The Greatest Generation, as they are often referred to, came of age in one of our country’s most significant periods of economic despair, The Great Depression. Enduring the struggles that pursued, seeing their parents work hard just to lose their business, forged the idea of commercial importance in our society. Which is why the Greatest Generation is the greatest at saving, they have seen firsthand how dire it can be for the livelihood of a family. With our countries economic status waving in and out of turmoil they know to keep a few pennies in the bank but also to use it for what truly matters; money, food, their family’s needs and their own needs, such as senior living services.
Not only did the Greatest Generation fight through The Great Depression but also had to face world trade barriers and WWII. In these times, the economy was strained with trade embargos, higher tariffs, and money being funneled into the costs of war. Through all the financial turmoil they survived and learned to save. Members of the Greatest Generation, if they kept up with their frugal ways are now able to afford retirement and senior services, such as assisted living costs. At Oaks Senior Living, we see just why the Greatest Generation is called the greatest.
Every Penny Counts
protected by today’s standards. If the senior in your life is utilizing senior living services, help them to set up a budget with automatic withdraws, so they do not make accidental payments. If your loved one is in memory care, it may be time to take over their finances completely, just remember they earned their savings and let’s keep it that way, safe.
If you are taking over an elderly loved one’s finances, you can help them save by taking advantage of senior discounts and other deals. However, we know the Greatest Generation had to learn firsthand just how essential it is to save, so we asked them if they had any saving tips for us.
- Make Food Last – We heard this tip from numerous Oaks residents, that the younger generations need to stop eating out as much. According to The Simple Dollar, Americans eat an average of 4.2 meals out a week! So, cook at home, save leftovers and plan meals around unused food! Do not just throw food away.
- A broken clock is right twice a day – If it breaks, fix it. The younger generations are so quick to throw out a coffeemaker or an alarm clock as soon as it stops working. Some advice we got from residents was to try and fix it and if you do not know how than find a friend who does.
- Stop Buying Everything You Want – Just because you want something does not mean you should buy it. Be smart about your finances, buy things you need then budget a little, A LITTLE, each month to get something extra if it fits in your means. Another tip that we got was to try not to use a credit card for emergencies only, if you don’t have money to buy that $5 coffee then plan ahead and make coffee at home.
The Greatest Generation became the greatest at saving through difficult times, sacrifices, and learning the hard way how crucial it is to respect a paycheck. Senior living services and retirement costs are something to keep in mind, whether you’re 88 or 18. Take a lesson from your older loved ones and save a little more.