12 Money-Saving Habits Baby Boomers Have That Every Generation Should Adopt

In a recent survey, 32% of Baby Boomers reported feeling financially secure, compared to just 26% of Millennials.1 While there are many factors contributing to this disparity, one key difference lies in the money-saving habits of each generation. 

Boomers grew up in an era of frugality and learned to stretch their dollars in ways that may seem foreign to younger generations. 

Here are some 12 old-school money-saving tricks that Boomers used to swear by, but younger generations often overlook.

1. Clipping Coupons & Hunting for Deals

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For Boomers, clipping coupons from newspapers and magazines was a weekly ritual. They would scour the pages for discounts on groceries, household items, and even clothing. 

In contrast, many younger shoppers rely on digital coupons or simply buy items at full price.

Boomers also had a knack for sniffing out deals. They would compare prices at different stores, wait for sales, and even haggle with salespeople to get the best price possible. 

Younger generations, accustomed to the convenience of online shopping, may be missing out on significant savings by not taking the time to hunt for bargains.

2. Buying in Bulk & Stocking Up

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Boomers understood the value of buying in bulk. They would purchase large quantities of non-perishable items like canned goods, toilet paper, and cleaning supplies when they were on sale, knowing that they would eventually use them up.

Younger generations, often living in smaller spaces and valuing minimalism, may be hesitant to stock up on items. However, buying in bulk can lead to significant savings over time, especially for frequently used products.

3. Repairing Instead of Replacing

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When something broke, Boomers didn’t immediately rush out to buy a replacement. Instead, they would try to fix it themselves or take it to a repair shop. They understood the value of maintaining and extending the life of their possessions.

In today’s throwaway culture, younger generations are more likely to simply replace a broken item with a new one. This not only costs more money in the long run but also contributes to environmental waste.

4. Growing Their Own Food

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Many Boomers grew up with backyard gardens, where they would grow their own fruits, vegetables, and herbs. Not only did this provide them with fresh, organic produce, but it also saved them money on groceries.

While some younger people have embraced the trend of urban gardening, many still rely on store-bought produce. Starting a small garden or even growing a few herbs on a windowsill can be a simple way to save money and enjoy fresher ingredients.

5. Cooking at Home & Packing Lunches

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Eating out was a rare treat for most Boomers. Instead, they cooked meals at home using whole ingredients, which was both healthier and more cost-effective than dining out or relying on processed foods.

They also made a habit of packing lunches for work or school, rather than buying expensive meals from cafeterias or restaurants. Younger generations, with their busy lifestyles and love for convenience, often spend a significant portion of their budget on dining out or ordering in.

6. Embracing Hand-Me-Downs & Thrift Shopping

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Boomers were no strangers to hand-me-downs. Clothing, furniture, and even toys were often passed down from older siblings or cousins, saving families a considerable amount of money.

They also frequented thrift stores and garage sales, where they could find gently used items at a fraction of the cost of buying new. While some younger people have embraced the vintage and thrift shopping trend, many still feel pressure to keep up with the latest fashions and buy brand-new items.

7. Saving Spare Change

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Boomers knew that every penny counts. They would often keep a change jar where they would deposit their spare coins at the end of each day. Over time, these small amounts would add up to a significant sum that could be used for a special purchase or added to their savings.

In a world of digital payments and credit cards, later generations may overlook the power of saving spare change. However, apps like Acorns and Digit have modernized this concept, automatically rounding up purchases and saving the extra cents.

8. Using the Library

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For Boomers, the library was a treasure trove of free entertainment and education. They would borrow books, magazines, and even movies instead of buying them. Some libraries even offered free classes and workshops.

While libraries still exist today, many younger people may not take full advantage of their resources. Instead, they opt to purchase books online or pay for streaming services, missing out on the cost-saving benefits of the library.

9. Making Do with What They Had

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Boomers were masters of making do with what they had. They would find creative ways to repurpose old items, such as turning glass jars into storage containers or using old clothing for rags.

In a consumer culture that encourages constant upgrades and replacements, younger generations may be quick to discard items that could still serve a purpose. Embracing a “make do and mend” mentality can lead to significant savings over time.

10. Saving for Big Purchases

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When Boomers wanted to make a big purchase, like a car or a down payment on a house, they would save up for it over time. They understood the importance of delayed gratification and living within their means.

In contrast, younger generations may be more likely to rely on credit cards or loans to make large purchases, which can lead to long-term debt and financial stress. Adopting a savings mindset and planning ahead for big expenses can help build financial security.

11. Bartering & Trading Services

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In tight-knit communities, Boomers often relied on bartering and trading services with neighbors and friends. For example, someone who was skilled at home repairs might fix a neighbor’s leaky faucet in exchange for a homemade meal or help with yard work.

While bartering may not be as common today, there are still opportunities to trade skills and services within communities or online platforms. This can be a cost-effective way to get things done without spending money.

12. Staying Mindful of Utility Usage

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Boomers were often mindful of their utility usage, knowing that every bit of electricity, water, or gas saved meant more money in their pockets. They would turn off lights when leaving a room, take shorter showers, and adjust the thermostat to save on heating and cooling costs.

In an era of climate change and rising utility costs, younger generations can benefit from adopting these eco-friendly and cost-saving habits. Simple changes like using energy-efficient light bulbs, fixing leaky faucets, and unplugging appliances when not in use can add up to significant savings over time.

Source:
1. Bankrate

Martha A. Lavallie
Martha A. Lavallie
Author & Editor | + posts

Martha is a journalist with close to a decade of experience in uncovering and reporting on the most compelling stories of our time. Passionate about staying ahead of the curve, she specializes in shedding light on trending topics and captivating global narratives. Her insightful articles have garnered acclaim, making her a trusted voice in today's dynamic media landscape.