A Wealth of Ways Americans are Cutting Back in 2011 Skip to main content

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A Wealth of Ways Americans are Cutting Back in 2011

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No one needs to tell you times are tough and money is tight.

And all too often in this “new economy” (full of new financial realities), average Americans just like you—already suffering under the intense strain of rising mortgage costs, consistent credit card debt, mounting medical bills, employment woes, and other blights on your bank accounts—are also in the market for more ways to trim shrinking household budgets.

This was confirmed by a brand new survey from Harris Interactive, published this month, proving that two years after the recession officially ended there’s no real end in sight to all of the coupon cutting, penny pinching and wallet tightening.

Harris Interactive surveyed 2,163 U.S. adults online between last month revealing that Americans foresee the economy getting worse before it gets better. In a statement, Harris Interactive revealed, “Over three quarters of Americans have begun purchasing more generic brands to save money (67%), up from six in ten who said they did this in February (61%) and the highest number reporting doing so since the question was first asked two years ago.”

So, whether you’re facing extended unemployment, are bankruptcy bound or just trying to salvage your savings, taking a long, hard look at your family’s budget can make a big difference. And even if you haven’t lost your job, in this uncertain economic era it’s important to explore the financial cutbacks you could make in case you were suddenly land unexpectedly aid off.

The good news is, by cutting a few corners, small changes can save you hundreds of dollars per month. So what exactly are average Americans cutting back on? Well, 21% of you stopped purchasing that cup of coffee in the morning; 46% of you began packing your own lunches; 39% of people refilled their own water bottles; 43% skipped out on visiting the hair stylist; 31% cancelled their magazine subscriptions, while 18% cut out the newspaper; 22% cut back on cable services; 24% dodged the dry cleaners; and a whopping 62% cut back by buying generic brands.

The bad news is, limiting purchases and minor changes doesn’t always make the difference you need. According to Harris Interaction, “While there are some differences in the changes older and younger Americans are making to save money—for example, older Americans who may no longer work are less likely to report beginning to brown bag their lunch, carpool or use mass transit, or purchase coffee in the morning—what is clear is that most Americans are making some changes in order to cut back on expenses. While making more careful spending decisions may be good for a household budget, continual cutting back doesn’t do much to help the overall economy grow. It seems a balance will need to be reached to make Americans feel secure in their own household’s finances as well as comfortable enough spending to allow the country’s economy to grow once again.”

So, if cutting corners just isn’t enough to keep you afloat, knowing a qualified bankruptcy attorney can also help you conquer your creditors and face your financial fears, yielding the right kinds of support, information and insights—at a low cost— for a viable and secure future.  The bankruptcy attorneys at the Law Offices of John T. Orcutt offer a totally FREE debt consultation and now, more than ever, it’s time to take them up on their offer. Just call toll free to 1-888-234-4181, or during the off hours, you can make your own appointment right online at www.billsbills.com. Simply click on the yellow “FREE Consultation Now” button.

 

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