16 Money-Saving Tips From Baby Boomers

We are living in challenging times. Everything seems to be more expensive, and a growing number of folks don't believe they're making enough money to get by. Many people are concerned about how they'll get to the next paycheck. Most are certainly not thinking about retirement or having a nest egg later in life. However, it's important that you try to save money while you can so you can have some security as you get older, and that's really vital for millennials and the younger generations. If you're stumped about how to build a solid future, then look to your elders and consider these tips on saving money according to baby boomers.

There are many ways that you can save money for the future and the high-priced items you may need down the road. Some of the tips on this list involve spending less money during your day-to-day life. Ideas include clipping coupons, buying secondhand items, and subscribing to fewer streaming services. Other tips revolve around creating a successful budget and learning where you're spending the most so you can make the necessary tweaks. Many baby boomers also suggest putting money in high-interest savings accounts and a 401k, and purchasing a house. By putting just a few of these tips into action, you'll be surprised at how much you can save.

To determine the best tips on saving money, 24/7 Tempo spoke to many elders in our lives to learn their tips and tricks. We also scoured the internet and used online sources, like Forbes, Fortune, and The Motley Fool, and we compiled the best ideas on this list. If you're interested in learning more about the interests of older generations, then also check out this list of the most popular all-time TV shows among baby boomers.

Many young people get excited about payday because it's a chance to go crazy and spend money wherever they see fit. While you work hard and should be able to enjoy some of your earnings, baby boomers will tell you that it's wise to save a percentage of each paycheck. You can either move money into savings every time a paycheck drops in your account or you can speak to your job, and they can automatically split your earnings into a checking and a savings account. That way, you won't even miss what you're saving.

When you choose where to save your money, think a bit outside of the box. It can be tempting to save your money in a regular savings account that's tied to your checking account. However, you earn very little interest, and so you're not growing your money. Instead, look into a high-interest savings account that's above 3%. You'll be amazed at how much money you'll make just because you decided to put money aside. Most of these accounts are free to open, so it's a no-brainer.

While you're saving money for the future, it can't hurt to also put a small percentage aside for an emergency fund. You never know when your car could break down, or you could have an unexpected medical emergency. Many young people don't have a plan, and when a sudden issue does occur, they take out a loan or use a credit card and instead end up with debt that can be hard to pay. Put 2% to 5% of your paycheck into an emergency fund each time, and you'll be ready for anything and able to sleep better at night.

If you work at a company that offers a 401k plan, most boomers will tell you to get into it. In many cases, your company will match what you put in, so you're basically getting free money. Many boomers also recommend investing in other external investments, like stocks, CDs, and even real estate, because that's what they did when they were young. When you have the money, you can be slightly more aggressive with your investments, and it can really pay off in the end.

One of the most essential tips for saving money that you'll learn from just about any baby boomer is the necessity to create a budget. It's the best way to know what you're spending and how you can make the necessary changes. Sit down, open all of your accounts, and look at how much you're spending every month. Look at your rent, food, entertainment costs, transportation costs, or anything else you buy regularly. Then, compare that with how much money you make monthly. If you're cutting it too close, you know you need to eliminate some unnecessary costs.

Once you create your budget and start looking into your finances, you'll be amazed at how much money you're wasting, and you may not have realized it. One expense you can cut is your transportation costs. If you drive your car often or have a long commute, you're likely spending hundreds of dollars a month on fuel and wear and tear. Even if you only use Uber or Lyft, you're likely spending a lot of money. Cut most of those costs by taking public transportation, like the bus or train, to work and to run your errands.

One of the more straightforward saving money tips that baby boomers will advise is to spend less money. These days, it's not unusual for many people to constantly eat at restaurants or to have their food, and just about everything else, delivered to their door. You're wasting a lot of money on the food, the tip, and the extra charges. Baby boomers will tell you to shop for your weekly groceries at the store and then pack your lunches for work and eat dinner at home, and you'll find that you could save hundreds of dollars a month.

Many times, the saving-money tips that boomers recommend include learning hobbies that can help you save money, like gardening. Even if you're going to the grocery store instead of restaurants, you're likely spending money on fruit and vegetables that you could grow at home. In addition to being more affordable, homegrown food is also often healthier. Gardening is not a difficult hobby once you learn it. Plus, it can be great for your mental health to watch a tiny seed grow into a large plant and know that you helped that to happen.

Talk to many baby boomers, and they'll tell you they saved money by working very hard until their eventual retirement. You may work hard now, but if your one job isn't getting you where you want to be, it may be time to consider an additional income stream. That could be working part-time as a blogger, a tutor, an artist, or even driving for a food delivery service. If you have some extra time in your day and you're bored, then earning extra money and putting it in your savings account is a great way to fill the gap.

Yes, life is getting more expensive, and yes, it can be great to have the nicest gadgets or a nice car. However, boomers will tell you that it's wise to avoid debt outside of a mortgage or maybe a school loan. It's best to budget and only spend money that you have in your account. Debt can quickly snowball, and before you know it, you're looking at thousands of dollars. It can be hard to pay off, so try to avoid using a credit card unless you know that you'll have the means to pay it off every month.

Many young people are excited about owning each new hot thing that comes on the market, but that's a good way to spend a lot of money quickly. Instead, boomers will tell you to buy items that will last longer, so you save money over time. Look for products that are made to last. Look for quality over quantity. When you have the option of choosing between two products, choose the one with the longer warranty. Also, items that have more bells and whistles can be troublesome because there's more that can go wrong and require expensive repairs.

Ask a baby boomer how they saved money in their youth, and many will tell you that the secret to their success was purchasing items second hand. There are thrift stores on almost every corner these days, so stop in and see what you can buy. Most stores have everything from clothes to electronics and children's toys and bikes, and you'll get them for a fraction of the cost of new items. Everything at the thrift stores has been quality-checked, so you know you're getting a good product and you'll save a bundle.

Many baby boomers lived during a time when they couldn't just go out and buy something new when what they had broke. So, one of their saving-money tips is to learn how to fix things on your own so you don't need to spend more money. You don't need to be a licensed contractor to know how to fix things around the house. There is a YouTube video or blog for just about everything, so do a little research. In addition to saving money, you'll also feel good about a job well done.

Ask a baby boomer for their best tips for saving money, and you'll find that many will tell you to buy a house. Get a home earlier, and you can start building equity sooner, and you'll be in a much better place later in life. Yes, houses are expensive and may seem out of reach, but you don't need to buy a mansion. Find something you can afford and see where the market takes you. Renting can seem easy, but you're really throwing money away and getting very little out of it.

Back in the day, it was common for people to flip through the newspaper and find coupons for their favorite products. They would cut them out and present them at the checkout counter. While technology has advanced, and many coupons can be shown on your phone, the fact is that they still exist. Whenever you want to buy anything, look for sales and compare prices on different websites. Many companies will happily pass out coupons in an attempt to make you buy more. While you shouldn't go overboard with your shopping, use those coupons and save money.

The last of the saving-money tips is to spend less on technology. Baby boomers likely wouldn't have splurged on a new phone every year. Take that advice and use items as long as you can so you don't have to keep spending. Also, watch your streaming subscriptions. Just about every streaming platform has a cost, and they can quickly add up, so you only pay for what you actually watch. (If Max happens to be one of the streaming services you enjoy, then check out this list of the scariest movies and shows now streaming on Max.)