Frugality is in Fashion

Evidence of the fashionableness of frugality abounds. One example is Money Clubs that act as accountability groups. In a group setting, friends help set their personal financial goals and decide on steps to take. Last year, New York Times columnist MP Dunleavey formed a debt-reduction group for women, cleverly named Women in Red. Consumers have quit “blowing off” small, recurring expenses. They have started to realize what those expenses cost in their totality. People have discovered that they are no longer “too proud” to shop at discount stores and dollar stores—where business is booming. Upscale retailers are getting into the frugality spirit, too. Grocery stores such as Whole Foods now offer coupons and weekly sales, Starbucks offers $1.50 coffee, and MacDonald’s has a “luxury” coffee that is giving Starbuck’s some competition. Old-fashioned, classic toys like Legos and Rubik’s Cubes are selling better than new, flashy toys. One time-honored indulgence that appears to be recession-proof and appealing to all ages: chocolate.Thank goodness, some things never change.

Fashionistas are adopting the trendier practice of being “frugalistas” when they shop. Shopaholic used to be considered cute. But times have changed. Those who can clutch the reigns and get their spending under control are being forced to do it, and quick. Nevertheless, the economy is peeling back the curtain on compulsive shopping. What is revealed is the unattractive side of the term shopaholic. Compulsive shoppers have real problems. They go on shopping binges, they chronically and repetitively shop, and they buy for short-term satisfaction that leads to long-term damage to themselves or others. Shopping binges usually result in a hangover of economic nausea, relationship headaches, and buyer’s remorse. Governmental spending binges do too, but that is another topic.

The new shopping term is “surgical shopping.” It’s also called “appointment shopping” and “targeted shopping.” It all means that shoppers are becoming increasingly selective. So if you’re finding yourself using the mall for exercise and making more tactical strikes with your shopping, you’re not alone.

How did Americans become addicted to shopping? They got confused about what true value is. Calculating true value can be difficult. We buy things that hold perceived value or meaning for us. What is the value, the meaning, behind our purchases? Is the value of the purchase an experiential value that you share with someone else, such as a vacation? Is the value of a purchase of boosting self-esteem, such as a new suit? Is the value of a purchase a sentimental value, such as jewelry? Shopaholics have to ask themselves hard questions such as, how can I enjoy new experiences without paying for expensive vacations? How can I boost myself esteem without buying a new suit? How can I create sentimental memories without buying jewelry?

Answers to these questions can sooth the nausea and pounding temples. The cure for an evening of binge drinking is not another beer. The cure for a shopping binge is not another shopping bag. Frugality is the cure. It is time to be both frugal and fashionable!