Nine Old School Money Management Tips

January 21, 2013 ‐ By Blair Bedford


Live Below Your Means

One of the best pieces of advice and most popular money management tips from older generations is to live below your means. Living below your means could mean a number of different things, from cutting out unnecessary bills to finding cheaper, comfortable housing to save money in the long-term.

Many older Americans who lived by that advice are now retired and own their own home (or homes) with minimal debt. Take the time out to find ways to make your life more cost-effective, whether it’s cutting your credit card bills by paying down more or finding a more affordable home where the mortgage/rent will be cheaper. The short-term investment in the present will pay off big in the future, giving you the opportunity to save more.

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  • Reese

    I recently hit a brick wall with my finances and realized it was time for me to make a major change as far as my spending habits are concerned. I have good credit because I pay my bills on time but after I pay my bills I have little to no money left to live on. One thing I greatly admire about my grandmother is that she can make a dollar holler and make a nickel scream. She doesn’t buy clothing unless it is absolutely necessary, she doesn’t move her car unless it is absolutely necessary, and she saves money with discipline.

  • Simply put, there are hardly any quality products these days. Its all made in China and labeled in the US. Its watered milk at every dime store all the way. In other words, buying quantity of the cheaper stuff makes more economic sense simply because the quality stuff costs more but lasts as long as the low grade stuff.

  • jsmith12

    I hate to admit it but there are a lot of people who are too busy trying to keep up with the joneses instead of saving there money and investing it wisely. A lot of people are in debt because of this and it continues everyday.

  • Bright like a diamond

    This is a very informative article. I am interested in investing but have no clue where to start.