National Grandparents Day is a time to celebrate grandmas and grandpas who have given us so much, including a special kind of wisdom. This year, September 8th is designated to acknowledge the many contributions of grandparents.
Grandparents often give insight on all aspects of life, but one of the best things one can learn is how to save money.
Here are some saving tips we’ve learned along the way:
“Don’t Spend Beyond Your Means”: Quite possibly the most straightforward and common sense of all financial advice but it’s something that is often forgotten. Before credit cards were widespread, our grandparents made sure to only spend what they made. That’s not to say that credit cards are entirely bad but it’s important to use credit cards wisely, only spending what you can afford.
“Save Money - Eat at Home”: Cooking at home used to be a staple in American kitchens, things are different now. Over 40 percent of the average American’s budget in 2011 was spent eating out according to the website Investopedia. Save money by cooking at home, and you may be rewarded with better quality food and more valued time with the family.
“Use It Up, Wear It Out, Make It Do or Do Without:” This phrase dates back to the Great Depression, and stresses the importance of making the best use of the things you have rather than throwing them out and buying new ones. Savings add up over time when you use items you already have to their fullest. Get creative. Many people love to shop, but sometimes the reward is greater when you hold off and only spend money on things you truly need.