Old School Ways to Save Money

When it comes to saving, every little bit counts.

Small change here and there can build up over time. Small cuts in your spending can build up over time. But, in this day and age, everything is automated or monitored online. While the saving resources made available by the advent of the Internet are vast and extremely helpful, what about the ways we used to save before online banking? I was recently inspired to get creative in the ways that I save money… in addition to all those excellent online tools!

Plus, having multiple ways that you save money can’t hurt.

Here are 4 old school ways to save money (and a bonus tip!).

Bring Back the Coin Jar

I was inspired to find new ways to save by a heavy wallet full of coins. I rarely used cash in purchases, let alone coins. So I thought, why not start a coin jar? When I was a kid, we had a huge coin jar to which the family contributed change.

When the jar was full, we cashed it in and went on a vacation. I hope to do the same with my coins now. Basically, having the intent to save your change can add up over time to allow you to travel, make a big purchase or do something for yourself you’ve always wanted to do.

Implement a Cash Budget

Part of the automation of banking is credit and debit cards giving you constant access to your money. While this is great, it can also lead to excessive spending. Back in the day, if you didn’t have enough cash on you, you couldn’t spend.

Installing a weekly cash budget, and therefore restricting your credit and debit card usage, will cut unnecessary spending and ultimately open up more of your income for savings.

Host a Garage Sale

Okay, so not exactly a way to “save,” but definitely a way to make a little bit more cash to contribute to your savings. Clear out your basement, attic or garage of all that old junk that you never use anymore – you’d be surprised what people will pay for your “junk!”

But how do you get people to come?

Nowadays, there are so many ways to get the word out about your garage sale: social media, Craigslist, word of mouth, etc. Check information about your neighborhood, some will have a designated weekend for a neighborhood garage sale. You’ll have people lining up before you know it.

Hide it Under the Mattress

I don’t mean literally.

Back in the day, if you wanted to save money, you hid it under your mattress. Or in a box under your bed. Or in a sock drawer. While I’m not suggesting you do this, the concept is still valid. Set aside a small amount of cash each week into an envelope or box that you keep in a safe place.

Over time, those small amounts will become a big amount. Use that money for emergencies or a special treat to yourself.

Bonus Tip!

The “So Many Days” Rule

Another great way to limit your spending, and ultimately increase your savings, is to apply the “So Many Days” Rule to your luxury purchases.

After a special purchase, shopping spree, new electronics, expensive dinner, etc., designate a certain number of days (e.x. 30 days) that you must wait before another special purchase.

By giving yourself a measurable amount of time to follow, you can limit the big ticket items and put more money into savings.

It’s hard to remember how people kept track of their money before things like online banking and ATMs. But the old times may be on to something! As clever, creative ways to save money, the above options are great inspiration.

However, remember: these ideas are meant to complement a significant savings strategy, not supplement it. You should always have a bigger plan in place, but the little bits do count – literally!

Old School Ways to Save Money is a post from: Young Finances