Chicagoans Frugal and Thrifty

By Chuck Sudo in News on Sep 6, 2011 7:00PM

Two interesting news items today highlight the supposedly frugal nature of Chicagoans. The Sun-Times reports more area residents are clipping coupons, paying down credit cards, saving money and cutting back on extraneous expenses in this down economy.

If you're thinking, "This is news?", you aren't alone. But what is notable about the article is how the Sun-times posits the short-term decisions by some to cut back as a stepping stone to more life-altering, long range changes.

Americans are saving more, paying down mortgages, reducing credit card debt, moving to cheaper housing, working at unpalatable jobs and postponing retirement.

“This underscores the increasing numbers of people who believe they have to take bigger, more long-term action,” said Michelle Peluso, global consumer chief marketing and Internet officer for Citibank parent company Citigroup.

More people say the economy has changed forever how they think about and handle money. A survey done by Peter D. Hart Research Associates for Citibank shows more people believe the economic realities of life have changed foreve — 57 percent in the survey released on Aug. 31, up steadily from 51 percent nearly a year ago.

Tied in with this is a press release from online coupon giant ShopAtHome.com that ranks Chicago as the second-most frugal city in the nation. It isn't shocking to see ShopAtHome.com's report to be released during National Coupon Month; the results of the report would be beneficial to them and other online coupon sites.