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Boomer and Gen X Americans share the money advice that got them through tough economic times

"Perseverance. One of our best traits."

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Boomers and Gen Xers share financial advice for making it through hard economic times.

Surviving hard economic times builds grit and character, and almost every generation has had to deal with difficult financial challenges. Two generations who are especially equipped to offer their wisdom about weathering through tough times, though, are Boomers and Gen Xers.

In a Reddit forum, member @Fit_Trifle2469 posed the question to followers: "Dear Boomers and Gen X: What got you through tough economic times?"

They followed up with more explanation behind the prompt. "Millennial here (33). I wanted to reach out and hear from those of you who’ve lived through major recessions, such as 2000 and 2008," they wrote. "I'm really interested in your perspective — not just for myself, but for others who might stumble across this thread someday when times get rough again."

Boomers and Gen Xers who have been through difficult financial times and hardships opened up to share their wisdom. These are some of their best pieces of advice for tough economic times.

penny pinch, save, money advice, saving, count moneyMoney Management GIF by Robert E BlackmonGiphy

"When I graduated HS in 1981, unemployment was 10 percent and mortgages were 17 percent. Inflation was 8 percent. I had no job and couldn't find one. That's when my step-father threw me out. I was going to be homeless so I joined the Army. It was one day at a time, one foot in front of the other and I marched on. What else can you do? Eventually things got better. Much, much better." —@Distwalker

"Perseverance. One of our best traits." —@SharonWit

"Downsize everything ......phone...phone plan.... car.... cook food at home .....pack a lunch for work....debt consolidation and make that one payment........no credit card usage..... entertainment was checking out free library books and reading them......thrift store shopping......trade/barter services and items on craigslist." —@Express-Rutabega-105

meal prep, prep meals, food prep, cheap meals, food savingsGIF by NRDCGiphy

"Don’t waste any food - plan meals accordingly so as not to waste anything, buy discounted meat, bread, fruit and veg. All meat gets cut up for meals so it can last longer - nobody gets a steak for themselves, one cheap, marinated steak cut into strips and added to rice and veggies for 3-4 meals. Eggs (they’re still cheap where I live) and a 50lb bag of potatoes are your new best friends unless you like pasta then you are much easier to feed. Get condiment packets from restaurants -my partner made an order and forgot to grab ketchup etc. I don’t miss being poor but I can still feed the fam relatively well on a very, very tight budget." —@drivingthelittles

"Living as cheap as possible out of sheer spite."—@OldLadyMorgendorffer

"I'll be adding to this list with edits as my brain dump continues:

  1. Everyone will lie to your face brazenly about layoffs - don't believe anyone when they say things are fine. The more they say everything is fine, the worse it actually is.
  2. Understand when your industry is getting f@cked and start developing alternatives or fallback options early, not AFTER you get laid off. (Software engineers right now should have realized a year ago at least their industry was getting screwed, as a specific example)
  3. Know the impact of systemic shifts (outsourcing and drive to the internet previously, AI now) and how you can counteract those as best possible, move to a role that isn't as likely to be clobbered as hard.
  4. Learn to cook healthy meals on the cheap - take out is $, but so is eating like sh!t. You can cook en-masse on Sunday and freeze for the week, but work on a plan to move to "high efficiency meal planning".
  5. Reduce your systemic expenses - if you've had "lifestyle creep" ratchet that crap back before you are in the crosshairs financially.
  6. Do your planned maintenance of stuff - now now now, later is NOT going to be better. If it's due, get it done." —@GreatResetBet

rolling stones, cant always get what you want, mick jagger, rolling stones gif, jaggerthe rolling stones GIFGiphy

"Live within your means. Avoid debt. Don’t worry about keeping up with the Jones. Focus on your partner. We in our mid 60s, lived through tough times and even though we didn’t have the income to support it, put both their children through private high school at their request. Money was tight, but there’s a lot of ways to enjoy life that don’t include having a lot of money. Remember the line from the Rolling Stones: 'you can’t always get what you want, but if you try, sometimes, you get what you need'." —@ethanrotman
"Save during the good times. During the ‘08 crash, we had several friends who lost their homes to foreclosure. These were all hardworking people. We had been very good about saving and living below our means. The rainy day fund helped tremendously. They say, pay yourself first. I know it can be difficult but even 50/week will grow over time." —@joysheart

potluck, potluck dinner, potlucks, potluck meal, potluck mealsPot Luck GIF by PartifulGiphy

"Do everything to keep a job, when the recession hits if you at least have a job you can pay the bills. Stop buying things except for food and must haves. Do you really need a lot of cleaning supplies? Makeup? Clothes? Dinner out? No. Cook your own food, learn to enjoy the outdoors, have pot luck dinners with friends." —@eatmore-plants
"It's honestly just lowering expectations and cutting out all but necessary expenses and shopping sales. We're still in our starter home because of the housing collapse. We were underwater for years and then the kids started school. It's about appreciating the little things." —@whatevertoad

grit, understanding, hard work, perspective, resilientRobert Redford Yes GIF by GritTVGiphy

"The things that get you through tough times emotionally are your social network, keeping perspective, and your own personal grit. The things that get you through tough times financially are things like keeping your living expenses relatively low, living below your means, putting money away for hard times, and keeping up your job skills and professional networks." —@Shot-Artichoke-4106
"We got hit hard in both recessions and it was really hard to rebound because we were young and not well-established. We made it through by living as frugally as possible and avoiding 'lifestyle creep.' Also, one thing we got in a habit of doing was every year when we got our income tax refund (back when we still got refunds), we’d pay our car insurance in full for the year, put some in the kids’ college accounts, and put the rest in our house down payment fund." —@Mammoth-Ad-4806
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Expert in positive psychology reveals the 8 times 'money can absolutely buy happiness'

Science says money can in fact buy happiness. But there's a catch.

Photo credit: Canva

Because the solution isn't always forgoing the avocado toast.

The phrase “Money can’t buy you happiness” started as a way to remind folks that there’s more to life than meaningless material possessions. But as we all get a little older and wiser, we realize that money absolutely does contribute to a more comfortable and secure life, and while those things aren’t the sole determinant of happiness, they are undeniably huge factors.

Furthermore, experiences, relationships, personal fulfillment, and a sense of purpose—all major indicators of true happiness—can be enhanced by having financial resources.

In other words, as happiness expert Jessica Weiss wrote in herCNBC piece, “Money can absolutely buy happiness.” The problem is “we’ve just been spending it all wrong.”

In the article, Weiss cited the rather well known 2010 study which found that day-to-day happiness rose as annual income increased, up to $75,000 (though perhaps that number has increased to match inflation). Point being: up to a certain extent, larger incomes do, in fact, increase happiness.

And yet, it can be hard to feel like we are never ever making enough to truly feel happy. Or, we feel guilty about the seemingly frivolous purchases we do make. This is where Weiss’ list comes in. According to her, investing in these eight categories below “actually trigger that lasting and sustainable kind of happiness,” and “benefit your well-being in the long run.”

1. Live Music

money, happiness, how to be happier, 10% happier, money advice, how to invest, money and happiness, cnbcPeople enjoying a concert.Photo credit: Canva

No one who's been to a concert would argue this one. But as Weiss noted, it’s not just about watching performers take the stage. It’s equally about the physical act of singing with one another, which triggers a mood boosting, stress relieving phenomenon known as “collective effervescence.” Using this logic, a cheap night of karaoke or joining a choir group could also do the trick if you can’t necessarily justify concert tickets.

2. Novel Experiences

money, happiness, how to be happier, 10% happier, money advice, how to invest, money and happiness, cnbcA woman sipping coffee. Photo credit: Canva

Time and time again, experts agree that money is well spent on activities that create positive memories. This could range from a camping trip to, as Weiss writes, simply “painting your nails an unexpected color.”

In her book The Artist’s Way, Julia Cameron similarly writes about “artist dates,” which are carved out moments each week dedicated to nourishing your inner creative being. They can be as lavish or as bare bones as you want. However, unlike Cameron, who urges folks to participate in artist dates alone, Weiss notes that engaging in novel experiences with friends or loved ones “supercharges the happiness effect.”

3. Purchases That Literally Buy You Back Some Time

money, happiness, how to be happier, 10% happier, money advice, how to invest, money and happiness, cnbcThree happy cleaners. Photo credit: Canva

Studies show that people with higher incomes experience more “time stress” than others, because they have a limited amount of time to achieve not only their work, but mundane chores and keep up with some semblance of a social life. But some purchases literally buy you some time back, whether that’s an Instant Pot for faster meals or a monthly house cleaning to finally dust off the shelves.

But it’s not just time-saving products which give you back some sanity. From a really good mattress to a well fitting bra (iykyk), certain splurges add so much ease and comfort to our lives that they are well worth the money.

4. Relationship-Boosters

money, happiness, how to be happier, 10% happier, money advice, how to invest, money and happiness, cnbcFriends enjoying a meal together. Photo credit: Canva

We are, after all, social creatures. No amount of capitalism is going to change that. In fact, as Weiss noted, our close relationships trump genetics, wealth, and even fame in terms of predicting our overall satisfaction.

And the great thing is, a simple potluck movie night or family hike can do the trick.

5. Acts of Generosity

money, happiness, how to be happier, 10% happier, money advice, how to invest, money and happiness, cnbcHappy volunteers at a charity event. Photo credit: Canva

A 2010 study reported by Utah State University found that people experienced happier moods when they gave more money away (as long as they had the choice of how much to give). Two years prior, a 2008 study in the journal Science found that those who engaged in “higher prosocial spending,” i.e., spending on others versus themselves, reported “significantly greater happiness.”

You can trust the science, or you can test the theory yourself. Donate to a cause that you’re passionate about, or treat your friend to dinner (a relationship booster and an act of generosity…win-win!), and see how you feel. Odds are you’ll feel pretty good.

6. Small Pleasures

Happiness doesn’t always need to come from big-ticket items. Rather than a lavish two week vacation, opt for a weekend getaway. Or, for the love of god, go ahead and buy a fancy latte without thinking this is the reason you can’t afford a home. As Weiss writes, these simple joys write the brain for "cumulative joy.” Plus, they’re certainly less stressful than expensive splurges.

7. Character building challenges

money, happiness, how to be happier, 10% happier, money advice, how to invest, money and happiness, cnbcA woman participating in a marathon.Photo credit: Canva

Novel experiences are great, but Weiss argues that physically or mentally challenging experiences (think cold plunges, hikes, competing in a marathon, learning new skills) offer a delayed, yet ever-so-satisfying “earned pleasure” of having overcome an obstacle, which increases confidence.

8. Big Plans

money, happiness, how to be happier, 10% happier, money advice, how to invest, money and happiness, cnbcA man making vacation plans. Photo credit: Canva

The great thing about committing to booking those vacation tickets is the joy of anticipating the upcoming reward, Weiss notes. “ Your vacation starts delivering happiness the moment you book it, months before you pack your bags,” she writes. This is a great reminder for those of us that procrastinate on actually committing to the trip due to sticker shock.

Bottom line, retail therapy tends to get a bad rap—and not without good reason, as we do live in a society that normalizes constant, mindless spending. But often, the material and experiential value of a purchase harmoniously meet in the middle, and thus impact our happiness in positive ways. Think of a fun clothing item you bought on vacation, that you then wear out to a friend’s dinner and share stories of procuring it, versus something trendy you bought and never wore.

Of course, many companies have long caught onto this idea and sell the promise of an experience with the purchase of their product. Hence why discernment is crucial. But if you’ve been chastising yourself over an event ticket here or a fancy new gadget there, remember that maybe you really are investing in yourself…which is always a worthy investment.

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A tale of two pairs of boots shows how the rich get richer in ways poor people simply can't

It’s not about bootstraps at all.

Photo by Maxim Hopman on Unsplash

The Sam Vimes "Boots" Theory of Socioeconomic Unfairness explains one way the rich get richer.

Any time discussions of wealth and poverty come up, people inevitably start talking about boots. The standard phrase that usually gets thrown around is "pull yourself up by your bootstraps," which is shorthand for "work harder and don't ask for or expect help." (The fact that the phrase was originally used sarcastically because pulling oneself up by one's bootstraps is physically impossible is rarely acknowledged, but c'est la vie.)

The idea that people who build wealth are able to do so because they individually work harder than poor people is baked into the American consciousness and wrapped up in the ideal of the American dream. A different take on boots and building wealth, however, paints a more accurate picture of what it takes to get out of poverty.

boots, poverty, economic inequalityA boots story shows why it can be so hard to climb out of poverty. Giphy by DurangoBoots

Author Terry Pratchett is no longer with us, but his writing lives on and is occasionally shared on his official social media accounts. In 2022, his Twitter page shared the "Sam Vimes 'Boots' Theory of Socioeconomic Unfairness" from Pratchett's 1993 book "Men At Arms." This boots theory explains that one reason the rich are able to get richer is because they are able to spend less money.

If that sounds confusing, read on:

Pratchett wrote:

The reason that the rich were so rich, Vimes reasoned, was because they managed to spend less money.

Take boots, for example. He earned thirty-eight dollars a month plus allowances. A really good pair of leather boots cost fifty dollars. But an affordable pair of boots, which were sort of OK for a season or two and then leaked like hell when the cardboard gave out, cost about ten dollars. Those were the kind of boots Vimes always bought, and wore until the soles were so thin that he could tell where he was in Ankh-Morpork on a foggy night by the feel of the cobbles.

boots, work boots, economic inequality, rich get richer, climbing out of povertyA good pair of work boots will save you money in the long run, but only if you can afford them in the first place.Photo credit: Canva

But the thing was that good boots lasted for years and years. A man who could afford fifty dollars had a pair of boots that’d still be keeping his feet dry in ten years’ time, while the poor man who could only afford cheap boots would have spent a hundred dollars on boots in the same time and would still have wet feet."

In other words, people who have the money to spend a little more upfront often end up spending less in the long run. A $50 pair of boots that last five years essentially cost you $10 a year. But if you can only afford $10 upfront for a pair of boots that last six months, that's what you buy—and you end up paying twice as much over a five-year period.

There are so many areas in which this principle applies when you're poor. Buying in bulk saves you money over the long run, but you have to be able to afford the bulk cost up front. A reliable car that doesn't require regular repairs will cost more than a beater, but if the beater is all you can afford, that's what you're stuck with. You'll likely spend the same or more over time than if you'd bought a newer/higher quality car, but without the capital (or the credit rating) to begin with, you don't have much choice.

buying a car, used car, new car, economic inequalityMore reliable cars cost more up front.Giphy GIF by LSD

People who can afford larger down payments pay lower interest rates, saving them money both immediately and in the long run. People who can afford to buy more can spend more with credit cards, pay off the balances, build up good credit and qualify for lower interest rate loans.

There are lots of good financial decisions and strategies one can utilize if one has the ability to build up some cash. But if you are living paycheck to paycheck, you can't.

Climbing the financial ladder requires getting to the bottom rung first. Those who started off anywhere on the ladder can make all kinds of pronouncements about how to climb it—good, sound advice that really does work if you're already on the ladder. But for people living in poverty, the bottom rung is just out of reach, and the walls you have to climb to get to it are slippery. It's expensive to be poor.

poverty, wealth, climbing a ladder, getting out of povertyIt's hard to climb out of poverty when you can't reach the ladder. Photo credit: Canva

When people talk about how hard it is to climb out of poverty, this is a big part of what they mean. Ladder-climbing advice is useless if you can't actually get to the ladder. And yet, far too many people decry offering people assistance that might help them reach the ladder so they can start taking advantage of all that great financial advice. Why? Perhaps because they were born somewhere on the ladder—even if it was the bottom rung—and aren't aware that there are people for whom the ladder is out of reach. Or perhaps they're unaware of how expensive it is to be poor and how the costs of poverty keep people stuck in the pit. Hopefully, this theory will help more people understand and sympathize with the reality of being poor.

Money makes money, yes, but having money also saves you money. The more money you have, the more wealth you're able to build not only because you have extra money to save, but also because you can buy higher quality things that last, therefore spending less in the long run.

Thanks, Terry Pratchett, for the simple explanation.

This story originally appeared three years ago.

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11 old-timey frugal living habits younger generations need to bring back ASAP

"A penny saved is a penny earned" hits harder in economically uncertain times.

Photo by Jimmy Dean on Unsplash

Learning to cook can save a lot over eating out.

Though people can't seem to agree on what makes the American economy "good" or "bad" (with people's perceptions being heavily influenced by who sits in the White House at any given time), there's no question that economic uncertainty is on many people's minds. Middle-agers who lived through the Great Recession of 2008 and the COVID-19 pandemic of the early 2020s know how fast economic stability can falter, and youngsters have started their adult lives with unaffordable housing and education as well as post-COVID inflation driving up the cost of everyday living.

With a major upheaval of the U.S. government unfolding in early 2025, uncertainty seems to be the theme of the day. When financial instability hits, it's time to take measures to mitigate it however we can, and thankfully, we can learn a thing or two from our elders who lived through the money struggles of two world wars and the Great Depression. Frugality was a way of life for our grandparents and great-grandparents, and though times have changed—a lot—many of those wise ways to save money still stand. And the good news is that many of them are good for the environment and our health as well as our wallet, so

Here are some of the easiest, best frugal living habits we can take from previous generations:

couple cooking togetherCooking can be fun and a money saver. Photo by Jimmy Dean on Unsplash

Cook from scratch

Even with the cost of groceries being higher than they were, it's almost always significantly cheaper to eat at home than it is to eat out. Learning to cook is a useful and enjoyable (for many) hobby that can also save you money, as long as you're not trying to cook something overly fancy. Cooking doesn't have to be complicated, and it's never been easier to find simple recipes. There are even sites that will come up with a menu and recipes for you based on what you already have in your pantry. Stock up on basic ingredients, keep it simple, and find some favorite meals that you can whip up quickly and easily.

Less meat, more beans

Meat is pricey—especially good quality meat—and with animal-borne diseases becoming more of a concern, animal products in general are getting more expensive. Perhaps now would be a good time to transition to more of a plant-based lifestyle, making more use of cheaper protein sources like beans. Canned beans are generally quite affordable, but dried beans are even cheaper if you don't mind taking the time to soak and cook them. If you have an Instant Pot, it's super easy to batch cook dry beans, which you can then store cooked in the freezer for quick reheating.

stainless steel bowls of spicesBulk spices are often a fraction of the price of jarred. Photo by Jason Leung on Unsplash

Buy herbs and spices in bulk

Spices in jars are stupidly expensive sometimes, and you might assume that's just what they cost. But if you've never shopped in the bulk spice section at a store—even at an expensive health food store—you might be surprised by how much cheaper it is. Leafy herbs like oregano, thyme, basil, and sage weigh almost nothing, so even if they cost $20/lb, a jar's worth is often pennies to the dollar cheaper than buying them already packaged. (Just beware heavier spices, as sometimes those can be just as expensive as jarred. Definitely worth comparing, though.)

Borrow and barter

When times are tough, getting by becomes a community effort, but there's no reason we have to wait for an actual economic depression to help one another out or scratch one another's backs. We all have things that sit around not being used much of the time that others might like to borrow, from tools to books. Trading services can be an excellent way to save money in a win-win way.

hands in a gardenGrowing your own food can save a bunch in the long run. Photo by Sandie Clarke on Unsplash

Grow a garden

During the pandemic, many people started growing WWII-style "victory gardens" simply because they could, but gardening can be a great way to save on produce and herbs. If you can start early in the spring and grow from seed, even better. Though learning to keep a garden thriving can be a little trickier than it looks, the savings can be impressive. For instance, one tomato plant can harvest 10 to 20 pounds of tomatoes, so even if you spend $5 on a starter plant, you can save a ton compared to produce section prices at the store. No yard? Gardening in containers works, too.

Clean with vinegar and baking soda

It may seem like a small thing, but lots of small things like cleaning products add up. Buying vinegar in bulk and diluting it 50/50 with water makes a great basic cleaner, and baking soda in bulk can help you scour surfaces as well. Vinegar smell doesn't last long, but you can always add a little essential oil to the mix to add some scent. You might need a stronger disinfectant for certain cleaning jobs, but for a basic cleanser, vinegar gets the job done.

Reuse or reutilize containers

So many foods we buy come in jars or containers, most which get tossed or recycled. Then we go out and buy containers for storing leftovers or other things. Aesthetically, I get it. But practically and financially, reusing or reutilizing containers makes more sense, even if you just use them once or twice and then toss or recycle. Plus, if you reuse jars or containers you're not planning to keep, you can write on them with a Sharpie without feeling like you ruined it.

woman riding white bikeBike more. Photo by Murillo de Paula on Unsplash

Drive less

Americans love to drive and many of us do it far more often than we need to, spending more on gas than necessary. And even though gas prices have come down most places, it still isn't cheap. Combining trips or making a once a week "errand day" can help us cut down on driving. So can carpooling or biking or walking more.

Buy used

Thrift store shopping can save a ton of money, especially if you shop around to various thrift shops to find the ones that actually have good stuff at low prices. Clothes especially can be a much better deal used than new, and no one will ever know the difference. Furniture is also a fraction of the cost used vs. new, and often older furniture is better quality anyway. Check Facebook Marketplace, Craigslist and other online markets for used items before running to the store or buying something new online.

person wearing black and gray jacket in front of bookshelfLibraries usually have a lot more to offer than just books. Photo by matthew Feeney on Unsplash

Utilize your public library

Public libraries are treasure troves of free stuff, and not enough people take full advantage of them. Not only can you get books, but many libraries have huge collections of movies or other entertainment. Some have art collections you can check out, others have tools and household items you can borrow. There are also free book clubs, lectures, classes and other activities that can add to your social calendar without spending anything.

Make do with what you have

This might sound like a no-brainer, but many of us have gotten into the habit of buying whatever we think we need simply because it's convenient. Amazon has created some habitual buying habits that we might want to rethink if we're trying to save money. Do you really need a new jacket or is the one you have still perfectly usable? Is there still some life left in that pair of shoes? Even holding off on buying things for a month or two and making do with what you have can help you save money and see that you don't need as much as you might think.

Lots of small savings can add up, so don't assume that a few cents or a dollar here and there don't matter. Once you get into these habits, you may even find that frugal living to be a preferred way of life, regardless of your financial situation. It certainly can't hurt to try it.

This article originally appeared in March

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