Frugality Is a Virtue
The Baby Boomer generation has a well-earned reputation for frugality and resourcefulness with money, but that does not come at the cost of their comfort. Growing up after World War II taught them how to save and stretch. Here are a few money-saving lessons we can all learn from the Boomers.
Cooking at Home
The average American family spends about $3,600 every year on eating out. That’s $3,600 that could have gone towards savings, investments, home upgrades, or an emergency fund. Cooking at home is one of the easiest ways to save money without having to give up on comfort.
Growing Food in Their Garden
Victory gardens were a great way back in the day to add to your war rations, and boomers haven’t let go of this practice since. Growing your own produce helps cut down the grocery bills and keeps your meals healthy and balanced.
DIY Home Repairs
Boomers know that you don’t have to call the plumber the second you come across a leaky faucet. They picked up basic home maintenance skills from their parents and can proudly wield a hammer (or power tools) when the need arises.
Mending Things
From clothes to furniture to appliances, Boomers don’t throw things away until they are absolutely worn out. While to some, this may seem cheap, people from this generation understand the value of money and don’t waste it on unnecessary upgrades. Mending what’s broken builds an emotional connection with your possessions that Gen-Z will never understand.
Using Cash
While most Gen-Z’ers are relying on credit cards, Afterpay, and Klarna, Boomers still have their cash stacked in their wallet. Not only does it give you a better sense of how much you’re spending, but you also avoid paying 12-18% interest on basic expenses.
Mending Clothes
There’s a reason why grandma’s house always has a sewing kit. Knowing just enough stitching to fix a ripped seam or a broken button was just the way of life back then. Now, this habit saves them thousands in “trendy” clothes that will not last the summer.
Making Coffee at Home
Before 2010, most people had their morning caffeine fix at home, not at Starbucks. Grabbing a $5 latte might not seem like a huge expense, but it adds up to $100 a month or $1200 a year. Making coffee at home is a more economical and sustainable alternative that will only take a few extra minutes out of your day.
Car Pooling and Public Transport
Before Uber and Lyft, Boomers hitched rides in their friends (and strangers) cars to save money all the time. In fact, in the 60s and 70s, hitchhiking was just the way of life. Even today, most Boomers prefer to use public transport when they can.
Buying Used Instead of New
They aren’t afraid of the Goodwill, they seek out yard sales (and even estate sales), and they know that just because something is pre-owned, it doesn’t mean that it’s worthless.
Using Appliances Until They Wear Out
There’s a reason why grandpa hasn’t thrown away that wonky fridge he bought in 1999—it still works. Appliances are a high-ticket investment, so using them until they are completely worn out and replacing them only when they can’t be used anymore is a big money-saving move.
Going to Libraries
At a time when the internet has all the answers, libraries are basically extinct, right? No. If you’ve tried to buy a fiction book recently, you’ll know that books and magazines are more expensive today than ever before. Libraries, then, are a place where Boomers can save by renting out any books they want to read.
Using Coupons
If it worked for housewives in the 50s, it can work for Boomers today. Boomers know that clipping coupons, whether from magazines and adverts or digitally through codes, is basically a cheat code to free money.
Living Below Their Means
Boomers understood that just because there was money in the bank account did not mean that it had to be spent. Rather than stretching their budgets to buy things they can’t afford, they spent their money on things that fit their income and left room for savings.
Embracing Minimalism
Yes, millennials invented the minimalist “trend”, but it was Boomers who lived it before it was trendy. The core tenets of minimalism—buying only what you need, avoiding clutter, and cutting down waste—were not a trend for Boomers; it was a lifestyle. Boomers accepted it in their homes, lives, and budgets before it was a Pinterest trend.
