As the economy worsens (gets worse), many Americans are having to change their spending habits (the way that they spend their money). According to one recent survey, many Americans are making changes in their behavior because of financial difficulties. Here are some things that Americans say they are doing differently now:
- Cutting (Reducing) Vacation Spending: 59% of those Americans surveyed (asked this question) said they are now spending less on their vacations than they used to.
- Eating Out (Eating at Restaurants) Less Often: 55% of Americans are now cooking more of their meals at home. Many restaurants are suffering because of this.
- Changing the Way They Save: About 48% of Americans say they are saving more money now than they used to — saving instead of spending.
- Delaying (Postponing, Waiting until Later to) Buying a Major Home Appliance: A home appliance is something like a refrigerator, stove, or other large machine that you may use in your house. Major simply means large, expensive, or important. 39% of Americans say that they are delaying buying a major home appliance.
- Delaying Buying a New Car: 36% of Americans said they are waiting before buying a new car. The US car companies are doing so poorly that they have had to ask the federal government to give them money in order to survive.
- Adjusting Retirement Plans: 26% of Americans say that they are changing their plans about when they will stop working when they get older. Typically, this means that people who thought they were going to retire are keeping their jobs, especially if their investments for retirement are worth less than they were before this economic recession. Although the United States has a government retirement program (called Social Security), most Americans depend on their own private retirement accounts to pay for their expenses when they are old.
We can only hope that the economy will improve here in the United States, something that may take a long time to happen, however. We all hope this new year really will be happier than the old one.