Do you ever feel like you just can’t think of one more way to cut back on spending?  You know even small savings can add up over time, but where do you look now? 

New research from Harris Interactive gives you some idea of what others of your age – and other generations – are doing to make their money last longer. 

Here’s where baby boomers and seniors are making changes in spending:

 * Purchasing more generic brands

 * Going to the hairdresser less

 * Cancelling one or more magazine subscriptions

 * Cutting down on dry cleaning

 * Brown bagging rather than purchasing lunch

The “great recession” has made some things we once thought we couldn’t live without dispensable. The one thing none of the generations seem to be willing to cut back on is cell phone service.

The researchers say these may seem like small savings, but they are the things many financial planners say people need to do more of to save money. And, it seems in these times of greater economic hardship, Americans are finally heeding that advice.

The big question is whether these cuts are temporary or will they become lifestyle changes?  What do you think?

 

SPENDING/SAVINGS OVER PAST SIX MONTHS – BY GENERATION“Have you done or considered doing any of the following over the past six months in order to save money?”Percent saying “Have done”  
Base: All adults  
    Total   Generation
    Echo
Boomers
(18-33)		   Gen. X
(34-45)		   Baby
Boomers
(46-64)		   Matures
(65+)
  %   %   %   %   %
Purchasing more generic brands   63   60   66   63   61
Brown bagging lunch instead of purchasing it   45   51   56   46   20
Going to the hairdresser/barber/stylist less often   39   39   43   38   35
Switched to refillable water bottle instead of purchasing bottle of water   34   40   37   31   28
Cancelled one or more magazine subscriptions   33   24   31   36   45
Cut down on dry cleaning   22   18   24   21   27
Cancelled or cut back cable television service   22   24   26   22   14
Stopped purchasing coffee in the morning   21   25   27   19   14
Cancelled a newspaper subscription   19   16   20   20   20
Changed or cancelled cell phone service   17   19   20   17   11
Cancelled landline phone service and only using cell phone   15   20   16   15   6
Begun carpooling or using mass transit   14   26   16   7   4
Note: Percentages may not add to 100% due to rounding  
                       

Results of The Harris Poll of 2,576 adults surveyed online between January 18 and 25, 2010 by Harris Interactive