Serena Williams Handbag There is no ignoring the state of the economy worldwide right now. People are cutting back spending, trying to save, and many are simply trying to get by. While Serena Williams has garnered over $22 million in career prize money, the court queen is cutting back as well, opting for a $12 American Apparel Handbag rather than opting for the latest designer handbag. It is not just the average Joe that needs to watch his spending, most of the world is doing just that. Her bag of choice is probably the American Apparel Bull Denim Woven Cotton Tote [$12].

Are you cutting back spending? How has the economy affected you?

Jan. 23 (Bloomberg) — Even Serena Williams, with $22 million in career prize money, is spending less because of a recession that’s left tennis scouting for sponsors.

“I really cut back,” said Williams, carrying a $12 American Apparel Inc. bag in Melbourne, where the No. 2-ranked player is bidding for a fourth Australian Open title. “I don’t know if it’s because it’s everywhere in the media, but I am.”

Tennis is feeling the financial crisis beyond Williams’s thrift. Four men’s ATP Tour events are without sponsors in 2009; the women’s warm-up event for the French Open was canceled after losing its backer; the ATP has shed its principal sponsor; and reserves at ruling bodies have been sliced by tumbling markets.

Read full article via Bloomberg

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