to reach. I think Americans will spend more in months to come, but I don't think they will do it and immediately get into debt again.
Times are a changin'!
Also, tomorrow, I'm having a VERY SPECIAL Fashion Week guest blogger to talk about how to look fly when you are frugal! She's a celebrity stylist. So excited! Ok, I'll give you a hint, she's styles a woman who loves an Umbrella-ella-ella!
Are you saving more? What do you think about Americans paying off debt? Should we start spending a little more to help kick-start the economy? Do you sometimes feel like we were caught in financial version of The Truman Show?
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I’m trying to save, but it’s tough because I’ve made paying off my credit card balance in full every month. I enjoy being debt free. The economy will have to fend for itself (and yes, I know that makes no sense at all)
Memories of this time are not going to fade easily for people. Those free spending, free caring days I think are gone, at least for the foreseeable future. What I hope will emerge from this recession is a more financial responsible public. People are going to be weary, and that’s not necessarily a bad thing. I think when we do finally emerge from this downturn, that we’re going to see people saving a lot more money than they did in the past. That to me is a good thing. The borrow, borrow, borrow, spend, spend, spend, lifestyle is not one made for long term success. Eventually the bottom is going to fall out of anything like built like that. My dream is that a more secure, financial responsible America will emerge and that will be a country that is built on a solid foundation. It’s only going to take time.
Check out my blog on the record cut in consumer debt at… http://www.thedebtgazette.com/2009/09/set-record-for-cutting-debt-july/
I agree that it’s hard, Coco, but I’m proud of you and Natalie! We may be “paying” now, but hopefully it’ll help us really be able to discern what we want and what is worth our hard earned money.
Now, if I could just kick the yen I have for a nice Louis Vuitton or Hermes handbag, I’d feel more like a reformed woman, as opposed to a dry drunk!
@Coco: We’re carried the economy for so long! Time to grow up! heehee!
@Frank: I mean, really. Did you have to be THAT obvious?
@GLM: We’ll get our bags, as soon as we’ve saved enough!