Being thrifty on a $100K wage: Austerity in family finances

Understanding how families manage their finances represents a highly important research agenda given the recent economic climate of debt and uncertainty. To have a better understanding of the economics in domestic settings, it is very important to study the ways money and financial issues are collaboratively handled within families. Using an ethnographic approach, we studied the everyday financial practices of fifteen middle-income families. Our preliminary results show that there is a strong tendency to live frugally; that, people apply various and creative mechanisms to minimize their expenses and save money seemingly irrespectively of their income. To this end we highlight some implications for designing technologies to support household financial practices.