8 Depression Era Money Saving Tips (2024)

You can start using these Great Depression Era money-saving tips today!

8 Depression Era Money Saving Tips (1)

When most people think of the height of frugal living, the depression era is often the #1 time they think about. It was a time when most people didn’t waste anything, used their creativity and ingenuity to solve problems and managed to make it through, even when times were extremely tough and budgets simply did not exist because there was nothing to spend.

When I think of the depression era, I am reminded of how much we waste now and how they managed to use everything without even a complaint. It just was the way things were and everyone contributed to the household. If you would like to employ some good, old-fashioned money-saving tips that they used in the depression era to save your household some money, here are 10 forgotten Depression Era money-saving tips to start using now.

8 Depression Era Money Saving Tips

Learn the art of haggling.

People in the depression era didn’t just take the first quoted price for something. They knew how to trade, haggle, and make deals. We may not haggle these days outside of the car lot, but that doesn’t mean we can’t save money on the things we want. I keep notes of the items I need and then watch for sales on them. But it never hurts to ask when a store’s next sale will be.

Trading is starting to come back. More stores are offering to give you credit on used electronics when you are upgrading. Some stores buy back CDs, Vinyl Records, Books, or DVDs. Others buy back gaming equipment or phones. When you need a new item, see if you can, at least partially, fund it with something you no longer use.

While most of us are not comfortable haggling, you can use the internet to find the best price on an item. If you can offer proof of that price, some stores have a price matching guarantee.

Don’t shop for fun.

Recreational shopping wasn’t really an option for most people during the Great Depression. It is amazing how much money we waste when we shop because we are bored. Make it a habit to not do so. Bored? Pick up a deck of cards, work on a puzzle, call a friend, read a book, work in the garden, or choose another no-cost hobby to entertain yourself.

8 Depression Era Money Saving Tips (2)

Buy used.

Many families bought things that their neighbors no longer needed in order to save money. This should be a priority for you if you are looking to save money especially when it comes to things like kids’ clothing, seasonal items, and even household basics. Check out your local thrift stores, Craigslist, eBay, or even Facebook Marketplace.

Shop locally.

You may be surprised by how cheap things are when you buy from local stores. Many people shop at big box stores because we have been trained as consumers to think they are cheaper. The truth is, they are often not cheaper and you can get great deals from local markets. This is usually true of farmers’ markets because you are shopping in-season as well.

Even if the price is higher, you may save money because you do not have to pay shipping costs. Have you ever had your online cart at $23 when the business reminds you that if you spend $35, you will get free shipping, so you buy a $13 item that you don’t really need to save $4.99 on shipping? Yeah, they trick you into spending more because you hate paying shipping costs.

Reduce the use of household products.

Most of us use too much dish soap, shampoo, and lotion as well as many other products. Reduce the amount you use and you may be surprised that it’s enough. This will save you from having to replenish personal care products, beauty products, and cleaning supplies as often.
If you read the back of the bottles, they will often say, “Use a pea-size amount”. Try just following the guidelines on the back of the bottle. Carefully look at the lines on the laundry soap measuring cup. Most of the time, you only need the amount at the lowest line, but we are in the habit of filling the whole cup using 3 – 4 times as much as we need.

My kids always use too much soap when watching their hands, so I fill the soap dispenser halfway with soap, then fill it the rest of the way with water. I put the lid on and then shake to mix the water into the soap.

Stretch your meat or skip it in meals.

Often, families did not have the money to have meat with most meals during the great depression. They stretched what meat they did have with beans and lentils. If you don’t feel you can go meat-free, try ubstituting beans or lentils for half the ground meat in your recipes. You will save money and consume much-needed fiber.

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Don’t buy disposable things.

Disposable products simply didn’t exist during the Great Depression. Now, we live in a disposable era. But it is easy and much more frugal to trade paper towels for rags and sandwich baggies for reusable containers. Look at the disposable products you are buying and find a reusable resource in your home.

Try some holistic health.

In our grandparent’s time, it was expensive to see a doctor just like it is now, and it wasn’t unheard of to try weird concoctions for healing various ailments. Don’t use any of the disproved methods of former days! However, it may be smart to try things like essential oils for minor ailments before reaching for that medication or going to your doctor’s office for minor things like congestion from a cold.

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8 Depression Era Money Saving Tips (2024)

FAQs

8 Depression Era Money Saving Tips? ›

To save money, families neglected medical and dental care. Many families sought to cope by planting gardens, canning food, buying used bread, and using cardboard and cotton for shoe soles.

What were some ways people saved money during the Depression? ›

To save money, families neglected medical and dental care. Many families sought to cope by planting gardens, canning food, buying used bread, and using cardboard and cotton for shoe soles.

How can I save money during depression? ›

10 Money-Saving Tips from the Great Depression To Use Today
  1. Buy in Bulk. For anyone who shops at Costco, this is already part of your regular practice. ...
  2. DIY Cleaning Supplies. ...
  3. Use Everything in Your Pantry. ...
  4. Grow Your Own Food. ...
  5. Upkeep Clothes Yourself. ...
  6. Use Every Last Scrap. ...
  7. Find Depression-Era Recipes. ...
  8. Use Less Energy.
Dec 20, 2022

How frugal were people during the Great Depression? ›

During the Depression, men passed the time in Sophie's Alley in the 2200 block of East Main Street. Theirs is a generation marked by frugality. It was a time when a single man could live on $40 a month -- bread cost a nickel, a suit could be had for about $25 and a streetcar ride cost 7 cents.

How can I save an insane amount of money? ›

8 ways to save money quickly
  1. Change bank accounts. ...
  2. Be strategic with your eating habits. ...
  3. Change up your insurance. ...
  4. Ask for a raise—or start job hunting. ...
  5. Consider a side hustle. ...
  6. Take advantage of a credit card that offers rewards. ...
  7. Switch up your transportation habits. ...
  8. Cancel subscriptions you don't really need or use.
Feb 22, 2024

Where is money safe during depression? ›

Your money is safe in a bank, even during an economic decline like a recession. Up to $250,000 per depositor, per account ownership category, is protected by the FDIC or NCUA at a federally insured financial institution.

How do people used to save money? ›

People who live in the same community or share certain interests like hunting, farming, selling in the market together, etc came together to contribute a sum of money. At the end of the saving cycle, one person takes the money and it continues until everyone has had a turn.

What is the best asset to hold in a depression? ›

Domestic Bonds, Treasury Bills, & Notes

Mutual funds and stocks are considered to be a big gamble during depressions. While Treasury bonds, bills, and notes are more secure investments. These items are issued by the U.S. government.

What not to buy during a recession? ›

Don't: Take On High-Interest Debt

It's best to avoid racking up high-interest debt during a recession. In fact, the smart move is to slash high-interest debt so you've got more cash on hand. Chances are your highest-interest debt is credit card debt.

How to prepare for a depression in 2024? ›

How to prepare yourself for a recession
  1. Reassess your budget every month. ...
  2. Contribute more toward your emergency fund. ...
  3. Focus on paying off high-interest debt accounts. ...
  4. Keep up with your usual contributions. ...
  5. Evaluate your investment choices. ...
  6. Build up skills on your resume. ...
  7. Brainstorm innovative ways to make extra cash.
Feb 22, 2024

Who thrived during the Great Depression? ›

Business titans such as William Boeing and Walter Chrysler actually grew their fortunes during the Great Depression.

What was cheap during the Great Depression? ›

On the other hand, quite a few items, such as rents, haircuts and cars, were tantalizingly affordable in the Great Depression. The 1930s were a time of struggle and heartache for millions. But for those who maintained solid employment, there were silver linings.

How did some people stay rich during the Great Depression? ›

But some investors built their wealth during this era. Jesse Lauriston Livermore was one of those people. He wasn't afraid to short stocks and leaned on technical analysis for his investing decisions. Jesse's returns from the Great Depression earned him the nickname The Great Bear Of Wall Street.

How to save up $100,000 fast? ›

Five tips to help you save $100,000 faster
  1. Live below your means and cut frivolous spending. ...
  2. Be hyper-aware of every monthly expense and ruthlessly cut back to save faster. ...
  3. Pay down high-interest debts like credit cards first. ...
  4. Find the financial institution that will get you the highest interest rate.
Mar 27, 2024

What is the 50 30 20 rule? ›

The 50-30-20 rule recommends putting 50% of your money toward needs, 30% toward wants, and 20% toward savings. The savings category also includes money you will need to realize your future goals.

How to save $10,000 in 3 months? ›

By following these steps and tricks, you could save up to $10,000 in three months.
  1. Set a goal and a budget.
  2. Pay down your debt.
  3. Evaluate and limit spending.
  4. Increase income streams.
  5. Make lifestyle edits.
Jan 4, 2023

How did people pay for things during the depression? ›

Millions of Americans used credit to buy all sorts of things, like radios, refrigerators, washing machines, and cars. The banks even used credit to buy stocks in the stock market.

What saved people during the Great Depression? ›

When the Great Depression hit, pension systems and unemployment insurance were almost non-existent. Stimulus programs in the 1930s helped to restore confidence by introducing such insurance schemes, particularly on unemployment or bank deposits (Eggertsson 2008).

What saved the economy during the Great Depression? ›

It was war-related export demands and expanded government spending that led the economy back to full employment capacity production by 1941.

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