Trends come and go, as does financial advice. But in the din of internet financial gurus, it’s easy to forget the wisdom of those who’ve endured economic challenges like the baby boomers.
Before you roll your eyes at the old-school-ness of it all, let’s look at ten classic concepts that just might save you some serious cash!
Make a Budget and Follow It
Budgeting might sound like a tedious task, but it’s the foundation for your financial health. Baby boomers swear by tracking their income and expenses to understand where their money goes. Just keep in mind that a budget is not a limitation; it’s the well-kept secret to financial freedom!
Live Below Your Means
Baby boomers often stress the importance of not stretching your finances too thin. It’s a golden rule that, if you can manage to follow it, can give you more breathing room to save money and invest for the long run. Live below your means and you will be happy.
DIY (If It Makes Sense)
Can you do it yourself instead of spending money? Whether it’s home repairs or cooking dinner, if you can master the art of DIY, you’ll feel a sense of accomplishment and save yourself money!
Use Discounts and Coupons
Boomers know that every dollar matters. They seek out discounts, coupons, and deals, no matter what they’re shopping for. If you don’t have this mentality, try it and see how big of a difference a little digging can make in your bottom line.
Read More: 12 Best Coupon Apps To Help You Save Money
Focus On Quality, Not Quantity
Boomers usually won’t just buy the trendy thing. They invest in well-made, classic items that are built to last. Consider doing this yourself, especially for bigger purchases like furniture and appliances.
Save Early for Retirement
It’s never too early to start saving for retirement, and baby boomers can attest to that. The earlier you start, the longer your money has to grow. Take advantage of employer-sponsored plans or individual retirement accounts (IRAs) to help you establish your savings.
Avoid Impulse Purchases
Impulse buying does a number on your budget. But boomers typically enact a 24-hour waiting period to ensure they aren’t buying something they don’t need. It’s a straightforward trick, but can save you from spending too much and getting buyer’s remorse.
Use Cash Over Credit
Credit cards are designed for convenience and rewards. Yet baby boomers often prefer cash over credit. When you literally see the money leaving your hands, it’s much easier to keep your spending in check.
Plan Meals and Shop Smarter
Meal planning is a boomer staple; not only will pre-planning save you money, it’ll help you reduce food waste. Write a shopping list and stick to it when you’re at the store; your wallet will thank you!
Learn To Negotiate Prices
Negotiation is an extremely valuable skill, and boomers have used it to get better prices on various things in life! They might haggle over prices, services, and even their salaries: you’d be surprised how often simply asking for a better deal gets you what you want.
Read More:
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- The 9 Best Budgeting Apps To Make Managing Your Finance Easy
