"Frugal Fatigue" Sweeps The Nation - Black Enterprise
Black Enterprise Magazine July/August 2018 Issue

Some Americans are sick of saving (Image: Thinkstock)

Are you tired of pinching your pennies? You’re not alone.

According to economists, the official recession is long behind us. Even so, the tough economic times have had a lasting effect on the way Americans handle their money. We’re all saving a little more and spending less (much to the lament of retailers).

But, even as many of us are taking the right steps to become more financially fit, studies show we’re not enjoying it.  Two-thirds of Americans now claim to have “frugal fatigue,” according to a January 2011 poll hosted on the National Foundation for Credit Counseling (NFCC) website (www.debtadvice.org). “Even though the recession is technically over, that textbook definition isn’t being felt in American households,” says NFCC spokesperson, Gail Cunningham.

Clearly, creating a budget, saving money, tracking spending, and living within one’s means doesn’t appeal to everyone. These sentiments are, however, the cornerstone of wealth building, and key components of the BLACK ENTERPRISE Wealth For Life initiative.

There is some encouraging news in NFCC’s recent findings: “More than 20% of those polled say they’ve implemented financial lifestyle changes that they believe are positive–and intend to keep them in place,” Cunningham says.

If you need encouragement embracing a more frugal existence, keep visiting BLACK ENTERPRISE, and join us Facebook and Twitter. For free help dealing with frugal fatigue, debt troubles, or other financial issues, contact a trained and certified National Foundation of Credit Counseling member agency by calling (800) 388-2227.

Here are full results of the NFCC’s poll question:

Do you have “frugal fatigue”?

  1. Yes, I am tired of pinching pennies, but will have to continue that lifestyle. (66%)
  2. Yes, I am tired of pinching pennies, and have decided to begin spending more. (5%)
  3. No, I’ve not made any spending changes in recent years. (8%)
  4. No, I have made lifestyle changes, but they are positive and I intend to keep them. (21%)

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