CBS: Cheap Is the New Black

With consumers squeezed, it's become cool to shop at a discount.

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As Katie Couric reported on the CBS Evening News last night, it's now trendier to save than to splurge. Shame has been replaced with pride when it comes to getting discounts, shopping at more affordable stores, and avoiding pricier items.

Thank goodness this shift has taken place. It's exhausting to pretend to afford things we can't. And the fact is, even someone with a decent salary can find it hard or impossible to live like people do on shows like Lipstick Jungle or Cashmere Mafia. As the Budgeting Babe blogger Nicole Mladic told the news program, "When I'm actually spending more than I'm making—on clothes, rent, furniture, and stuff for my apartment— that's not right."

To watch the full report, view the video below: