A few years ago I decided to survey the Suddenly Frugal readership to find out who you are. I figured that the more I know about my readers, the better job I could do in writing appropriate posts that share information you want to read and that would help you save the most money.
What surprised me when those survey results came in was how wealthy so many of you were. I’m not talking Richie Rich rich but more than a third of readers had household incomes between $75,000 and $150,000 plus! (I created this infographic on the Suddenly Frugal readership after the survey was complete.)
Earlier this year I read an article that supported this notion that people interested in frugality and saving the most money are actually better off financially than you might expect. This Adweek article covered a survey that asked millionaires where they were most likely to shop. Here’s a snapshot of those responses:
Among respondents with a net worth of $5 million or higher, the top retail destinations were Home Depot , Lowe’s and Target—with 61, 44 and 41 percent reporting, respectively, that they like to shop there. Nearly half the well-heeled respondents also said they liked to shop at Costco, and a full third admitted to setting foot in Walmart.
Many of those surveyed–nearly half–also admitted to using Groupon on a regular basis.
In fact, the article cites frugality as one of the reason these folks believe that they’ve been able to make so much money. In other words, they were smart with their money.
I’ve said since starting Suddenly Frugal in 2007 that my brand of frugality was about getting the most for your hard earned buck, not necessarily going for the cheapest price. Whereas cheapskates, misers and tightwads look for the lowest price possible, the frugal among us might spend a bit more for something, knowing that they’ll get more use out of that product or service in the long run, thus saving them the most money over the long haul.
How do you define your own brand of frugality? And where do you like to shop?