Financial strategies we can learn from our grandparents in this Grandparents Day

Profile Picture
By: tiarajoseph11
on 8th Sep,2015

Start new strategies for saving money by taking advice from your grandparents.

When it comes to personal finance, older people always help us with their experience. Most of our grandparents have learned how to manage their finances from their elders, through several hardships. So, it’s one of the most important duties of the young generation, to take lessons today from their own grandparents. Here goes a small list of important financial lessons from our grandparents.

1. Avoid new debt - In recent days opting a mortgage is a very common thing to all, but piling another debt is nothing but foolishness. The basic lesson of avoiding an unnecessary debt is a good advice. Of course, you can continue a home loan, but do you really have enough funds to buy a new a car simultaneously? Does it have to be a new car? Ask your grandparents regarding this matter. They’ll definitely oppose your plan and advise you to save that amount for future.

2. Never borrow - In old days, our grandparents didn't have the credit card facility. The only major debt they know and consider getting was a mortgage. From their experience, we can get an essential financial lesson, that is - avoid borrowing money. There’s no objection in getting an educational loan. But, you must ensure that the loan is taken only to boost your knowledge and skills so that you can get a better job with a handsome income. It’s not advisable to take a loan for your amusement like movies, costly gadgets or holiday. Instead, know your limits and buy only what you can afford.

3. Live within your limits - Our grannies gave us a very valuable lesson. Amongst us, many people are living a lifestyle they can't even afford. Whether they spend the bigger part of their income or depend on someone. Living luxurious life is not a crime, but if you can't afford it, you should refrain yourself from it. Be realistic and consider saving as much as possible. Living within your actual limits can help you to save but also protect you from being a jerk.

4. Build a habit of saving - Since old times, our grandparents always tried to spread saving habits throughout the generation. So, it’s also our duty to adopt the savings habit just like our elders. Open a saving account and in a regular basis, deposit a minimum amount there. But first, pay your bills before putting that money. By this way, you can build your own emergency saving with minimum effort.

5. Try second-hand goods - Our grandparents happily used old, second-hand things, if required. They knew the value of money and hated about spending without thinking. So, we should also use old, second-hand commodities in working condition. You can find perfectly fine items and great deals from a yard sale or at thrift stores. It’ll save you a big amount of money each time you bought a working, second-hand product.

6. Stop wasting utilities - Today, utility costs are rising tremendously. So, there’s no meaning to pay extra money to the companies, if you know the way to stop it. Our grandparents wouldn't have allowed to waste essential utilities like power, water or heat. So you should also share this message to your family, and ask them to manage the lights, heating, water and similar utilities wisely. As much you can save utilities from being wasted, your wallet will be saved that much also.

7. Save for special times - Our grandparents were sensible enough to save for special occasion. They saved up for different occasions like Halloween, good Friday, Christmas, and even personal ceremonies like weddings, birthdays, graduation parties etc. Preparing good food at home for parties, making homemade costumes for Halloween, Christmas decoration by using waste products, these were different tricks of saving money by them.

You might feel boring to follow your grandparents' advice towards budgeting and money. But if you maintain those above given strategies, it’ll allow you to spend money on a different monetary crisis. It's very disturbing if you’re in severe debt or thinking about how you’re going to pay off your bills. So have some financial lessons from your elders, especially from grandparents. They may become old, but their experience is evergreen.

Read more: In what ways do financially confident people manage money?

No votes yet

Page loaded in 0.737 seconds.