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New Spending Habits

Deposit Into Piggy Bank Savings AccountAfter the Great Recession of 2007, American consumers developed more frugal spending habits.  With the addition of new jobs, more Americans are optimistic about the state of the economy today than they were several years ago; a 2014 Consumer Reports stated that 7 out of 10 Americans feel financially ready to make major purchases. Although economists report that the American economy has been rebounding over the past year, consumers have become more conservative in their spending. More Americans are cautious about how they spend; saving more and spending less remains a top New Year’s resolution. Americans are willing to spend more on cars or homes, but look for ways to cut back on everyday expenses like groceries, wellness products, and vacations. For example, the Consumer Reports National Research Center reported in 2014 that 48 percent of Americans said that they pack a lunch instead of eating out in order to save money.

Americans working to stretch the value of a dollar search for new ways to save money and cut down on unnecessary spending. Creating a spending plan, keeping track of expenses, and developing a budget help consumers develop better financial habits. How consumers make purchases also play a role in spending habits; for instance, cash forces individuals to be more aware of their spending. Debit cards are the most popular method of payment, but 30 percent of consumers prefer cash over debit and credit cards. Even people who prefer using credit or debit cards choose cash when making lower-value purchases. Businesses can capitalize on consumers’ need for cash with an ATM. Installing an ATM can increase sales and make purchases easier for customers. After installing an ATM, a business experiences a 20 percent increase in sales, on average. Individual customers also spend more with access to an ATM; ATM users spend 23 percent more money than non-ATM users.

ATM for your Small Business

Contact America’s ATM to get an ATM for your small business. Call 877-475-1104 to start the process, or reach out on the website. America’s ATM works with small and medium-sized businesses to provide them with ATMs, marketing products, and financial service kiosks. Business owners can choose from three different ATM programs and work with the experienced team at America’s ATM to find the right ATM program for your business. Visit the programs page of the America’s ATM site to learn more about each of the ATM Programs.

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