Nobody can say that managing your finances is an easy task, but there are many strategies that you can use to make it easier. Frankly, it’s more important than ever to keep these tips in mind because the costs of living in the UK just keep rising. Ultimately, we think it’s about time that we swallow our pride and take some valuable financial lessons from boomers, just like the following examples.
Financial Independence Starts With Living Within Your Means
Any Boomer will tell you that they grew up prioritising living within their means, a habit shaped by necessity rather than luxury. Instead of relying on payday loans and overdrafts, they focused on spending less than they earned, even when times were good. This meant saving for future needs instead of indulging in every passing trend, which is definitely a strategy that still holds up today.
Savings First, Treats Later
Following on from the last point, for boomers, saving wasn’t just an option—it was the starting point of every financial decision. Paydays meant putting money aside before anything else, and only then would they treat themselves to a takeaway or a holiday. Obviously, this approach helped them to build a safety net and avoid last-minute scrambles during emergencies, so consider picking this habit up for yourselves if you find yourself struggling financially.
Avoiding Debt Wherever Possible
In contrast to the younger generation of today, Boomers were always quite wary of debt, seeing it as a burden rather than a convenience. Many avoided loans unless absolutely necessary and preferred saving up for big purchases rather than financing them. At the end of the day, this mindset helped them steer clear of high-interest traps, offering a sense of financial freedom that’s absolutely worth striving for.
Making Cash King
Before cards and contactless payments took over, cash was king for boomers, so they stuck to it as much as possible–even when society told them they were being old-fashioned. There’s just no denying that the tactile nature of cash encourages careful budgeting, as it’s much harder to part with physical money than it is to swipe a card. Even today, sticking to cash for discretionary spending can make it easier to stay on track and avoid going over budget.
Repairs Before Replacements
Nowadays, there’s an unfortunate throwaway mindset when it comes to just about any product, whether that be clothes, technology, or a car. This wasn’t the case during the boomer days; this generation appreciated the longevity of well-made items, so they’d conduct any repairs necessary to keep them going. You can still do that today, and you’ll save a lot of money by doing so, not to mention reducing your carbon footprint and becoming more resourceful.
Cooking at Home to Save Big
It’s all too common for Brits today to buy takeaways multiple times a week, and the cost of doing so really adds up. Just a couple of decades ago, though, eating out or getting a delivery was a very occasional treat for boomers–not a regular habit. Instead, they cooked meals at home, which not only saved money but also led to much healthier eating. So, if you want to improve your finances while getting more nutrients into your diet, consider doing the same.
Buying Quality to Save Over Time
As we mentioned earlier, fast fashion and other throwaway consumption habits are the norm these days, but this wasn’t how boomers lived. They understood the value of investing in quality products that would last, even if they cost more upfront. This “buy it once” mentality saved them a ton of money in the long run, compared to replacing cheap, short-lived items repeatedly.
Using Libraries and Free Resources
We’re way too quick to pay for monthly education subscriptions today. Yes, they’re convenient, but libraries still exist, so we should use them! Not only do they offer an enormous range of books, but they also stock music, movies, and even educational programmes–all for free! Boomers grew up vaping these free resources deeply, as they truly enriched their lives. So, next time you think about paying for knowledge, check to see if you can get it free from the library.
Keeping a Rainy Day Fund
Another financial lesson that we could all learn from boomers is setting money aside for “a rainy day”. Obviously, this phrase is used loosely; in reality, the cash was for emergencies, giving boomers the peace of mind that comes from having a cushion to fall back on when life throws curveballs. Even starting with small, regular contributions can build an emergency fund that takes the edge off unexpected expenses.
Avoiding Impulse Purchases
Even today, Boomers wait before buying something new to give themselves time to decide if it’s really necessary, which is a very smart financial move. This cooling-off period helps you avoid making rash decisions and spending unnecessarily, reducing that nasty sense of buyer’s remorse. If that sounds familiar to you, take a leaf out of boomers’ books and wait for a little while before spending money impulsively.
Prioritising Needs Over Wants
This should really go without saying, but it’s essential to distinguish the differences between needs and wants. Once a key boomer habit, millennials often just don’t understand that essentials come first and luxuries come later, once they’re truly affordable. We can’t argue that it’s hard to resist the pull of non-essentials, but trust us–prioritising what matters most can make budgets stretch further.
Paying Bills on Time
It should go without saying that you should try to pay your bills on time whenever possible, just as the Boomers taught us. Late fees and penalties weren’t part of their financial playbook; they always made it a priority to pay bills on time, ensuring their money worked for them rather than being lost to fines. If you struggle with this, consider setting up reminders or direct debits, and this will be a valuable step in adopting this straightforward but impactful habit.
Bargain Hunting as an Art
Boomers have always had a knack for sniffing out deals, regardless of whether this is in a charity shop, Christmas sales, or a local market. Either way, they know the value of patience and persistence in finding a bargain and won’t just jump to paying for the first price.
Learning DIY Skills
Nowadays, you’d be surprised at how rare it is for younger people to know how to fix a leaky tap or sew on a button. Back in the boomers’ days, though, such basic DIY skills saved them countless pounds, empowering them to solve problems on their own without relying on expensive professionals. Therefore, if your finances are tight, consider picking up a few basic repair skills–it’s never been easier to do so, thanks to the internet!
Avoiding Lifestyle Inflation
Even as incomes grew, boomers often resisted the temptation to upgrade their lifestyles unnecessarily, focusing on staying grounded and avoiding expensive habits that could outpace earnings. Sadly, that’s not so much the case these days, with young people often spending a lot more without realising once they start earning more money. Ultimately, remembering that happiness isn’t tied to constant upgrades can help you avoid these creeping expenses.
Sharing and Swapping
It’s quite sad how people don’t tend to swap or share as much anymore. In contrast, boomers were always doing this with their friends, family, and neighbours, borrowing each other’s tools, clothes, and furniture as and when each other needed them. Not only did this build a sense of community, but it also cut costs, so you should consider trying to bring it back.
Retirement Planning Early
People often criticise boomers for having so much money, but this didn’t come easy–they began saving for retirement early, even if it was just a small amount at first. They understood that compound interest could turn modest savings into a significant nest egg over time. Regardless of how old you are, it’s not too late to do the same, so start saving money for your retirement today–not “when the time is right”.
Appreciating What You Have
Last but not least, contentment is one of the most valuable life skills that we can learn from boomers, especially when it comes to our finances. This generation always knew how to focus on what they enjoyed in life and what they already had rather than constantly seeking more. So, take some time to take stock of what’s already in your life today, as this can be a simple way to shift focus away from unnecessary spending and build gratitude.
