A new poll asks what we are not willing to surrender saving money. It seems the majority of us will keep out technology, even in a recession. Cellular and the Internet have grown to be vital to us in this technological age.
People will take out personal installment loans to keep these essentials.
What would you give up?
A monthly Financial Literacy Opinion Index survey is done regularly by the National Foundation for Credit Counseling (NFCC). In June, there was a question. It was: "In order to save money, the last thing I would give up is..." There were many categories to select from. They incorporated eating out, catalog shipping, home Internet services, cell phones, cable Television and designer coffee. There were 3,148 responses to the study.
How individuals felt
Coffee and catalog purchasing wasn't probably the most essential thing to people. Only one percent of those in the poll answered with those categories. Eating out was important to four percent. About 8 percent chose cable Television also. There were several that couldn't live without internet. That made up about 32 percent. About 53 percent of people could not live without phones.
Keep significant things around all the time
Cunningham is a spokeswoman for NFCC. "People have chosen technology over eating, drinking and shopping, the preferred pastimes of just a few short years ago. Staying connected is apparently considered the new must-have," she said. "However, they may still have the opportunity to save money in those areas by examining their current cell phone and Internet plans. People often have plans with bells and whistles they seldom use, and discontinuing such services can save a significant amount of money."
Get the things you need
Cunningham was glad that individuals are making sure they know what is most essential to them.
Frivolous buying, it seems, is the first thing to go for most savings-conscious individuals. Coffee and food could be prepared at home, and the Internet offers many entertainment choices to rival cable TV. A number of people feel the need to stay connected. Americans find it to be a necessity. Nowadays people use the Internet to communicate, stay informed, and get entertainment, search for work and so much more. Mobile phones have become the standard of communication, with many individuals foregoing a land line altogether.
'A more stable financial future'
"This level of awareness will not only help people ride out the difficult economic times they're currently experiencing but result in a more stable financial future," Cunningham concluded.
Financial Education Blog
National Foundation for Credit Counseling