BillShrink does a great job finding the characteristics and behaviors that got our grandparents through the Great Depression and making them applicable to our lives in 2009. Arguably we should have been following these words of wisdom for the past few decades, but there's no time like the present to start.
The top four tips include:
- Live below your means
- Develop multiple streams of income
- Question every purchase
- Buy in bulk -- intelligently (do you really need that palette of clam juice?)
The idea is simple, but putting it into practice is another thing. To get you started I'll share my tip for the Depression era tactic of throwing away catalogs and advertisements updated for 2009.
Since I get most of my advertisements via email every morning I am tempted with a cheap hard drive, DVD or witty t-shirt. I could unsubscribe from all of these lists to prevent a pre-coffee splurge, but these same mailing lists also send me money saving coupons on a regular basis. So, I did the next best thing, I created an email rule to move all these advertisements to a specific folder where I can search for coupons when I need to make a purchase. As an added bonus I spend less time checking my email every morning.
Combine my email filtering trick with a visit to RetailMeNot and you can also check off bargain hunting from your, "live like they did in the depression" checklist.
If you have any hints or tips passed down from your friends and family who lived through the Great Depression, share them with us in the comments!