Have you ever heard the classic story, “back in my day I had to walk five miles to school and back every day uphill, both ways”? Well, obviously, those specifics are a slight exaggeration, but the Greatest Generation did have a tougher way of living than we do today. They had to deal with The Great Depression, with some of the worse financial times in American history, and face World War II.
Although these times did hold heavy turmoil, something good did come out of it, the Greatest Generation became avid savers. Now they are more able to afford customized senior care and other living expenses. What about their children and the generations younger than them? Do you know how to save for senior care, customized or not? If not, try and save better the next time you have an option to.
The Greatest Generation learned firsthand sacrifices had to be made to make ends meet. If you go out and spend more money, then there really is no one to blame but yourself, so you have to make sacrifices to budget appropriately. If you are dying to buy the new Fossil watch, you may have to eat peanut butter and jelly sandwiches for a week at work. Another area concerning consequences is with credit card debt. According to Value Penguin Inc., 38.1% of households hold debt and the average American debt per household is $5,700. People acquire credit debt from making purchases they were not financially stable enough to make, and now they have to face the consequences. Next time you go to swipe your credit card, try not to. Only buy what is within your means and save the card for emergencies.
Make it Work
During the Depression, if something broke, you most likely did not have the option to go out and get a new one. Unlike today’s society where people always want the latest iPhone. The Greatest Generation would not have the means to replace anything if it was in working condition for something more fashionable. If a pair of pants ripped or they got a hole in their shirt, they would most likely have to fix it themselves. Next time something of yours breaks, try and fix it yourself or, if you can, take it to a friend that knows how to fix it. If you do not know how, or of anyone who can, try taking it to a local repair shop. This will most likely be more cost efficient than buying new.
Don’t Give Up
Challenges are a part of everyday life, and yes, life can be harsh but don’t give up. When the Greatest Generation was faced with the Great Depression, do you think they gave up? When the Greatest Generation was faced with the reality of a World War, do you think they gave up? If they had, they would not have made it to the chance of needing customized senior care. The best advice you can learn from the Greatest Generation about saving is not to give up. It is essential to put a little money aside, in case of a rainy day. If a financial emergency does arise, next time face it head on and make room for it in your budget.
We can all learn from the past generations whether it is about love, life, or finances, they have plenty of life wisdom to share. So, think about how your older loved ones would make ends meet and respect the past hardships they have gone through next time you go to pull out your credit card. For more life advice and tips for seniors, subscribe to our blog today!