12 Frugal Boomer Habits People Make Fun Of Today That Actually Work
Don't knock these spending habits until you try them.
stockfour / Shutterstock Especially in today’s society, where so many people are struggling to pay for basic necessities, let alone put money into an emergency fund or save for retirement, any kind of spending tip or trick can be powerfully helpful. While they might feel controversial or uncomfortable for younger generations of consumers, there are several frugal boomer habits people make fun of today that actually work.
Lawrence R. Samuel Ph.D., says that one reason so many Gen Xers and millennials have so much disdain for baby boomers is that they see boomers as greedy wasteful. In truth, though, there are plenty of financial lessons boomers can teach us all. From grocery shopping tricks to making big life purchases, consider trying something new, even if you learned it from a boomer. After all, nothing about our financial situation will change if we keep doing the same things, making the same mistakes, and committing to a money mindset that’s slowly sabotaging our future.
Here are the 12 frugal boomer habits people make fun of today that actually work
1. Only using cash
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A survey conducted by Empower found that baby boomers “lead the pack” when it comes to cash purchases, being 47% more likely to have cash on them than younger generations. While Apple Pay and digital banking services prioritize convenience, there are some helpful financial benefits to adopting this frugal boomer habit.
In addition to avoiding the extra fees and interest associated with credit and debit cards, using cash for all of your purchases can actually help to curb impulsive spending and set up healthier spending habits, as well. By taking out a specific amount of cash every month for spending, partially explaining why boomers visit in-person banks more often than others, they ensure they’re not overspending or making impulsive purchases without considering their budget.
2. Wearing clothes and shoes until they’re unwearable
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Baby boomers only spend around 5% of their personal income on new clothing compared to Gen Zers who spend nearly twice as much, according to a PYMNTS intelligence survey. Largely unbiased on personal style trends and fads that Gen Z and millennials are prone to adopting from social media and technological accessibility, baby boomers are collectively more comfortable with hand-me-downs and older clothing styles than others.
Instead of purchasing new clothes, shoes, and personal accessories, their generation is known for wearing things until they’re unwearable. Even if it’s not considered stylish, it’s functional — and largely more inexpensive than keeping up with trends.
3. Bartering
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As costs rise and financial burdens grow heavier, many people in younger generations like millennials are relearning the art of “bartering” — essentially, trading things you already own for new ones or compromising on prices to get the best deal. While many of us value the humble nature of accepting prices as they are written, baby boomers generally save money by negotiating and bartering for their purchases.
Even if you’re not comfortable with negotiating prices with a small business or grocery shopping, adopting small habits like price matching can save you money, especially as more corporations subtly adopt the trend without collective notice by the average consumer.
4. Monitoring the thermostat in every season
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While we might despise our parents’ and grandparents’ freezing homes in the winter or sweltering heat in the summer, this utility-focused frugal habit can actually lead to a lot of saved money for the average household. By doing a bit of extra research, monitoring your household habits, and opting for savings over general convenience, it’s possible to cut back on expenses without radically changing your home.
5. Living below their means
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Especially today, in a society that hyperfixates on consumerism, material goods, and financial displays of status, it’s not uncommon for baby boomers to catch judgment for living below their means. Why not spend the money on a new car if you have it? What’s the point of wearing battered, yet still functional clothing, if you have plenty of money for a shopping spree at the mall?
According to a Bankrate survey, 37% of baby boomers admit they regret not saving more money for retirement, with many still struggling with the anxieties of paying bills and purchasing necessities. To offset this retirement anxiety, they live below their means, saving more to compensate for their preparedness in early adulthood.
While it might not be glamorous and surely isn’t the kind of lifestyle many in younger generations aspire to adopt, it can help to prepare their emergency, retirement, and savings accounts in the event that they experience a financial crisis.
6. Buying only generic goods
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According to Todd Stearn, the founder of The Money Manual, opting to only purchase generic goods, rather than name brand groceries, can cut food bills nearly in half for the average consumer. From medications to condiments, there’s financial power in recognizing the similarities between generic and brand goods — even if they’re not as luxuriously packaged or advertised.
7. Always using coupons
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Why pay full price for something when you can save a bit of money? Over 94% of baby boomers admit they’re more motivated to purchase something when there’s a deal or they have a coupon, compared to 89% of Gen Zers, according to a study published by Kargo Commerce.
Whether it’s a physical coupon book, a magazine clipping, or an advertisement from television, start planning your shopping trips around sales. You’ll be surprised by how much money you can save.
8. Investing in financial education
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While many baby boomers learned their financial literacy from school or their parents, many Gen Z and millennials today were left to sort out what’s best on their own, oftentimes believing misinformation from social media and financial influencers. Not only does acquiring good foundational financial knowledge set people up for success saving money and building out their financial futures, it helps their daily spending habits, as well.
According to experts from the Queensborough National Bank and Trust Company, learning about healthy money habits and spending can also be empowering, relieving some of the inherent, yet debilitating, money stress many people in younger generations are battling today.
9. Not eating takeout and reimagining leftovers
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While younger generations might be more enticed by the convenience of DoorDash and Uber Eats, baby boomers have learned how to maximize their budgets by making their meals at home. According to research from The NPD Group, baby boomers are eating out much less often in recent years, largely due to age and economic insecurity.
By refusing to opt for convenience and instead plan out grocery trips, make homemade meals, and utilize leftovers all week, they’re taking away a great deal of burden from their grocery expenses, saving money for retirement and other necessities.
10. Bulk groceries and old-school food saving techniques
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While overconsumption is largely the way of the world right now, younger generations can learn to cut back on grocery spending and purchases with a few cost effective techniques. From pickling and canning vegetables — a trend that’s largely become more popular today — to buying seasonal foods, and even growing gardens with their available space, boomers have shown younger generations how to save without drastically changing their lives.
Of course, coupled with less restaurant visits and takeout, these food saving techniques can generally help people save money better suited for emergency savings and retirement accounts.
11. Keeping a budget
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While it might seem stale and simple to younger generations, baby boomers are more likely to religiously budget their incomes than their counterparts, giving them the financial freedom to make more personal purchases and financial decisions. Despite holding most of the wealth in this country, according to a study by Visa, they also tend to budget in more absolute terms, setting money aside for emergency savings accounts and retirement.
By utilizing digital accessibility and financial tools, younger generations can adopt this as one of the frugal boomer habits people make fun of today that actually work.
12. Avoiding unnecessary debt
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By utilizing personal connections and savings accounts to invest in larger purchases, baby boomers collectively avoid the burdens of credit card and loan debt. As one of the most concerning bills younger generations face every month, any way for them to avoid unnecessary debt is a smart financial decision.
Especially as they shape their financial futures, younger generations’ ability to avoid taking on debt at the expense of their credit score will set them up for success, especially coupled with financial education on the best ways to save, spend, and invest.
Zayda Slabbekoorn is a staff writer with a bachelor’s degree in social relations & policy and gender studies who focuses on psychology, relationships, self-help, and human interest stories.