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Frugal Habits

Waste Not, Want Not: Consumers Hang On to Frugal Recessionary Habits

The recession was a shock to everyone's systems, and as a result, more people have picked up frugal habits. According to a New York Times article, consumers have stuck with those thrifty ways post-recession.

One of the bigger saving trends is extending the life of products. For example, people are taking longer to upgrade cars and gadgets like phones and laptops; even daily hygiene products like toothpaste and shampoo are being used to the last drop. And this isn't just a temporary behavioral shift. Nancy F. Koehn, a professor at the Harvard Business School and consumerism expert, believes that this attitude will be permanent or long-lasting, because of insecurities about how reliable the government and major companies are in a financial crisis.

It seems like people are straying away from the shiny new things and opting for the necessities route. What about you? How often do you upgrade your gadgets?

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