Thread: Thriftiness is the new greed

Thriftiness is the new greed
By Dan Sewell
The Associated Press
Updated: 11/20/2008 01:32:59 AM MST

Frugality is making a comeback.

Fearful that economic conditions could get worse and stay that way, Americans are showing an enthusiasm for thriftiness not seen in decades.

This behavioral shift isn't simply about spending less. The New Frugality emphasizes stretching every dollar. It means bypassing the fashion mall for the discount chain store, buying secondhand clothes and furniture, or trading down to store brands.

There's more business for repairmen and less for salesmen.

Consumers are clipping more coupons and swiping their credit cards less.

Not long ago, yoga teacher Gisele Sanders shopped at Nordstrom in Portland, Ore., and didn't think twice about dropping $30 for a bottle of Chianti to go with dinner. That
was before her husband, a real estate agent, began to feel the brunt of slowing home sales.

Now Sanders, 53, picks up grocery-store wine at $10 or less per bottle, shops for used clothes and plans to take her mother's advice about turning down the thermostat during winter.

"It is a whole reassessment of values," said Candace Corlett, president of the consulting firm WSL Strategic Retail. "We've just been shopping until we drop and consuming and buying it all, and replenishing before things wear out."

Wal-Mart, BJ's Wholesale Club and Goodwill thrift shops are thriving, while Saks and Abercrombie & Fitch are struggling.

Likewise, as casual dining chains such as O'Charley's and Red Lobster see fewer customers, McDonald's is serving more, including people who have given up $4 Starbucks drinks in favor of the fast-food chain's expanding coffee menu. Even Spam has made a comeback.

The housing bust, credit crunch and stock market plunge have eaten away at the retirement savings and confidence of consumers who for years operated on a buy-now, pay-later ethos, chasing bigger homes, bigger cars and better brands. That is forcing families to bring their spending in line with their income and to rethink priorities.

"Everybody has been trying to keep up with the Joneses and trying to look rich when they're not," said Erin Pettingill, 24, a married mother of two preschool children in Provo, Utah, who started a blog called "Iamfrugal." "You can't necessarily have everything you want when you want it," she added. "And there's nothing wrong with that."

Not long ago, if Ann DeRoo needed something for the house or another ingredient for that night's dinner, she would simply jump into her car and go get it. Not anymore.

"Now we stop and think a little bit," said the mother of three in suburban Cincinnati. "We don't just run errands and buy things."

http://www.denverpost.com/business/ci_11027314

Shoot, I've been living that way for the last 16 years, so it's nothing new to me.

"Everybody has been trying to keep up with the Joneses and trying to look rich when they're not,"

That's nothing new....

Join the club Hylander people have always called me a penny pincher but now I need something bad enough I can go get it without worrying about bills.

Originally Posted by Rebelrouser

Join the club Hylander people have always called me a penny pincher but now I need something bad enough I can go get it without worrying about bills.

I know what you mean. I have been a pincher all of my life and have never lived above my means. I remember when I was little and my dad would take me to McDonalds, I would ask for a Happy Meal and he would order a hamburger, fries, and coke to save the 50 cents.

I remember my parents washing out used paper coffee filters and using them a few more times. I thought that silly at the time, but am starting to think about that myself.

Now Sanders, 53, picks up grocery-store wine at $10 or less per bottle, shops for used clothes and plans to take her mother's advice about turning down the thermostat during winter.

Anothe Pincher here. I buy the wine that comes in the box (if at all). I've been shopping GW since I was a teen and last winter, we got our heat from the fireplace. The heater didin't come on once-and yes, it CAN get cold here at night.

I am a proud Penny Pincher. As I look around my house almost everything has come from auctions, garage sales and thrift stores or they are family pieces that have been handed down to us. The best part besides costing us a lot less is that the old stuff is quality stuff and it's made to last. We bought a brand new dryer not too long ago. It's a piece of crap and it just gives me more incentive to not buy new ever again!

We butcher most of our own meat, have a huge garden and buy food on sale or in bulk so our grocery bills are not too bad. Another plus is that our cupboards are always full.

My pet peeve is anything that's made in china.