Winner and runner-ups announced below!
This is a post by BargainBabe.com writter Yazmin Cruz.
I asked you to share how the recession has affected your financial situation for a chance to win Lorilee Craker’s “Money Secrets of the Amish” and my review post was flooded with comments. Many of you said you’ve cut down on frivolous things and are trying to save money on groceries. In need of coupons? Check out our Coupon Database to find all grocery and drugstore coupons available.
The first runner-up is Andrea Stempel who said her husband’s salary has been cut and they have been struggling to make ends meet for their family of six. The second runner-up is Christine Judd who recently graduated from college and is having a difficult time finding a job.
It was difficult picking the winner as there were many compelling stories, but I finally declared
This is a post by BargainBabe.com writer Yazmin Cruz.
I was really excited to receive “Money Secrets of the Amish,” by Lorilee Craker, who is the author of eleven books including New York Times bestseller “Through the Storm” with Lynne Spears (Britney Spears’ mother). Win my copy below.
The title tickled my curiosity about the Amish way of life. How frugal are they?
Like me, Craker wanted to learn more about the Amish after hearing they were thriving during the recession on NPR. Being a Mennonite and a journalist, she wanted to know more as her own financial situation tightened. Craker writes:
Into Somerset / Flickr
This is a post by BargainBabe.com writer Yazmin Cruz.
Since the start of the recession people have been more aware of their spending habits, but for Tammy Strobel, a project manager with an investment management firm, her life began to change even before the recession hit. Tired of living a life filled with material goods that did not bring her or her husband satisfaction, she whittled down her possessions to only 100 items.
Strobel is not the only one giving up her material goods. According to a New York Times story about Strobel, consumers are gravitating more toward (more…)
Just got some interesting economic factoids from the website BillShrink.com. Are you part of the savings trend?
- 46% of credit card holders paid their bill in full each month in Feb. 2009
- 59% of credit card holders paid their bill in full each month in Feb. 2010
- The average American family had $2,000 in unexpected expenses last year
- Americans have reduced their debt by $101.2 billion in the past 14 months ($1,874 per household)
- We are currently saving at record rates, setting a 15-year high (Check out BillShrink’s super cool graphic about American’s personal savings and debt, which goes back to 1960).
- We still over pay for lots of stuff, including ATM fees, credit card late fees, and dealership auto maintenance (though I’m seeing coupons from dealers these days)
To get this data BillShrink surveyed 154,000 users on its site from February 2009-January 2010. The pay off rate has been steadily increasing each month, according to the responses below.
Yes, I pay off balance each month No, I don’t pay off balance each month
02-09 46.03% 53.97%
03-09 45.92% 54.08%
04-09 41.75% 58.25%
05-09 43.19% 56.81%
06-09 46.28% 53.72%
07-09 46.92% 53.08%
08-09 48.72% 51.28%
09-09 51.21% 48.79%
10-09 51.99% 48.01%
11-09 54.73% 45.27%
12-09 57.25% 42.75%
01-10 58.63% 41.37%
I’m curious how BargainBabe.com readers compare to the national average.
[poll id="55"]
I read a striking statistic today. Spending on food and drinks is supposed to increase by 11.6 percent this holiday season – greater than any other category measured in a survey conducted by marketing firm IBISWorld. Total spending on gifts is shrinking by 2.6 percent.
That means the food at your friend’s holiday party is going to kick ass, but she won’t be giving you a present. To be fair, during this holiday season total spending on gifts ($82 billion) still whomps spending on food ($28 billion). But still – people are pulling back dramatically on gifts. The recession is over, folks!
“More people are pulling back the need to shop for unnecessary goods,” said Toon van Beeck, an analyst at IBISWorld. “It’s not all about giving someone a gift, but going back towards family values and spending time with friends.”
I’m curious if the BargainBabe.com community is pulling back their gift giving, or defying the trend.
[poll id="47"]
Americans are eating more chocolate because it is an “affordable” luxury. Also moving up because of the recession are mutts and 99-cent music downloads. On the way out are restaurant meals, purebred dogs and theater tickets.
Nordstrom plans to open 13 stores this year, and 10 of them will belong to the discounted Rack chain.
More sample sales are being run online. The Budget Babe reviews three such sites.
More people are shopping at dollar stores, which contributed to Dollar Tree’s 11% rise in profits last quarter.
To lower the cost of higher education more colleges are offering three year degrees.
What other spending trends are you seeing?
