As many people face mounting debt, frugal living has become second nature, according to new research.
One in two thrifty Brits admit to going out of their way to find a good deal, according to a price comparison website. 48% of people confessed that they love the feeling of securing a bargain. With many struggling with mounting debt it comes as no surprise that frugal living is a must in order to meet everyday expenses.
However, cheap living doesn’t have to be a chore, and 48% of Brits take great pleasure from making a saving either from as little as £1 or as much as £100. The research found that 24% of people said that it is something to be proud of and the feeling of achievement people get when they save money is not affected by the amount of money they actually save.
Not only that but 58% of Brits get greater satisfaction from telling people about the savings they’ve made. With so many discounts and vouchers widely available, 53% of people said they could go out of their way to save money.
63% of people admitted they feel cheated if they later find out they have paid more for goods than necessary or a cheaper alternative.
Women in particular are keen to find cheaper deals and over half of 18 to 34 year olds said they would rather save £500 on a purchase than be surprised by unplanned weight loss, illustrating how stretched people’s finances currently are.
Eight out of ten men would also rather receive £500 off a major purchase than have their favourite sports team win an important game.
“The most interesting aspect of the research for me is the fact that people feel so euphoric at saving money – irrespective of how much cash is involved,” said Christine Webber, Psychotherapist.
“I believe this is because of the difficult financial times we live in. We have little or no control over the stock markets, our pensions or how much longer we’re all going to have to work. So, hunting down a bargain feels like a real triumph and helps us feel that we have at least some control over our money.
“There is a real satisfaction to be had from knowing that we have done a deal and have not had to part with the full asking price for something that we want.”
The research found that 61% of people are now holding onto their money for the next big bargain. However, many people have to just hold onto their money to make ends meet.
Debt Solutions
If you are living the frugal lifestyle due to debt problems, seek out debt management advice so that you do not have to worry about your mounting financial problems. Solutions such as debt management or an IVA may help you address mounting personal debt.
Debt problems can soon crush the elated feeling of finding a good deal as cheaper living is a necessity rather than an alternative.
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