Frugality has become a badge of honor these days, said Tom Hundley in the Chicago Tribune. “I’m probably one of the new braggers,” says Carrie Kirby, a self-described “frugalista” who blogs about her coupon-clipping conquests. “It’s become more socially acceptable, more normal, to talk about this stuff.” Economic statistics reflect this scrimp-and-save sentiment. Consumer spending has dropped to its lowest level since 1980 and is expected to continue shrinking. Thrift-store sales have jumped 35 percent, and public libraries have seen a swell in circulation. Even those who can still afford to spend lavishly are showing restraint because of what economists call “luxury shame.”
But cheaper isn’t always better, said Ruth Mantell in Marketwatch.com. There are times when it pays to pay—for instance, hiring an attorney or tax advisor. Likewise, if you’re working long hours or more than one job, cleaning your own house or mowing your own lawn may not be the best use of your time. Even the occasional “guilty pleasure” can be money well spent. Budgeting, after all, is not unlike dieting. Deny yourself too much, says Erica Sandberg, author of Expecting Money: The Essential Financial Plan for New and Growing Families, and eventually “you are going to raid the refrigerator.”
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