9 Thrifty Things Boomers Did That Millennials Get Wrong Today
It doesn’t take a Gallup poll to see that millennials’ spending habits are different from those of their grandparents. In fact, studies show that millennials are bigger spenders than the generations before them. Further research shows that 88.1% of millennials carried debt in 2022. And while it’s important to remember that millennials face greater financial hurdles than the generations before them—such as student loan debts and steeper housing costs—they can still learn some financial tips from previous generations!
Take, for example, my mother and father.
Raised in modest circumstances, they knew how to economize. Whether you’re a young person looking for financial tips or a boomer wondering what your generation got right about money, you’re in the right place. This article is for everyone! Keep reading to find out more about the 9 thrifty things boomers did that millennials get wrong today.
1. Waste Not, Want Not
Before recycling bins were mandated, Boomers practiced repurposing. My mother was a genius at extracting Christmas and birthday gifts from their wrapping paper. Boxes were folded and stored. My dad wasn’t pleased when grocery stores started using plastic bags. Brown grocery sacks served many purposes around our house and garden. When it came to saving, my Boomer parents knew that there were no gains without pain.
Other ways to reduce waste:
- Buy secondhand.
- Save leftovers.
- Use a reusable bottle/cup.
- Convert old clothes to cleaning rags or blankets.
- Buy in bulk.
- Avoid single-use items, like makeup removers and plastic bags.
2. Buy One, Get One Free
Never underestimate the power of coupons! We were a coupon family. My Boomer parents got many things from coupons, including a Morris the Cat shirt and calendar. In fact, my wedding dishes were purchased from our local grocery store as part of a supermarket customer loyalty incentive. My parents and so many other Boomers knew that savings add up to big ones in the long run!
Easy places to get digital coupons:
Best cashback apps:
3. Drive the Future
My Boomer father wouldn’t even consider borrowing money to buy a car. Instead, he hitchhiked. He also worked two side jobs in the evenings and on weekends. Soon, his hard work paid off. His first car was a beautiful burgundy Mercury Cougar. As Dad climbed the corporate ladder, he got a company car. He didn’t buy another car until I went to college. Boomers knew that making sacrifices in the present made for a more optimistic future.
4. Wait for Your Dream Home
My parents didn’t buy their dream home until they were in their forties. They spent the early parts of their marriage renting and living in smaller homes until they saved up enough money to buy a six-acre farm. It was a sacrifice they were willing to make. Rather than buying an expensive home right off the bat, Boomers knew all good things in life are worth waiting for.
Ways to afford your dream home:
- Pay off your existing debts: If you’re riddled with student loans or credit card debts, you might not be able to get your dream home. Sadly, lenders might not be so willing to give you a mortgage, and you’ll have a higher interest rate. So, take a good look at your debt and slowly begin paying it off now instead of later.
- Budget, budget, budget: Budgeting is important, especially when it comes to home ownership. First, sit down and figure out your home-buying budget. Then factor in other costs, such as the down payment, mortgage costs, and other payments that might sneak up on you.
- Cut out some unnecessary spending: Amazon and other online shopping sites have incentivized unnecessary spending. Gone are the days when you’d be tempted by a gimmicky item next to the cash register at your favorite store. Nowadays, we’re bombarded with tempting (but often useless) items every time we go online. And while it might not seem like you’re spending a lot of money in the long run, those impulse purchases add up fast. Limit your spending and save your hard-earned money for something more meaningful, like your dream home.
5. Live Off the Land
Every spring, my Boomer parents planted a huge garden. Our chickens produced so many fresh eggs that Dad frequently gave them away at work. My Boomer parents fought weather, bugs, and midnight raiders. They were proud of their ability to fill their pantry, the root cellar, and their two freezers with the gifts of their land. Gardening may be strenuous and not for everyone, but Boomers knew how to live off the land!
6. Eat In
When I was growing up, we ate most of our meals at home. Spaghetti was served twice weekly. A lot of the time, we ate leftovers. Leaving food on my plate was a no-no. As I got older, my father grew to love McDonald’s and took me there for lunch. By and large, we prepared meals at home. My parents also believed in making my school lunch. While eating out is okay now and then, it can add up quickly. Boomers knew that eating in was more cost-effective than eating out.
7. Less is More
As a child, I remember having one special birthday party. It was relatively simple, with a homemade cake and a few presents. Christmas gifts were also practical. We wore our clothes until they practically fell apart at the seams. While keeping up with the Joneses is especially tempting in such a social media-heavy culture, it’s important to stay within your budget. Boomers knew that the adage “Less is more” always rings true!
8. Do it Yourself
My father grew up with basic knowledge of many things, one of which was car repair. His best friend’s father owned a junkyard in which Dad and his friend fixed up old jalopies. Whenever we had car problems, my dad tackled it first before calling any auto body shop. Meanwhile, my mom made our clothes and provided free entertainment for us. She loved playing games, taking walks, and going swimming at the community lake. Boomers knew that doing things yourself was not only more fulfilling but cheaper!
9. Avoiding Impulse Buys
Impulse purchases may be fun, and it’s okay to indulge in a little spur-of-the-moment shopping now and then. However, impulse buys can hurt your bank account in the end. This is something Boomers understood perfectly, including my parents. Whenever they went shopping, they bought things on an “as needed”, not “as wanted” basis. Boomers understood that they had a budget and stuck to it!
Looking for More?
Boomers set the bar high. They lived tougher lives than their children and grandchildren, and they lived those lives well. Considering that millennials have racked up over one trillion dollars in debt, they could certainly learn from Boomers and their thrifty ways!
If you’re looking for even more great articles like this one, then check out these before you go:
- 5 Thrifty Ways to Have a Cheap Vacation
- 6 Thrifty Tips for Seniors to Save on Prescription Drug Costs
- 10 Ways to Save Money at Walmart
- 10 Thrifty Tips for Living Alone After 60
- 10 Cheap Ways to Increase Your Home’s Value Before Downsizing
- 10 Thrifty Tips for Entertaining Your Grandkids on a Budget
- 10 Thrifty Tips for Seniors to Save Money on Groceries
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Originally published May 02, 2025
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