Old-school is new again, ironically.
I think there has been a recent pull towards doing things like they did in the past, and there is a good reason for it. Some of the things they did in the past were good and smart (not all of course, we will leave the women can’t have a bank account or credit in the past where it belongs).
These old-school money habits are surprisingly smart, making them a great way to start saving money!
Start With an Old-Fashioned Downsizing
Are you already living outside your means? This is easier than ever with the introduction of various kinds of credit and pay-over-time options. The answer is simple: learn to live with less by having less. We’d even go so far as to say that if you’ve already slashed your budget, cutting things even further by moving into a smaller home or apartment can help you save money on utilities and rent so you can save for things that matter.
Make Do With What You Have
This is one of the easier habits because you don’t really have to do anything. Grandparents would only buy things when they were necessary. They’d see what they had, reuse or recycle, and buy whatever they needed to fill the gaps.
But today, we’re accustomed to tossing things and immediately replacing them, which is both expensive and wasteful. Try your best with what’s already around you; you’ll be surprised how you can reinvent things and turn them into something usable.
Cook at Home
Not everyone is going to like this reality check, but it’s necessary — saving money is going to be impossible if you’re spending ten times more on food every month by constantly going out to eat. Teach yourself to cook; it’s not as hard as you’ve been telling yourself. Start small and build your confidence with easier dishes you know you’ll love. You’ll both eat better and save a ton of cash.
Become Self-Reliant
Why pay for someone to do something you can do yourself? People in the olden days didn’t bother, and neither should you. You can save significantly by learning skills like cooking, gardening, and home repairs. You’d be surprised at what you can accomplish with a bit of research and some basic tools.
Stay Active (Without Spending)
Being fit and active doesn’t have to cost a thing. It’s also one of the most important cornerstones of living a long, healthy life. Go for walks after dinner, get up from your desk and stretch, and just find opportunities to move around whenever you can.
It saves you money on gym memberships if you learn exercises at home. But the real savings come from long-term health, because if there’s anything that will derail your financial security, it’s hospital bills.
Build an Emergency Fund
Your grandparents knew they needed to be ready for anything. They didn’t rely on credit to bail them out when things got tough; they had money set aside specifically for the moments where life handed them lemons.
But today, many Americans don’t have any amount of savings, let alone an account specifically intended for emergencies. Start an emergency fund today, even if it’s only a few dollars to start, because something is better than nothing.
Use Cash When You Can
We’re not referring to any kind of plastic here, including debit cards. This wasn’t so much a habit as it was just the norm. People had to spend with cash or a check, so they were much more likely to be mindful about their spending.
Try this yourself and set cash aside specifically for fun money. Promise yourself that once it’s gone, you’re done for the day/week/month, however you choose to use it. This makes you think twice before spending, which we can all agree we need to do a little more of.
Limit Impulse Spending
Boomers didn’t spend much outside their budget, but that’s become something of a norm today. You can hack the system by putting an “impulse purchase” category into your budget. It allows you to give in to the candy bar in the checkout lane every once in a while without the guilt of wondering if you had the money for it. And if you’re worried about larger purchases, take a leaf out of a boomer’s budget and think about it for at least 24 hours to see if you still want it.
Take Advantage of Free Resources
Many communities offer free resources such as libraries, fitness classes, and workshops. Explore local offerings to find activities that interest you without the price tag. Libraries also provide free access to books, audiobooks, and digital media, making it easy to enjoy entertainment on a budget.
It’s not a fancy online Masterclass, but that’s a good thing; it’s the same information at a fraction of the cost. Boomers saw opportunities everywhere to make the most of what was around them, and entertainment or personal development was no exception.
Negotiate Your Bills
This is probably the most well-kept secret, but did you know you can negotiate how much you pay for things like your internet? Many service providers are willing to offer discounts or lower rates to retain customers.
Call your internet, cable, or phone providers and ask if there are any promotions or cheaper plans you can switch to. It sounds a lot scarier than it is, and more often than not they’ll be happy to help.
