Money advice from your grandparents

Grandparents blog

When it comes to cash, some things never go out of fashion

Grandma and Grandpa really do know best. They’re older and wiser, and have a lifetime of experience that’s not to be ignored, especially when it comes to money. We might think we do it tough financially nowadays, but our grandparents had it a lot tougher and got by with a lot less cash. So while you might think Grandma and Grandpa don’t know much about money management for our modern times, we could all take a leaf out of their book when it comes to making ends meet.

Here’s 5 top money tips from your grandparents generation that definitely hold true today.

  1. Waste not, want not

There’s a lot to be said for being frugal.

  • We live in such a disposable society nowadays and throw away so many things after just one use (think plastic bags, razors, water bottles) when we could re-use or repurpose them, saving a load of cash – and often the environment!
  • When times are tight this just doesn’t make sense. So the next time you go to throw away and replace something, stop and think – do you really need to?
  • Getting a little DIY knowledge can save you a load of cash on tradies and expensive replacements too. Often we replace things with a new one, when it could easily have be repaired instead.
  • As they say – one man’s trash is another man’s treasure. Take advantage of charity stores, council clean-ups and garage sales – the bargains waiting to be had can be amazing, and save you a small fortune on retail prices.
  1. Always pay with cash

Grandma wouldn’t dream of using a credit card to buy that must-have purchase.

  • Our grandparents believed that if you didn’t have the cash set aside for it, then you didn’t buy it.
  • With interest free deals and credit so readily available nowadays, we often tend to rush into buying things and end up in trouble with debt.
  • So take a leaf out of Grandma’s book and try to always pay with cash. You’ll be surprised how much money (and debt!) you can save by sticking to this rule for a while.
  1. Save the pennies and the pounds will look after themselves

Sure, we might need to update this one to ‘save the cents and the dollars will come rolling in’ – but either way, it certainly remains true!

  • These days we tend to want everything instantly. We’re not very good at patiently scrimping and saving our way to our financial goals. An abundance of temptations like ‘interest free’ finance deals and a culture of rapidly-changing trends can make it hard to resist the urge to be spending constantly, when we really can’t afford it.
  • But our grandparents have that wealth of experience and understand how important it is to patiently take your time with money, and reach your goals step by step.
  • A little cash saved and squirreled away here and there can add up to some huge savings over time.
  • Try emptying all of the coins in your pocket or purse into a large jar at home, and deposit these funds into your bank account every now and then.
  • Add this cash together with all the savings you can make when you shop wisely – try our posts 10 sneaky supermarket tricks that make you spend more and 5 things to stop paying for, right now! for some great ideas – and watch your savings grow!
  1. Put money away for a rainy day

This is an important one – we should all have an emergency fund with life’s surprises.

  • While we don’t like to think that things will go wrong, as our grandparents know – they sometimes do. And it helps if you have a little emergency fund there with the cash to help out.
  • No matter how little money you have coming in, always try to set a small amount aside. Ideally, make this a small transfer to a separate account that you won’t be tempted to touch.
  • This way, if the car breaks down or the dog needs an emergency trip to the vet, you have some cash on hand to help pay the big bill.
  1. You can’t have champagne taste on a beer budget

We all know this one and it holds just as true now as it did for Grandma and Grandpa.

  • While we all lust after the finer things in life – be it champagne, a resort holiday, designer clothes or a new car – we can’t often afford them.
  • Remember how important it is to live within your means. Resist the urge to try and keep up with friends who might constantly be buying and doing new things – chances are, they’re heavily in debt trying to pay for it all!
  • As they say, good things come to those who wait. Set and stick to your savings plan, and you’ll have the satisfaction of knowing that your hard work has paid off as you reach your goals.

So the next time you’re struck by financial temptation or have a money challenge, think to yourself – what would Grandma do?