The Greatest Generation is great at saving money because they had to be. They grew up in a time of economic turmoil in America. They were raised in the Great Depression, where every penny counted and you had to carefully budget for your family’s well-being. Then they had to deal with World War II where most funds were shoveled towards the war. The Greatest Generation dealt with all this and were still able to survive becoming amazing senior citizens.
If your older loved ones were able to save and have made it to this same point, it could be time where you may have to manage or assist them with their finances. Once you know the various factors that go into it, you need to budget their finances like they did. So, how did they end up saving money?
Make Food Last
During the Great Depression families would have to get inventive to make food last, not just for saving money but for surviving. Mothers would prepare meals such as casseroles, stews, and chili to utilize all of their food. Try not to overspend on going out and throwing away leftovers. Even if you have the means to eat however you would like, out of respect for those who could not, just be mindful of your plate. Instead of buying individual burgers patties, buy a large quantity of ground beef to make patties, tacos, and any other beef-based dishes.
Try to Fix It First
Younger generations have grown rather accustomed to the disposal of used items. If your computer crashes, if your pen runs dry, if your key chain breaks it can be so simple to just go get a new one. When times were tough, families did not have the option financially to dispose of used items or buy a new one on a whim. Trying to fix it is more often seen when your car breaks down, but only then because it is such a huge expense. When you think about it, the little things really add up so even if a heavy cost is not attached to an item, try and fix it before you toss it. Next time you rip a role in your favorite shirt, think about having it sewn shut instead of buying a brand-new shirt.
Keep the Change
Keeping a change jar may seem like the most obvious and old-fashioned way to save money, but how often do you say, “keep the change?” Next time, you pocket the extra change and when you get home put it into a change jar or a piggy bank. The idea of this has been instilled in all of us at a young age, but do you currently have a piggy bank? There are also more technologically advanced versions of the piggy bank. According to Two Cents, there are phone applications, bank applications, and other online tools to help you keep the change.
Saving money does not mean you have to completely restrict yourself from having a good time. Here at Franklin Park, we actually encourage our resident’s families to take them out every now and then. Spend time together and budget to spend a little bit of money, but in your means.
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