Nine out of 10 Americans said they are cutting back expenses or discretionary spending at least somewhat because of the current economic conditions; according to a recent study from market research firm GfK Roper Consulting.
Only 11% of Americans believed it was a good time to buy things they want or need, down from 16% a year earlier.
Here's the interesting part(s):
Many Americans are leaving the car in the garage and staying on their living room couch. A whopping 50% of Americans plan to buy an HD or flat-panel TV in the next year, the study showed, with little difference between those who are hardest hit by the downturn and those who are not. Cable and satellite TV subscriptions are also way down the list on cutbacks.
Even in these tough times, 59% of Americans plan to take a trip of 100 or more miles in the next six months - only slightly below the 61% average of recent years.
But that doesn't mean they haven't changed their plans. To grapple with the rising cost of fuel, many consumers are opting for trips closer to home. This year, they may be packing up for Epcot instead of Europe.
First, my statistics training raised a flag—50% of Americans plan to buy an HD or flat-panel TV? It sounds a bit sloppy—50% of those polled probably said that, but I think that's about as far as it goes. The travel numbers and behaviors are probably legit though. Despite the high cost of fuel, people are (hopefully) saving more and watching their spending more closely.
And I guess I need to step my game up—I haven't had the 'Well, I guess we can't make a yearly European tour this year' conversation yet. But, I think these little studies do show that there is a segment of the country that is still finding ways to enjoy themselves—many are just finding better ways to do it.
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Get a 2nd job or income. I got a 2nd job 17 years ago, working about 10 hours per week extra. It is a consulting job averaging about $40.00 per hour. My hours are very flexible. I usually work a couple of hours a night on weekdays only.It has given me about $19k of extra cash every year. I have made over $300k in extra money in the last 17 years. I have never spent this extra money. I have tracked every dime I have made. I have invested it in stocks that raise dividends every year. My cash flow is great now. What did I give up? Well, I have watched no stupid sitcom TV shows in 17 years. I have never seen American Idol or Dancing with the Has Beens. I am not familiar with any of those shows. I hear people talking about those shows during the workday at my day job. I basically gave up nothing and set myself up with financial independence.
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