THE BROKEN WALLET

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There’s no shortage of money saving secrets, tips, hacks, and tricks for being more thrifty. But as you take in this information, it’s important not to overlook the frugal ways and wisdom of the older generation.

Our grandparents knew how to stretch a dollar and their strategies are still relevant today.

1). Learn how to make do

If you don’t know what this means, “making do” is the concept of making the most out of what you already have, even if it’s not perfect or exactly what you want. This is the opposite of constantly seeking new things.

Some of our grandparents had to “make do” because they often had limited resources and fewer choices compared to what we have today, meaning they had to make the best of what they had.

This doesn’t mean you can never or should never upgrade your life or possessions. However, “making do” can give you perspective and help you distinguish between wants and needs, which helps you keep material things in their proper place.

This encourages you to think about what’s truly necessary for your well-being and what you can do without, which can help you save money.

2). Don’t waste food

According to a recent study, the younger generation today wastes more food than any other generation. Honestly, I’m not surprised, and I’m definitely guilty of this too.

The reasons vary from overbuying to being too busy to cook to not eating leftovers. This is different from older generations who were known for being exceptionally mindful when it came to food, especially if they grew up during periods of hardship.

So make it a point to reduce or completely eliminate food waste. Practical tips to help with this include planning meals, using leftovers for lunch or dinner, ensuring all cooked food is consumed, properly storing food in airtight containers, and freezing extras for future meals.

3) Kids don’t need as many toys

Some might not agree, but it seems as if today’s kids have so much stuff.

I watch decluttering videos, organizing videos, and Christmas morning videos, and I’m always blown away by how many toys people buy for their kids. I often wonder if they really play with all of this stuff.

I feel that the older generation took a different approach when it came to buying things for their kids and they didn’t buy as much. Obviously, for some families, this was due to financial constraints, and I read that toys were more expensive back in the day. So yes, it was a different time.

Even so, I feel that there used to be more value in simplicit, and people weren’t overloading their kids with too much stuff.

Recently, I deep-dived into why some parents go overboard nowadays (even when they can’t afford to), and some of the reasons were interesting. They included possibly growing up without a lot themselves and feeling the need to overcompensate with their kids. There’s also societal expectations and peer pressure, as well as heavier marketing.

And of course, there’s nothing wrong with buying your kids new toys, but it’s essential to find a balance that fits your family’s values and goals.

4). Watch less TV

Our grandparents also saved money by watching less TV. Now, to be fair, depending on how old you are, there were far fewer TV stations at the time. But that doesn’t change the fact that spending less time watching TV is a cost-effective approach that could benefit your bottom line.

Think about it—when you watch less, you might realize that you don’t need as many options, in which case you could cancel or downgrade your cable, get rid of a few streaming services, and you might even buy fewer TVs for the house.

You’ll also have less exposure to ads, which could result in fewer unplanned purchases, and you might even reduce your energy consumption, which can save you money each month.

5). You don’t need to spend money to have fun

Along those lines, they also knew that they didn’t have to spend money to have fun. I honestly believe that some people nowadays don’t get this.

Our grandparents had a knack for finding low-cost ways to stay entertained because they often didn’t have any other choice. They played card games like bridge, had book clubs (a popular form of entertainment), and many of our grandparents had hobbies like knitting, sewing, or gardening.

Spending time outdoors was a common form of recreation, too, so they enjoyed picnics, walks in the park, or simply relaxing in the fresh air. And their approach to leisure was not only budget-friendly, it also focused on creating lasting memories and strengthening social bonds.

6). Cut everything in half

You can also maximize household items by cutting them in half to be more thrifty and resourceful. This strategy involves extending the life of commonly used items, making them last twice as long, and ultimately reducing the frequency of these purchases.

For example, you can do this with sponges. A full sponge can wear out quickly, but if you slice it in half, you can make each one last longer. It’s a similar thing with dryer sheets. A single dryer sheet might be too large for the average load of laundry. Yet, cutting it in half might provide the same benefits, with each half serving two loads.

7). Brew your own

And no, I’m not talking about coffee—you can brew your own of that too, but I’m talking more specifically about tea. And this tip might only resonate with people who live in certain areas.

Growing up, a pitcher of iced tea was a staple in my house and in my grandparents’ house. We would brew it the old-fashioned way: put a few iced tea bags in the pitcher with hot water, let it sit, and then add more water and sugar. It was tasty, and of course, cheaper than buying bottled tea.