Is Frugality A Fad Or A Trend That Will Last?
As the economy continues to slide and prospects for many look bleak, there has been a surge in frugal practices. Spending less and saving more has become the latest fashion, and everywhere you look, there are articles about it or people trying to be more frugal.
Is this a lasting trend towards doing more with less? Or is it just the latest fad and when things improve economically, it will completely go out the window?
What's your take?
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11 Responses to “Is Frugality A Fad Or A Trend That Will Last?”
January 29th, 2009 at 9:34 am
Depends. If huge changes are made within the credit industery, and credit isn’t as easy to get as it has been. Well, people can no longer live above their means. They will be forced to live on the dollars they actually earn. If the credit industry doesn’t change, and credit is easy to get again, well, I can see people going back to the way it was before all this economy mess happened.
January 29th, 2009 at 10:23 am
Unfortunately, I believe that as soon as the economy begins to rebound, most people will return to their old habits. This is already the case with American car buyers. When gas prices went down recently, those of us who are looking for new cars began asking for and looking at gas guzzlers. Sadly, many people have very short memories.
January 29th, 2009 at 11:19 am
I think the word, “frugal; frugality” are more of buzz words right now that will pass in time. But I think lifestyles of cutting back, living simpler is something that may take more root in society.
January 29th, 2009 at 11:23 am
The study of “business cycles” is a long established one. There is a cache of evidence that economies need expansion and contraction in order to stay competitive. Frugality increases in poor economic climates, which makes it part of that normal process. So, I say frugality indeed fluctuates, but is no fad.
January 29th, 2009 at 1:26 pm
I sure hope that frugal and austere living is here to stay. I hope people see how living with frugality in mind, keeps life simple. We buy what we need when we need it, not when trends demand it. Frugality and austerity is the new black!
January 29th, 2009 at 1:49 pm
I like the comparison to fuel-efficient cars: lots of people are interested when gas is expensive, fewer when it’s cheap. People (and especially the media) are more interested in frugality when times are tough, but when things improve some people will forget all about it and some other, smaller number will take what they’ve learned and apply it for the long-term. Although with the credit and debt numbers the way they are, that may not happen for a while!
January 29th, 2009 at 3:32 pm
It depends on the person. I’ve known many elderly people who lived through the depression. Some still live sparingly; others waste like there’s no tomorrow.
January 29th, 2009 at 7:02 pm
I agree that it depends on the person, but I also feel there is a cycle to it as well.
January 30th, 2009 at 10:12 am
Unfortunantely, people are used to instant gratification and justify reckless spending by self-entitlement. I’ve probably got more of a cynical view, but I doubt that any of my friends or aquaintances that are used to getting what they want now (by use of a credit card) are going to change their habits. I’m one of the only people my age I know who tries to be frugal. My friends and most of my familiy, unfortunately, still put furniture and trips to Mexico on their credit cards. They drop $100 on a pair of shoes, or go out to eat weekly, no second thoughts. Recently, my BIL and SIL both lost their jobs at the same time(they worked for the same company that went bankrupt), yet last week they were at Ikea buying new furniture. I just don’t get it!
January 30th, 2009 at 11:50 am
As noted from previous comments, it’s unfortunate that we’re a society composed of instantaneous gratification and driven to seek anything of convenience. I hope that the trend of being cheapty will continue on and that we integrate good habits and practices of a more responsible spending and living a simple lifestyle by doing more with less.
January 31st, 2009 at 10:48 am
Frugality should really be considered a form of economic literacy.
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