29 November 2007 No Comment Print This Post  Email This Post

In my last post, I talked about my grandparents and their successes. Frugality is key to their success. I’ve picked up some frugal habits just from my time around them — especially my grandmother, who’s always been responsible for handling their books. I think these ten tips are some of the most useful she’s told me.

1. There’s nothing wrong with not buying name brand. I remember her taking the time to show me that Rice Krispies and the big bulk bag with no brand were exactly the same — except for price.
2. Learn to sew, at least a little. Every pair of pants that comes into our family gets hemmed, and I have to admit that even that touch can make Wal-mart’s clothing look ten times better. Our clothes also last longer because we can do basic repairs.
3. Home cooking is cheaper than eating out, any day, and it doesn’t have to take forever. There’s always a pot of soup on the stove, and meals are made with leftovers in mind.
4. Landscaping isn’t just for pretty. One of my fondest memories is stealing radishes out of my grandmother’s garden. She’s cut back to just tomato plants because of arthritis, but she used to plant a big bed of vegetables in amongst the flowers every year.
5. Businesses need watching every day, but real estate only needs a monthly checkup. My grandmother gave me the best explanation for passive income I’ve ever heard.
6. Use up the things you have, before chasing after more. My grandmother uses up every single mailing label that groups like Easter Seals sends her. She also makes a point to use the plastic tubs that margarine comes in, rather than spending money on Tupperware.
7. Don’t expect any money back if you loan it to family. My grandparents make a point to help out their children and grandchildren, but in all the times that they’ve ‘loaned’ money to relatives, I have never heard even a whisper of a request for repayment.
8. Old-fashioned and ugly don’t mean broken. My grandfather brought home an orange velour couch some time in the mid-70s. They’ve still got it, although it has been relocated into the room used to contain rambunctious grandchildren.
9. Get dressed every morning, whether or not you work outside the house. You’ll get more done if you aren’t sitting around in your nightgown.
10. Try doing new things — you might find a better way. During my last visit to my grandparents’ home, I discovered that my grandfather, with my grandmother’s help, had started making his own crackers, rather than buying them at the store. This was just after his 79th birthday.