I love modern apps that make life easier, but there is something to be said about the old-fashioned wisdom that our grandmothers had. These six tricks were used by our grandmothers and can still be used today to take control of our finances.
Here are 6 of Grandma’s budgeting tricks that still beat modern apps.
Avoid Lifestyle Inflation
Once you start budgeting, you might realize you have much more money to “play” with.
This can often lead to lifestyle inflation, a phenomenon that also occurs when you start making more money. Lifestyle inflation is the idea that your base cost for your quality of life increases with your disposable income. An easy way to avoid this is to boost savings and investments instead of spending them on things you don’t need.
Shop With a List and Avoid Impulse Purchases
Coming prepared with a shopping list is a great way to prevent impulse purchases. Plus, this is one of the simplest budgeting tips that anyone can implement immediately!
Cook Meals at Home More Often
Dining out, or ordering take-out, comes with tons of additional fees and rampant overpricing. Avoid these steep checks and cook meals at home more often. You’ll be spending less money on food and using a practical life skill!
Remember Patience and Discipline
Budgeting doesn’t solve all your problems overnight; money moguls know that the key to success is staying patient and consistent. As long as you show up every day with your financial goals in mind, you can do your best to honor them and build a better future for yourself.
Do Your Research Before Buying
Every dollar counts when you’re on a fixed income. We don’t recommend buying virtually anything without first comparing prices.
It’s never been easier to find the lowest prices for everything from groceries to the latest tech gadget. Spend a few more minutes looking for coupons and deals. You’ve probably always done this to some extent. Still, if we’re talking about dealing with fixed incomes, it’s essential to keep your costs within the right margins.
Have an Emergency Fund
Even with the best budgeting intentions, emergencies can still happen, and they can be particularly devastating for those on a fixed income.
That’s what makes emergency funds enormously valuable for retirees and seniors. It gives you a lifeline when you need it most, so don’t forget to build one. Most experts recommend one with enough to cover two to three months’ worth of living expenses.
Read More:
