Technology Makes It Harder To Save Money

Hugh Pickens writes "LiveScience reports that a survey conducted for the American Institute of CPAs reveals that while more than half of U.S. adults believe technology has made it easier to spend money, just three percent think it has made it easier to save. The research found that Americans who subscribe to digital services spend an average of $166 each month for cable TV, home Internet access, mobile phone service and digital subscriptions, such as satellite radio and streaming video — the equivalent of 17 percent of their monthly rent or mortgage payment. Those who download songs, apps and other products spend an additional $38 per month. 'Our gadgets and connections can bring benefits like mobility and efficiency,' says Jordan Amin. 'But they can also bring financial challenges, like taking money that could go to savings, for instance, or contributing to credit card debt.' If facing a financial crunch, Americans would rather change what they eat than give up their cell phones, downloads or digital TV services. Asked to choose the one action they would most likely take in tight time, 41 percent said they would cut back on eating out, 20 percent said they would cut off cable TV, 8 percent said they would end cell phone service and 8 percent said they would stop downloading songs and digital products."

Comments

america

[nimbius]

where a $200 cellphone with a multi-year contract of indentured servitude and mandatory upgrades is an essential item
but a meal that costs over $7 and doesnt come with a free cola is a sure sign of the imminent collapse of western civilization at the hands of a communist marxist kenyan muslim.

Not always true

[boristdog]

Because of the Internet, I stopped paying for porn years ago.

Re:you can save a ton of $

[Anne_Nonymous]

Two bits = a quarter
There are four quarters in a dollar
2*4*15=120

120 bits of bandwidth

Re:you can save a ton of $

[Anonymous Coward]

Where I'm from, giving up the basic cable package ($60 a month) is not a "ton" of $.

Sure it is. Just figure it all in pennies. $60 a month = 6,000 pennies. 1 US penny is 2.5 grams. 6,000 pennies is 150,000 grams. That is approximately 330 lbs. In approximately 6 months you save 1 US ton (short ton) of money. How is that not a ton?