Saving tips from the older generation

Modern innovations like Contactless payments, PayPal and online banking make it so simple to buy things that we easily forget about the consequences. It wasn’t the same for our parents and grandparents. We take a look at what they did to save money and what we can learn from them.

Make do and mend

In times gone by, people were used to waiting and saving up for the things they wanted. In our consumer society, it’s easy to give in to our urge to ‘have it now’ rather than being a little more patient. Of course, you want that new car, or flat-screen TV, but by making do with what you have for a little longer and fixing things which are broken you can cut down the need for credit.

Waste not, want not

If you’re always scraping leftover food into the bin, or taking old furniture to the tip, try taking gran’s advice. Can you save or freeze leftovers to make another meal? Can that old furniture be upcycled or repurposed? Whether you buy second-hand clothes, car-share with colleagues or tighten up the screws on a wobbly table, avoiding waste will help you to stay in the black.

Look after your pennies

Often, it’s not the big purchases that end up breaking the bank, but the smaller, impulsive ones that end up draining our bank balance. Little savings such as investing in a small flask and saving on the takeaway coffee, ditching your chewing gum habit and bringing a packed lunch to work won’t make a difference straight away, but over time you will find you have more money to save for a rainy day.

Buy kitchenware that lasts

Always wrapping food in plastic? Invest in a good set of plastic food storage boxes rather than constantly wrapping food in cling film and foil. While these kitchen staples are fairly cheap, the cost can mount up over time. Plus, you’ll be doing your bit for the environment!

Buying a set of microfibre washable cloths could also save you a fortune in kitchen roll. Just use, and instead of throwing them away, chuck them in with the next load of washing. Great for the budget and the environment!

Wear layers

Always turning the thermostat up at home? Take your grandparents’ advice and stick on a jumper when you get a bit chilly. With the price of energy rocketing, it’ll be better for your purse – plus living in a slightly colder environment could boost your metabolism according to The Atlantic, so it’s win-win!

These practical tips have stood the test of time for a reason. So when it comes to managing your money, it’s worth listening to grandma!