Frugality has been all the rage during the recession. But now there’s some evidence that our money-saving ways may be going by the wayside. A CNN.com story noted that the personal savings rate dipped in June after several months of strong growth. And, while an HSBC survey found that 85 percent of people have modified their saving and spending habits as a result of our tough economy, fully 76 percent believe people will go back to their old ways once the situation improves.
My sense is that reports of frugality’s death have been greatly exaggerated. I know many people who have been motivated by the recession to find less expensive ways of doing all sorts of things. They’ve planted vegetable gardens and used house-swapping services for vacations. So far, I’ve heard nothing but positive comments about such new routines.
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