There are so many ways to save money but there’s nothing like some old-fashioned tips. When the information overload leaves you clueless on how to save money, give these tried and tested old-fashioned tips a try. You won’t regret it and you have generations of people backing you up on this.
Why old-fashioned tips are the best
Saving money is an art that previous generations have seemingly mastered. They could save money because they were content with what they had and had their old-fashioned tips to support them. They lived their life with simplicity and that saved money.
In today’s time, doing such things may seem impossible or quite old-fashioned but the simpler you keep your finances, the better it would yield you. You can also follow these old-fashioned methods to save money without preventing yourself from enjoying your life. But what are these five old fashion tips? Let’s find out.
Use an envelope to save money
We know that it is not just an old technique but an ancient one. But this is one of the best methods to save money. You can make a budget for each need, for example, utility, cable, grocery, etc. You can put the budgeted money in an envelope containing the tag. So the next time you go grocery shopping, you will know that you have to manage the shopping in a certain amount.
You can plan the category as per your desire and preference and opt for a cash-only method. It will also keep you accountable for your spending habits. You can easily overspend when using a credit or debit card. But when you turn to cash, you will have a limited amount to spend at a point in time, meaning more savings.
Check out more on our podcast on how to make saving a habit.
Use a piggy bank to save money
This is quite an older way to save money. You may have saved money in a piggy bank when you were a kid but you can still use it now when you are a grown adult trying to manage finances. It is a great way to build wealth for your future and spend less money.
Yes, using a piggy bank and saving a large amount at home cannot be safe but you can use the modern way – savings account to save your money. You can also automate your savings. That will make sure that you have deposited a certain amount in your savings account each month. You can decide the amount as per your preferences such as $100 a month and set an automatic payment. It will force you to have at least this much amount in your account and you will save money even if you don’t want to because it’s automatic.
Borrow instead of buying
I am not suggesting here that you should take debt on yourself instead of buying things because that’s not how you save money. But remember your grandmother borrowing something from a friend or a sister in order to cater to their needs? It can be a short-term need or it can be a long term need. Based on that, you can ask your friends or family members to let you borrow it and if they don’t use it, you can ask them to let you keep it.
For example, you are thinking of buying a table for your house and your mother has that in spare? Just ask her. If you just ask her, you can save hundreds of dollars by not buying a table.
Go long term
It is always good to buy products that have quality and can last longer. You can take the example of a table given above. If you really need to buy a table, make sure that the wood is perfect, the material is up to the mark, and it has a warranty. There would be a variety of materials for a table, choose the one that is durable.
You may have to spend a few bucks extra on the quality, but it will save you a lot in the long run so believe in quality over quantity.
By using coupons you can get discounts and that means you can save money. A lot of shops provide you with in-store coupons if you are a loyal customer. You can save the coupons and can use them later.
Online shopping sites also provide coupons that you can use to earn cash back or get discounts. So, make sure that you keep your attention on such coupons, cashback, bonuses, and whenever you get the opportunity just grab it to save money.