It’s easy to look at the past with rose-colored glasses and assume that everything was better. Or to think the opposite: that everything has improved, and there’s no value in old ways of living. Neither of those views is entirely accurate. While a fair number of things are genuinely better now, plenty of timeless wisdom from older generations still applies.
In fact, one of the best ways to learn about personal finance and paying down debt is to find the people in your own life whose finances you trust and ask them for advice. From there, it’s a matter of trying what makes sense, knowing that not everything will work for everyone. Here are some practical tips from older generations that could still help you in your own journey towards debt freedom.
- Make useful things last longer by maintaining them. A lot of older folks knew how to make common repairs and how to maintain their tools, equipment, and appliances. If you need a practical place to start, try learning how to care for the tools and appliances you already have.
- Use what you already own before replacing it. Many older folks fixed their own appliances and sharpened their own tools, rarely replacing anything that wasn’t completely unusable. Instead of reaching for a wallet, they reached for their tools. Things you own can often last a good long while before they need replacing.
- Get in the habit of pausing before you buy. Instead of acting on a whim or impulse, consider whether there are alternatives to buying something new. Ask yourself if you can borrow the item instead, or perhaps even make do without it. The habit of hitting pause before purchases will eventually prevent you from buying things that you don’t need or aren’t really sure about.
- Make daily decisions based on usefulness, not appearances. Keep your focus on value rather than looks when it comes to the objects you surround yourself with. This might mean driving the same car for many years, or using an old tool or appliance until it’s no longer repairable. Don’t be embarrassed by being seen with older things and don’t let peer pressure push you into spending.
In reality, the past is not as distant as it feels, and there are always good ideas to learn from those who came before us. There are many pieces of advice from older generations that are just as relevant today as they were back then. Adopting some of these ideas could help you stay in control of your spending. One place to start is by learning a few basic skills that give you more options to repair what you already own, rather than replacing it too soon.