The generational divide in financial habits often sparks debate, with millennials claiming that their baby boomer parents had it easier when it came to managing money. While it’s true that economic conditions have shifted, boomers faced their own challenges and developed clever strategies to save and make the most of their resources. Jason Higgs, Senior Deals Strategist at Bountii, shares eight money-saving hacks that millennials can adopt from the boomer generation to navigate today’s financial challenges.
1. The Packed Lunch Tradition
Boomers mastered the art of bringing a packed lunch to avoid spending money on expensive office meals. For millennials, meal prepping on weekends with affordable ingredients offers an effective way to enjoy homemade, nutritious lunches throughout the week, saving money and time.
2. The Art of Couponing
Long before digital apps, boomers clipped coupons from newspapers and magazines to stretch their grocery dollars. Today, millennials can embrace this practice with the help of digital couponing apps like RetailMeNot, Ibotta, and Coupons.com. These tools make it easy to access discounts and loyalty rewards before shopping.
3. The DIY Mentality
Boomers learned basic DIY skills to save money on home repairs, haircuts, and other services. Millennials can follow suit by watching online tutorials or attending community classes to pick up skills like plumbing, carpentry, or sewing. DIY not only saves money but also builds confidence and self-sufficiency.
4. Secondhand Treasures
Before thrifting became a trend, boomers frequented secondhand stores for everything from clothes to furniture. Millennials can embrace thrifting by exploring local stores, garage sales, or online marketplaces like Craigslist and Facebook Marketplace. Secondhand shopping is not only budget-friendly but also environmentally conscious.
5. The Staycation Solution
Boomers often embraced local vacations as a cost-effective alternative to expensive international travel. Millennials can apply this by exploring nearby attractions, parks, museums, and free events for affordable staycations that allow them to enjoy their surroundings without the high costs of airfare and hotels.
6. Potluck Celebrations
Instead of splurging on expensive catering, boomers often hosted potluck gatherings where each guest contributed a dish. Millennials can revitalize this tradition by organizing potluck parties for birthdays, holidays, or simple get-togethers, helping to share the cost of meals while fostering a sense of community.
7. The Original Gig Economy
Before the rise of freelance platforms, boomers bartered services like childcare or repairs with friends and neighbors. Millennials can embrace bartering today by offering their skills in exchange for services they need, from pet-sitting to home repairs, thus avoiding out-of-pocket costs.
8. Delayed Gratification
Boomers understood the value of delayed gratification, saving up for major purchases instead of making impulsive buys. Millennials can benefit from this mindset by setting savings goals, avoiding debt for non-essential items, and practicing patience when it comes to big-ticket purchases.
Adopting these frugal living tips isn’t about denying yourself the pleasures of life—it’s about being intentional with your money, finding ways to spend less, and making more out of what you have. As Jason Higgs puts it, “It’s not about making more money, it’s about spending less.” By incorporating these timeless strategies, millennials can build better financial habits and navigate today’s challenges just as successfully as their boomer counterparts.
About Bountii
Bountii is a team of bargain hunters and deal finders passionate about helping customers save money without sacrificing quality. Jason Higgs, Senior Deals Strategist, shares expert advice to help readers make the most of their budgets.