12 Old-School Money Habits That Still Work Today
Master the art of timeless money habits that still pack a punch today—whether you're saving, spending, or investing, these old-school strategies can supercharge your financial future!
- Alyana Aguja
- 4 min read
In a world obsessed with fast cash and instant gratification, the timeless money habits of the past offer a powerful antidote. From paying yourself first to shopping strategically, these old-school strategies have stood the test of time for a reason—they work. Whether you’re building wealth, avoiding debt, or simply managing your spending, incorporating these classic habits into your modern life can lead to financial freedom and long-term success.
1. Pay Yourself First
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Before everything else, save a portion of your earnings. This rule aided investor Warren Buffett in becoming rich early—he always saved more than he spent. Setting up a monthly automatic transfer to a savings account is a contemporary method of maintaining this ancient practice.
2. Use Cash to Control Spending
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There’s a reason your grandparents used envelopes full of cash labeled “groceries,” “gas,” and “misc.” It works because you see the money leave your hands, curbing impulse buying. Dave Ramsey popularized this method in recent decades and still helps thousands stick to budgets today.
3. Live Below Your Means
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Regardless of your earnings, spend less than you earn. Ingvar Kamprad, IKEA’s founder and one of the wealthiest men in the world, was known to drive an old Volvo and fly economy. Living simply allows your money to grow quietly in the background.
4. Shun Consumer Debt Like the Plague
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If you can’t afford to pay for it in cash, you might not be able to afford to buy it. Will Rogers famously said, “Too many people spend money they haven’t earned, to buy things they don’t want, to impress people they don’t like.” That wisdom remains true today with credit cards and BNPL arrangements.
5. Have an Emergency Fund
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An emergency fund of cash for tough times is old-fashioned advice with new repercussions. In the 2008 financial crisis, households with emergency funds fared much better in firings and market mayhem. The experts suggest 3–6 months’ worth of expenses, just like grandma used to have in a coffee can.
6. Repair It Rather Than Replace It
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Years ago, folks mended shoes, repaired jeans, and sewed up torn blouses. Not only did this save cash, but it extended the life of what they had—something that Patagonia embraced with its “Worn Wear” repair initiative now. It’s frugal and environmentally friendly, a double whammy.
7. Budget Everything
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John D. Rockefeller famously wrote down every penny he spent in a notebook, even when he became the wealthiest man on Earth. Old-fashioned budgeting aids like ledger books were effective because they created consciousness and self-control. YNAB and EveryDollar apps are today’s equivalent of that venerable tracking practice.
8. Be a Strategic Shopper
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Folks once waited for end-of-season sales or shopped using coupons cut from the newspaper. Today, apps such as Honey and Rakuten do the same online, but the tactic remains the same: Purchase quality items at sale prices, and your dollars go further.
9. Cooking and Meal Planning at Home
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Home-cooked meals used to be the norm, and for good reason—they’re way cheaper. During World War II, families budgeted with ration books and creatively stretched food. Flash-forward to the present: preparing meals for the week will save hundreds a month over dining out.
10. Purchase Used, Not New
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Garage sales, thrift stores, and classified ads were the go-to options for frugal families. Today, Facebook Marketplace and eBay make buying secondhand even more convenient. This practice benefited millionaires such as Spanx founder Sarah Blakely, who began with a used fax machine and operated from her apartment.
11. Save Windfalls, Don’t Blow Them
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Tax refunds, bonuses at work, or birthday checks once went directly into the jar of savings—or into debt repayment. That’s how many Depression-era households established rainy-day funds during hard times. Even today, channeling unexpected funds to savings or investments stays on track with financial goals.
12. Delay Gratification
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Old-fashioned savers were patient masters—months or years for major purchases. Charlie Munger (longtime partner of Buffett) credits much of his fortune to the power of waiting patiently and investing rather than spending now. In an instant-everything world, patience pays dividends.