Do a load of laundry or watch ‘What Not To Wear’ on a 64-inch, high-definition television? This year’s consumers have been choosing the latter. Lured by the shiny screens and punchy buttons, shoppers have directed their dollars to electronics rather than other durable goods such as clothing, appliances, and furniture.
Money Not Saved Is Money Spent On SmartPhones
According to the Wall Street Journal, spending on electronics has grown beyond pre-recession levels in accordance with the ever-evolving technology itself. The constantly changing nature of electronics renders previous technologies outdated in only a year, and consumers with limited resources (read: most of us) only have a set amount of money that need not be funneled directly into savings. This extra money, the Commerce Department has discovered, has been relegated to keeping us on top of the latest gadgets.
Is Your Technology A Necessity Or A Toy?
Is this a problem? Not necessarily. After contributing to your retirement and savings accounts, the leftover money is meant to be spent however you choose. But it’s always a wise choice to be aware of your needs versus your wants. Need to be on call 24/7 for your job? You need your Blackberry. Want more space to store your music? You want the latest iPod. No one’s denying that we’re currently more entranced by technology than ever, but we are cautioning: there is only a limited amount of money to cover your rent, travel, entertainment, wardrobe, and food—what are you sacrificing for your iPad?