Blend Old-Fashioned Habits and Modern Tools to Create Financial Resilience
Old-fashioned habits that your grandparents used to have as a necessity are still applicable today. These habits, such as stocking up over time, repairing instead of replacing, and more, can provide you with financial resilience today.
Combined with modern tools and markets, like employer 401(k) matches, you can build a sturdy portfolio that will support you for years to come.
Keep reading to employ some of these old-fashioned habits in your financial resilience portfolio.
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Stocking Your Pantry Gradually
While stocking up immediately with all your necessities may seem like a good idea at first, it can drain your monthly budget quickly. Instead, build your long-term food storage gradually.
This can look like adding one extra nonperishable item to your cart each shopping trip, and rotating your stock so nothing goes expired. Start with staples that fit your or your family’s tastes and budget, and take advantage of sales and coupons to stretch your budget even further.
By resupplying in a smaller manner, you can keep grocery bills at a more constant rate and avoid stress in tight weeks.
Trying to Fix Before Buying New
Repairing something broken in your home before buying new is frugal and environmentally smart. When fixing up an item, think of two ways to do so: DIY or independent repair shops. Another great tip is to spend less than about half the replacement cost to fix an item.
While parts can be expensive occasionally, many problems can be solved easily at home with guides and affordable parts. This way, you can extend product life while keeping those extra dollars in your pocket.
However, if repairs are not an option, when purchasing new, try and look for a more durable model.
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Pocket Change as Purposeful Savings
Those jars of coins on your mantel or dresser aren’t just decorations; they are small amounts of savings you can apply to various payments. Financial experts recommend rolling and depositing your coins at a bank or credit union to avoid kiosk fees.
You can also set aside these jars for emergency funds, seasonal expenses, or even charitable giving. Emptying your daily pocket change into a jar may not seem like much at first, but it quickly adds up.
Utilize Employer’s Retirement Match
Considered “free money” to some, don’t leave your employer’s retirement match on the table. Industry experts emphasize the importance of employer 401(k) matches and how they are an immediate return on your contribution.
Research your company’s match formula, watch for per-pay-period vesting quirks, and then try to contribute at least up to the full match. Plus, aim to increase those savings over time so the benefits compound by the time you retire.
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Air-Dry Clothes More
Dryers are super convenient and quick, but they cost quite a bit of energy and shorten garment life in some cases. Instead, the U.S. Department of Energy recommends cold water while washing your clothes, running full loads, cleaning lint traps regularly, avoiding over-drying, and air-drying appropriate items.
Just a few of these suggestions can help cut utility costs, keep fabrics better for longer, and reduce the frequency of replacement purchases.
Secondhand Shopping
There’s nothing wrong with thrift shopping. Secondhand shopping has become a huge presence online and at known locations such as Goodwill or Salvation Army. Younger consumers are following this pattern, increasingly choosing used goods for value and sustainability.
Online options include eBay, Poshmark, and more, and often provide search filters and guides to find exactly what you’re looking for. Instead of new clothes, help the environment and your wallet by buying secondhand.
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Repair and Reuse Toolkit
Use these tips alongside online tutorials and parts sellers to attempt small repairs in your home for less.
- Compare repair quotes to replacement prices
- Keep basic household supplies and tools on hand
- When shopping, prioritize durability and check the manufacturer’s repairability and parts availability
Steps to Include These Habits in Daily Life
Adding these financial resilience steps to your home shouldn’t be stressful. Follow these steps to start your money-saving journey:
- Add one extra pantry staple to each pantry trip and rotate stock
- Save coins in a jar and periodically deposit them at a bank
- Contribute at least enough to your 401(k) to get the full employer match
- Hang garments when possible and wash in cold water
- Browse reputable resale platforms in place of new items
Finding Financial Resilience
These lessons from older generations are just a few of the ways we can still learn a thing or two about saving money. While it may have been a necessity back then, today it becomes useful to keep your money where you want it amidst a high-priced world.
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Adopt a few of these habits into your daily life, and build financial resilience that will provide you with stability.