debt

Sound money management advice from Grandma

Waste not, want not
Waste not, want not © shyshak roman/Shutterstock.com

Tayne notes that today's "reduce, reuse, recycle" mantra harkens back to the "waste not, want not" adage of our grandparents' day. From carpooling to clothes swapping, families are still looking for creative ways to save money by conserving resources.

The latest take on the hand-me-down tradition is online clothing-swap sites where parents trade their kids' outgrown garments for someone else's, says Gallegos, who recalls wearing his older brother's clothes when he was growing up.

Repurposing old purchases is another evergreen money-saving tip Gallegos endorses. Instead of buying a fancy set of containers for organizing the stuff in your home, take inventory of what you already have. An empty egg carton can store buttons or screws. Your kids' old Easter baskets can display guest towels. You get the idea.

The old-school way of money management was to make do with what you had, and use it until it wore out. Back in the day, people didn't go out and replace something the instant it went out of style. They didn't buy a special gadget for every task or a new outfit for every occasion.

"Those living in the 1930s, '40s and '50s would never even consider purchases like these," Gallegos says.

advertisement

Show Bankrate's community sharing policy
          Connect with us
advertisement
CARDS WEEKLY NEWSLETTER
Credit cards on a table

Get advice for managing credit cards, building your credit history and improving your credit score. Delivered weekly.

Debt Adviser

Is power of attorney status risky?

Dear Debt Adviser, I am so glad you recently posted a question about an elderly mother. My mother has dementia. Eight years ago, she opened a credit card for a family member who has now declared bankruptcy. My mother only... Read more

advertisement
Partner Center
advertisement

Connect with us