In today’s fast-paced, consumer-driven world, saving money might seem more difficult than it did for our grandparents.
However, they had a few simple, yet effective habits that helped them build wealth, live debt-free, and prepare for the future.
With inflation, rising costs, and modern temptations, it’s easy to forget the tried-and-true financial habits that were essential to past generations.
Here’s how you can incorporate some of those timeless money-saving practices into your own life.
1. Live below your means
One of the core principles our grandparents practiced was living well within their means. They didn’t feel the pressure to keep up with the latest trends or to overspend on luxury items. Instead, they focused on what was necessary and prioritized saving over splurging.
Take a hard look at your spending habits and cut out unnecessary purchases. Focus on needs, not wants.
2. Embrace a frugal lifestyle
Our grandparents knew how to make do with what they had. They were resourceful and often repurposed items, fixed things that broke, and avoided wasting food. The mantra of “use it up, wear it out, make it do, or do without” was deeply ingrained in their daily lives.
Repair or repurpose items rather than replacing them, and practice mindful consumption—especially when it comes to food.
3. Save first, spend later
Instead of spending first and saving what’s left, grandparents made saving a priority. They set aside a portion of their income before making any purchases, whether it was for long-term goals like buying a house or for emergencies.
Automate savings by setting up a direct deposit into a savings account as soon as you receive your paycheck. This way, you pay yourself first.
4. Avoid debt, live debt-free
Many of our grandparents grew up during times of economic hardship, such as the Great Depression. As a result, they valued being debt-free and would go out of their way to avoid borrowing money. If they did take on debt, it was usually for significant, necessary purchases, like a home, and they paid it off as quickly as possible.
Action Tip: Pay off credit cards in full every month and avoid taking on unnecessary debt. Save for large purchases instead of financing them.
5. Grow your own food and be self-sufficient
Before the rise of grocery stores and convenient food delivery, many grandparents grew their own vegetables, fruits, and herbs. This not only saved money but also provided them with fresh, healthy food.
Start small with a home garden or even grow herbs on your windowsill to cut down on grocery costs.
6. Plan for the future
Our grandparents understood the importance of planning ahead. They often contributed to pension plans, made small investments, and focused on building a secure future. Retirement might have seemed distant, but they knew the importance of preparing for it early.
Start contributing to a retirement fund or consider investing for the future. Even small, consistent contributions can add up over time.
7. Shop smart and take advantage of sales
Rather than buying things at full price, grandparents were known for hunting for bargains. They’d wait for seasonal sales, use coupons, and shop in discount stores or second-hand shops for quality items at lower prices.
Be patient with purchases. Take advantage of sales, compare prices, and consider buying gently used items.
8. Live with simplicity and contentment
Our grandparents often embraced a simpler lifestyle, finding happiness in small pleasures rather than constantly chasing after the next big thing. They valued experiences over material possessions, and this mindset helped them stay grounded and financially secure.
Focus on what truly brings joy and fulfillment. Avoid the constant cycle of consumerism by practicing gratitude for what you already have.
Saving money like our grandparents is about being intentional with how you spend and save. While the world has changed, these timeless principles can still help guide us toward financial security and peace of mind. It’s all about taking a step back, making smarter choices, and building habits that last.
