We often joke about the quirks of the older generation, but in reality, the individuals with the most experience tend to offer the most valuable insights. Having lived through a range of experiences, the older generation carries a wealth of wisdom—and they’re more than willing to share it.
One of the most valuable resources is the knowledge that comes from those who’ve lived through decades of ups and downs. They’ve learned many tricks along the way, particularly when it comes to managing money. In fact, their frugal living strategies are often surprisingly effective. Here are some of the top tips for saving money that have stood the test of time:
Build Up Your Pantry
Make it a habit to add one non-perishable item to your shopping list each time you go to the store. It doesn’t need to be something you’ll use immediately, just an extra item that you can store for later. This habit can be especially helpful on weeks when you have extra money, allowing you to stock up on larger items like laundry detergent or pet food. Over time, the items you gather will ensure you’re prepared when money is tight or the paycheck doesn’t stretch as far as you’d like.
Learn to Repair Things Yourself
There’s no reason to rush out and replace something that’s broken. With the wealth of tutorials available on platforms like YouTube, there’s a high chance you can repair it yourself. Whether it’s fixing your dishwasher or mending a broken chair, learning basic repair skills can save you a lot of money in the long run.
Keep Your Change
At the end of each day, gather up any loose change and toss it into a jar or piggy bank. Once it’s full, count it, roll it up, and deposit it in your bank account. Over time, this small change can add up—perfect for splurging on a vacation or treating yourself to something special.
Don’t Leave Free Money on the Table
Maximize any employer benefits you can, such as matching contributions to your 401(k) or employee stock options. If your company is offering to match your contributions, make sure you’re contributing enough to take full advantage of this “free” money. Otherwise, you’re leaving money on the table.
Pay Yourself First
Treat savings as a non-negotiable expense. Set up an automatic transfer to an investment account—just a small amount, even if it’s only $10 a week. It might feel insignificant now, but you’ll be glad you made it a habit when retirement comes around.
Shop Second-Hand
Don’t overlook second-hand options when shopping for clothes, shoes, or household goods. The second-hand market has boomed in recent years, and you can find high-quality items online through platforms like ThredUp or eBay. Shopping second-hand doesn’t mean sacrificing style or quality, and it can be a big money-saver.
Plan Ahead for Pet Expenses
If you have a pet, set aside a small amount of money each month—around $75 to $100—for their care. This way, when an unexpected vet visit or an annual exam comes up, you’ll be financially prepared and won’t have to scramble for funds.
Allow Yourself to Splurge (Sometimes)
Saving doesn’t have to mean depriving yourself. Just like with dieting, if you’re too strict, you’re more likely to break your own rules. So, allow yourself to indulge from time to time—whether it’s a Starbucks run or a night out with friends—but keep it in moderation. Maybe limit it to a couple of days a week, or save these treats for special occasions.
Look for Deals on Lower Shelves
When shopping, keep an eye on where items are placed in the store. Often, the most expensive products are placed at eye level. If you look down at the lower shelves, you’ll find equally good products at a lower price.
Learn Your Store’s Discount Schedule
Every store has its own routine for markdowns, especially on perishable items like meat. For example, you might find that your local grocery store offers the best discounts on meat early in the week. If you pay attention to these patterns, you can time your shopping to take advantage of the best deals.
By incorporating these tried-and-true strategies into your life, you can start saving more and making smarter financial decisions. Many of these tips come from years of experience, and they work—because they’ve been tested through decades of changing financial climates.
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