Americans Minimizing Expenses

A recent report from Harris Interactive found Americans not only expect the economy to get worse but nearly 70 percent of consumers are prioritizing generic brands to conserve money.

The Harris Poll also found nearly half of consumers are not purchasing lunch and are instead bringing it from home. Approximately 20 percent of Americans are not buying their usual morning coffee, and nearly one-quarter cut back on dry cleaning.

Consumers are also cutting other expenses as well. More than 30 percent have canceled at least one magazine subscription, as they are becoming more thrifty with their funds. Another 22 percent cut their cable television service to a certain extent, and nearly 20 percent have canceled a newspaper subscription.

With so many consumers cutting back due to the struggling economy, it may be likely they are cutting down on credit card spending, as well. This may be positive because of the likelihood of accruing significant credit card debt by not being mindful of how much is spent. Making it a priority to not spend on a credit card may help many Americans if the economy continues to get worse.