First off, let’s talk about the elephant in the room: things were different back in your grandparents’ day. They weren’t drowning in credit card offers, student loans, or subscription services. But, they did practice some solid money habits that helped them stay debt-free. Here’s how you can borrow (pun intended!) from their playbook to do the same.
1. They Lived Below Their Means
Your grandparents weren’t out to impress anyone with flashy purchases. They prioritized needs over wants and lived comfortably within their means. Nowadays, with social media flaunting everyone’s best life, it’s tempting to keep up. But taking a step back and asking yourself, “Do I really need this?” is a powerful move.
2. Cash Was King
Remember those stories of your grandparents paying cash for everything? From groceries to cars, they saved first, then bought. Credit wasn’t as easy to access, so they didn’t rely on it. You can adopt this mindset too—try saving up for that next big purchase instead of swiping the card.
3. Budgeting Was Non-Negotiable
Your grandparents knew where every penny went. They weren’t playing fast and loose with their finances, and you shouldn’t either. Make a habit of tracking your income and expenses, and you’ll start seeing where you can cut back or save more.
4. They Fixed, Didn’t Replace
Back then, if something broke, you fixed it. Today, it’s easy to toss something out and buy new. But adopting a fix-it mentality can save you tons in the long run. Repairing your stuff when possible is a simple way to stretch your dollars and avoid unnecessary expenses.
5. Side Hustles Were Everyday Hustles
Your grandparents weren’t necessarily calling it a “side hustle,” but they knew how to make money stretch. Whether it was gardening, sewing, or picking up extra work, they found ways to earn a little extra. Get creative with your own skills—there’s always a way to bring in extra cash when you need it.
6. Debt Was a Last Resort
For your grandparents, taking on debt was a serious decision, not something to dive into lightly. They avoided loans unless absolutely necessary, and even then, they paid it back as quickly as possible. If you change how you think about debt—seeing it as a tool to be used sparingly—you’re already halfway there.
7. They Embraced Homemade Everything
Back in the day, going out to eat was a rare treat, not a weekly occurrence. Your grandparents embraced homemade meals, clothes, and even gifts. They knew how to cook up a hearty meal from scratch, sew up a tear, and whip up thoughtful handmade presents. You don’t have to go all-out pioneer, but trying your hand at making more things at home—like brewing your own coffee or cooking a few extra meals—can seriously cut down on spending.
8. Community Was Their Safety Net
In your grandparents’ day, neighbors and family were the first line of support before any loan or credit card. Borrowing a cup of sugar wasn’t just a quaint saying—it was the norm. If they needed help, they turned to their community. Building a strong support network can help you weather financial rough patches and lean on friends and family instead of turning to credit.
9. Delayed Gratification Was a Skill
Your grandparents weren’t strangers to patience. Whether it was saving for a new appliance or waiting until they could afford that family vacation, they understood the value of waiting. Practicing delayed gratification might seem tough in a world of instant gratification, but it’s a powerful way to avoid debt and appreciate your purchases even more.
10. Minimalism Was a Lifestyle
They didn’t call it minimalism back then, but your grandparents knew how to make do with less. They weren’t focused on accumulating things but on enjoying what they had. There’s a lesson in that for all of us: consider trimming down the “stuff” in your life. Fewer things mean less maintenance, fewer expenses, and less clutter—in your home and in your mind.
11. They Paid Themselves First
You’ve probably heard the advice to “pay yourself first.” Your grandparents might not have used that exact phrase, but they sure practiced it. Before spending on discretionary items, they made sure to set aside money for savings. Implementing this old-fashioned habit can help ensure your future is covered before indulging in the present.
12. They Were Savvy Shoppers
Your grandparents knew how to stretch a dollar at the grocery store or department store sales. They didn’t just grab items impulsively—they compared prices, waited for discounts, and knew when to walk away. The next time you’re shopping, channel a little of that savvy and watch your spending shrink.
13. No Fancy Financial Products—Just Simplicity
There was no fussing with a dozen different accounts, credit cards, or investment strategies. Your grandparents often had one checking account, one savings account, and a simple financial plan. While today’s landscape may offer more options, sometimes simplifying can make it easier to stay on top of your finances and avoid debt traps. Stick to the basics, and you might find yourself feeling a lot less overwhelmed.
By taking a page from your grandparents’ book, you can steer yourself toward a debt-free life. It may not always be easy, but with some old-school habits and a modern twist, you’ll be surprised at how much you can achieve!
