You might find past approaches to finances old-fashioned, but they’re still around for a reason: they work! Here are six examples of old-school money tips that aren’t as popular as the latest life hack, yet they still deliver results!
Pay Yourself First
The principle of “pay yourself first” is one of the earliest and most basic rules of personal finance. This is to say that when you get your paycheck, you take a specified amount off the top for savings. You should do this before you pay any bills or make discretionary spending. It sounds crazy, especially considering that you think you should be using it for other things. But going this route reinforces good savings behaviors and can help you build a nest egg or emergency fund right before your eyes.
Use Cash Whenever You Can
In an era when credit cards and digital wallets reign supreme, cash can feel redundant or useless. But it’s extremely beneficial for one thing: keeping you on budget. When you’re paying in cash, you literally see the money leave your hand, giving you a better sense of how much you’re actually consuming. It also helps to cut down on impulse buys and can lead to more intentional spending.
Create a Weekly Budget
Although it’s important to budget to help stay financially healthy, some people find monthly budgets difficult to manage. If you count yourself among those, try something revolutionary: dividing your budget into weekly chunks instead. The shorter the time frame, the easier it is to record and change your spending accordingly. Monthly budgets still might work better for some. But if you’re among the many who struggle to stick to one, try going weekly and see how it feels.
Don’t Be Tempted By Impulse Buys
Impulse purchases are able to quickly thwart even the most well-structured financial plans. One of the most tried-and-true rules is to wait 24 hours before buying anything that isn’t essential. Think of it as time to regroup and ask yourself hard-hitting questions like “do I even need that?” or “can I actually afford it?” A lot of the time the answer is “no” to both.
Embrace DIY
A do-it-yourself attitude can cut costs on everything from home repairs to preparing meals.
There’s no shortage of resources available online, from hands-on video tutorials to written guides. It’s always good to learn new skills, and you’ll probably find yourself proud of the work you put in, which is a nice win-win.
Always Shop With a List
Our last tip is simple, but for many, it wouldn’t even cross their minds: shopping with a list. Not only does this prevent those dreaded impulse buys, but it also makes sure that you’re only getting exactly what you need. You can make shopping experience easier by planning meals for a week and making a list of all the ingredients, but you don’t have to use this tip in grocery stores exclusively; there’s no harm in applying it to a department store or something similar, since these places often also tempt you with things you don’t really need.
