Money Magazine reports that during this uncertain economic time, "frugality and safety are in, bling and plastic are out".Â As people spend lessÂ money on dining out and entertaining, they are placing renewed value on their families and communities.
"We are not just cutting our bills, we are rejecting materialism. We're placing a priority onÂ safety,Â relationships and personal growth. We're embracing family and communities and asking how can we help others, not just ourselves."
In fact, in response to a survey for Money Magazine, 9 out of 10 participants said they have changed the way they handle their finances as a result of the economic crisis.
While cutting back and sticking to a strict budget can be a difficult adjustment, for many, it's more important than the alternative.