Hard times are nothing new. They have come and gone throughout the centuries, and people have dealt with difficulties as best they can.
Amid catastrophic weather, crop failures, job loss and personal injuries—all of which often lead to economic disaster—our grandparents made it through some of the worst of times. Here are a few money-saving tips our grandparents might give us for getting through hard times.
1. Work harder
It might seem laughably obvious at first glance, but hard work really is the answer to a lot of struggles. If you have a job, ramp up your efforts. If you do not have a job, make it your full-time endeavor to look for one. Either way, consider devoting some of your free time to per diem work such as raking leaves and shoveling roofs and walking dogs. Money is out there, just waiting for you to earn it.
2. Tighten your belt
This is another tip that is so obvious that it can be overlooked. Meals out, new clothes, new vehicles, furniture, accessories for both the home and for personal use, and many other luxuries which people routinely purchase can be forgone during hard times. If it isn’t truly necessary, you can do without it until your cash flow improves.
3. Limit entertainment
If you are spending your time working hard, you will have less time and energy for entertainment. And tightening your belt means saying no thanks to things like cable television, the latest electronic gadget, a hobby upgrade such as a new cycle or camera or snowmobile, or a vacation trip. This is not to suggest it is healthy to go without entertainment and leisure for a lifetime, but focusing instead on work and thriftiness for a period of time to get you over a rough patch is wise.
4. Buy second-hand
Even if your livelihood requires that you dress in brand names and drive a nice car, you can still do it wisely by purchasing pre-owned. Consider shopping at thrift shops, online resale outlets, and social media buy/sell groups, not only in lean spells but also in times of plenty. It is a great way to support local businesses and help out your friends and neighbors who may need the cash your purchase brings in.