Although budgeting has become easier with the help of financial apps and tools, there are a few old school money management tips we could still pick up from our parents. Read on!
With the incredibly rapid advancements technology has made over the last decade or so, we can now carry out day-to-day functions without breaking a sweat. Almost any chore we can think of can be done via an app on our phones.
Whether it’s ordering food, paying Credit Card or utility bills, making Personal Loan or Car Loan repayments, buying groceries or even getting someone to pick up your laundry, you can be sure there’s an app for just about everything under the sun.
Similarly, when it comes to managing our finances, there is a myriad of financial apps and tools available that can keep track of our money at all times and help us with everything from filing taxes, making investments, opening bank accounts and everything in between.
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Now you might think with all this amazing technology at our disposal that is solely designed to make our lives infinitely easier, we don’t really need to ask our parents for advice when it comes to managing our money. While our parents certainly did it the hard way, there’s a reason why the phrase ‘old is gold’ exists.
Sometimes it pays to go back and take a look at some of the tried and tested methods our parents used to manage their finances, and no matter how ‘primitive’ these methods may seem today, they certainly worked more often than not for our parents. After all, they’re the ones who managed to save and invest throughout their lives so you can lounge on your sofa with your eyes glued to your smartphone.
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So without further ado, here are some ‘old school’ tips you could learn from your parents when it comes to the art of managing money:
Maintain A Book Of Accounts
You’re probably thinking ‘Who the heck writes things down in a book nowadays?’ Well, the answer probably is not many. However, there’s something about the simplicity of writing down what you spent on and how much you spent on a daily, weekly or even monthly basis.
It may seem old-fashioned but it worked for our parents and it seemed to instill a sense of discipline in them when it came to budgeting and allocation of money, especially with regards to household expenses. After all, if you lose your phone or all your app data you can always fall back on your trusty ledger to tell you where you stand financially.
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Mark Your Calendar
By this, we don’t mean the calendar app on your phone. We’re talking about getting yourself an honest-to-goodness, REAL calendar that you can hang up on your fridge or kitchen door. Yes, the gigantic ones your mom or dad mark dates on with a big, red marker.
While this may sound too corny to you, give it a shot and mark all the dates on your calendar on which your bill payments are due or when the last day for filing your tax return is or when the deadline for paying your property tax etc. expires.
You’ll be quite surprised to find that once you make a habit of glancing at the calendar on your fridge every time you gorge on whatever munchies you can find, you’ll never miss a payment deadline ever again.
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Save The Small Change
If there’s one thing our parents know for sure, it was the value of money. Today we spend enormous sums of money without batting an eyelid and don’t really pay attention to all the small change that slips out of our hands and pockets. In other words, we aren’t too miffed about giving away or even losing coins or small denomination notes.
However, our parents certainly knew that a penny saved is a penny earned. They would save whatever they could, regardless of how small the amount was, and because of that, they developed a saving habit that stuck with them through thick and thin.
Also, putting all the small change you come across into a piggy bank or your mom’s old cookie cum sewing box could really come in handy when you need some cash urgently. The amounts may seem small but they could add up to substantial sums of money over months and years.
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So spare a thought for some of these age-old traditions when it comes to managing your money and you may find that they could be of benefit to you after all.