Hey Big Spender, Flaunt Your Scrimping

Young people hit hardest

(AP) - The income gap between the richest and poorest Americans grew last year to its widest amount on record as young adults and children in particular struggled to stay afloat in the recession. The top-earning 20% of Americans—those making more than $100,000 each year—received 49.4% of all income generated in the US, compared with the 3.4% earned by those below the poverty line, according to newly released Census figures. More»

Tough times drive many to save big, buy in bulk

(NEWSER) - While the recession has left many cupboards bare, others are sagging as the cash-strapped turn into coupon-wielding obsessives who stock up on months or years worth of groceries on the cheap. While coupon usage peaked in the '90s, it surged 27% last year—mainly due to extreme coupon users, reports the Wall Street Journal . "If you can get 100 packs of toilet paper for free, you're going to," says one devotee. More»

Yacht fuel eating up too much of your budget? You're not alone.

(NEWSER) - Still looking for ways to cut costs in these tough economic times? Let these actual rich people, as overheard by Nell Scovell, guide you. She recounts their advice in Vanity Fair :

• “With diesel at the marina up over $3 a gallon, we’re trying to keep the Hinckley’s motor off and let the sails do more of the work.”
• “We got rid of the dog-walker; I like to run with the pinschers on the beach for exercise, anyway.”

Recession halts 30-year rise of the super-wealthy

(NEWSER) - Since the 1970s, the rich have been getting richer with stunning consistency, but now, thanks to the recession, that decades-long run has hit a wall, the New York Times reports. Wall Street pay is indeed returning to normal, but for every investment banker who’s benefiting from that, several more are unemployed. And unlike the last recession, they likely won’t be able to immediately recover on the back of a new bubble. More»

(NEWSER) - A long history of sparse employment and hardships of all stripes has built a culture of frugality that leaves Maine perfectly suited to the current recession, the Boston Globe reports. “Everybody now is into shopping thrift shops, but in most of Maine, people never stopped,” a banker says. “It’s ingrained in people here to plan for tough times.” For example: Though Mainers have the second-lowest income in New England, the state also boasts the second-lowest foreclosure rate. More»