Old School Tricks for Saving Money That Actually Work
things to do. There are so many opportunities today to save and grow your nest egg, like stocks and mutual funds. So why can’t you still save? If the modern way of saving isn’t working for you, then maybe it’s time to try old school methods. Your grandparent didn’t have as many banks, stock markets, and dot com companies to invest in when they were younger, but they found ways to get by and prepare for their financial future. So maybe you can learn a thing or two from the old folks.
Remember that piggy bank your grandparents gave you for Christmas when you were a kid? Didn’t you feel proud and extremely happy when you filled it up and bought a new toy with the money? It may feel like it is ‘childish’ to use a piggy bank now that you’re an adult, but it could actually be what you need. Of course, you can use more ‘adult-like’ containers if you want, like a mason jar or coffee can. Place the jar on your bedside table and empty your pockets of loose change each time you get home. To motivate you even more, plan where that money will be going and place a label on the jar. For example, credit card debt, a new car, a year-end vacation, and so on. Watching that container fill up can be more exciting.
Building a good habit requires practice, so make it a point not to break any saving habit you’re already starting. A great idea is to start saving $1 the first week, then $2 the next, and keep adding one dollar each week. After a year, you will put $52 dollars into your savings for the last week. And when you add up everything you’ve saved in the past 52 weeks, you have $1,378. Amazing!
DON’T BUY WHAT YOU DON’T NEED
Live simply. You may have heard this piece of advice from your grandparents again and again. They didn’t have credit cards, lay-away plans, and the latest gadgets, but they got by. And even many of today’s billionaires live very frugal lives despite their wealth. Live within your means, stick to a budget, and don’t be pressured to buy stuff you aren’t actually going to use for a long time or can’t afford.
These are simple but time-tested tricks that actually work. But don’t just take your grandparent’ word for it. Try them, and see where the results take you.