A lot of us learned the basics of frugality through our parents and grandparents. They probably passed on a lot of advice they gained from even earlier generations. However, you should know that times have changed. Let’s look at some old-time frugal habits that no longer works in these modern times. Also, consider ways that some clever people have updated their habits to keep up with the 21st Century.
Depression Frugality That No Longer Works
What frugal measures have you adopted for so long that you no longer think about their effectiveness? Let’s look at some common measures people take to save money that may actually cost more money in the long run. Some of these money-saving practices can still work, but they need some updating for today.
Crocheting, Knitting, and Sewing Fabric Arts
These sewing crafts all offer an excellent outlet for creativity. However, supplies and equipment have gotten expensive. They also take a lot of time, and that makes them tough to fit into a busy schedule. Sadly, many folks have given up their beloved hobbies because they’re just too expensive or take time away from work and other responsibilities.
Some crafty people buy used garments at thrift stores, pull them apart, and use the materials for new projects. Reddit even has a group for unravelers, or people who take the practice of giving yarn a second life.
Collecting coupons can work, but it’s a mixed bag these days. Twenty years ago, many grocery stores offered double- or even triple-savings for manufacturer’s coupons. However, inflation appeared to have cut into those sales. At the same time, most coupons don’t appear to offer the drastic savings on products you want to buy as they used to. On the other hand, some online digital coupons from grocery stores are worth checking out.
Waiting for Seasonal Sales
Days like Black Friday used to command plenty of attention. Sure, retailers still hold sales at this time, but these sales tend to last for months. Anyway, you will probably also see sales going on all through the year, so if you can’t afford something today, don’t stress if you need to wait. Alternatively, if you really want the item, many retailers only stock a limited amount of sale items, so you might lose out on things you truly want or need.
Credit Card Promos
Seasonal promotions from credit companies can give you a chance to defer interest, but they also encourage you to run up debt balances. Some disciplined folks can use credit card promos to their advantage, but it’s tough. Credit card companies hope to earn money, like all businesses.
Have You Thought About Your Frugal Habits?
Frugal habits can help you save money and live a more comfort, secure, and sustainable life. However, inflation and corporate greed have made some of that obsolete. Even worse, these practices may end up costing you more money in surprising ways. Thus, you should consider if your own frugality may need some updating to keep up with the times.