Recession Sacrifices Only Go So Far
The February 2009 edition of Money Magazine shares the results of an interesting reader poll recently conducted. The poll asked readers, “what won’t you sacrifice” in a tough economy?
I touched on this subject briefly when I recently wrote about not giving up my gym membership, even though it could save me about $30 a month, or $360 in 2009. To me, the benefits of exercising (stress reduction, weight loss, improved health, etc.) far outweigh the annual costs. Apparently, I am not alone, as the poll revealed gym memberships were the top response for things people were not willing to part with. Here are the full details of the reader poll:
Not Willing To Give Up
48% Gym Membership
41% Eating Out
35% Extra Car
30% Premium Cable
20% Fine Wine and Spirits
Willing to Give Up
89% New Gadget
87% Sporting Event
83% Big Vacation
80% Expensive Clothes
78% Cultural Events
Source: Money Magazine, February 2009
For me, the amusing thing about this list was that the items people were “willing to give up” are things we gave up a long time ago. We don’t buy expensive clothes; we only have basic cable; we haven’t been on vacation in two years, much less an “expensive” vacation; we don’t attend professional sporting events because the ticket prices are outrageous; we have bought no new gadgets, except for my beloved BlackBerry, which I use at least half the time to manage emails and perform admin tasks for blogging on the road.
Maybe that’s why times feel less tough for frugal people - we already made these sacrifices when times were good. That is not to say even frugal types are not feeling a strain in this economy, but I would venture to say the strain is a little less on us compared to the person with a house full of goodies and two new cars in the driveway.
What are you not willing to give up in a recession?
