The Greatest Generation has seen its share of challenges in its lifetime, having lived through the Great Depression and fought in World War II. With so many life experiences in their pockets, members of the Greatest Generation have some great tips on how you can better manage your finances. The generation still has plenty of wisdom to offer, financial matters included. Here are some of the most valuable lessons they have learned over the years.
Older adults often have a hard time spending money on food, but food can be an essential budget item. And it’s possible to save money at grocery stores by being smart about what you buy and how you store it. Many foods stay fresh longer if you keep them in their original packaging. If a bag of chips has a one-month shelf life, don’t feel guilty about saving money by storing them for several months. Stick to products marked as free of harmful chemicals and dyes for your safety.
Stop Throwing Things Away
One of my biggest tips is to stop throwing things away. It’s okay if you need to throw away old clothes. You don’t want them to collect dust or become a nuisance in general, but don’t throw everything out. Figure out what you can keep for a while longer and what needs to be tossed or donated right away. Start a trash bag, which will hold all of your items that will go straight into your trashcan without being sorted through first, and a keep bag, which will hold items that have value or can be re-purposed for something else later on down the road.
Stop Mindless Spending
One of the most common problems for people is that they lose track of what they’re spending. And then it happens: you go into a store and see something that looks so good that you buy it, even though you know you really shouldn’t. If you’re having trouble with purchasing decisions, ask yourself three questions before buying something: What will I be doing with it? Will I use it enough to justify buying it? Is there an alternative I can get instead?
Stop Watching TV
Every day, millions of people sit for hours and watch television. With so many channels, there is no shortage of options. While TV can be a pleasant distraction and entertaining, it can also eat up an hour or two that would be better spent sleeping or reading a book. If you want to save some money but don’t want to give up your routine TV time, try turning on programs with commercials and turning off your cable box during other programs (when you aren’t as likely to notice how many ads are playing).
Discovery Village At Westchase
Finally, choosing to move into a senior living community where everything is taken care of for you with a fixed monthly fee with a rent lock option will help to keep your budget under control. Contact us today to find out more.