Md. Lawyer’s Cheap Ways Emblematic of Change in ‘American Psyche’

Tightwads are more revered than ridiculed in these recessionary times.

One person who is serious about saving money is 33-year-old Maryland lawyer Seigrid Walker, the Washington Post reports. At one time she told friends about her Nordstrom shopping sprees and Caribbean vacations. No more. Now she tells of pizza nights at home and cutbacks in hair care.

"There's a certain camaraderie with everyone understanding that everything is tight," the Mitchellville lawyer told the newspaper. The Post said she has lost income in the economic downturn, but didn’t go into details.

Dan Ariely, a professor of behavioral economics at Duke, told the Post that the focus on saving money is new and different. "Something very deep has changed in the American psyche," Ariely said. "The recession basically woke us up."

The newspaper cites a Gallup poll in April that showed 59 percent of Americans enjoy saving money, compared with 48 percent in April 2001. Another poll conducted by Ariely for Bank of America found 80 percent of respondents were more conscious of spending now than at the beginning of the year.

“At play dates and happy hours, friends are swapping recipes instead of making restaurant reservations,” the story says. “Teenagers are skipping flashy block-long limos and showing up to prom in minivans. ‘Coupons’ has become a more popular search term than ‘Britney Spears’ on Google. Instead of feeling self-conscious about spending less, people are flaunting their frugality.”

Related coverage:

ABAJournal.com: "Attorneys Among Thrifty Shoppers Who Recycle Gently Used Suits, Wedding Dress"

Updated at 3 p.m. to include link to subsequent ABAJournal.com post.