Technology Makes It Harder To Save Money 320
Hugh Pickens writes "LiveScience reports that a survey conducted for the American Institute of CPAs reveals that while more than half of U.S. adults believe technology has made it easier to spend money, just three percent think it has made it easier to save. The research found that Americans who subscribe to digital services spend an average of $166 each month for cable TV, home Internet access, mobile phone service and digital subscriptions, such as satellite radio and streaming video — the equivalent of 17 percent of their monthly rent or mortgage payment. Those who download songs, apps and other products spend an additional $38 per month. 'Our gadgets and connections can bring benefits like mobility and efficiency,' says Jordan Amin. 'But they can also bring financial challenges, like taking money that could go to savings, for instance, or contributing to credit card debt.' If facing a financial crunch, Americans would rather change what they eat than give up their cell phones, downloads or digital TV services. Asked to choose the one action they would most likely take in tight time, 41 percent said they would cut back on eating out, 20 percent said they would cut off cable TV, 8 percent said they would end cell phone service and 8 percent said they would stop downloading songs and digital products."
Re:...not quite it... (Score:4, Informative)
Cutting out a single night out at a restaurant will almost always end up covering the cost of that month's cell phone bill.
I love seeing this (Score:3, Informative)
Because it means that those of us 'young folks' (less than 30) in the USA who can actually plan their finances stand to be KINGS and QUEENS in the future. My wife and I live very, very comfortably on what my friends would call a meager pittance (we both work in education, thank you). Our stuff isn't as nice as what they have, but we also don't have the crushing burden of debt looming in our future. We may not have a MONDO flat screen, but we do have a high speed internet connection and access to as many movies and television shows as we need. We may not have a $70k car, but what we do have is reliable and gets 35-40 mpg. Our house might not be a McMansion, but our small house does sit on 67 acres of woodland. . . .
We're saving for a college fund for children we don't have yet, saving for early retirement and generally living the life of leisure.
Why am I saying all of this? Because, not all Americans are idiots. Most that I know are kind of stupid, but really not that bad.
And some, like my wife and myself, are actually quite bright. Not meaning to brag, just meaning to point out that people like us exist.
Re:you can save a ton of $ (Score:5, Informative)