Ten Things Your Grandparents Know About Money (That You Don't)

5. Debt Is to Be Avoided

In the age of credit cards, where spending what you don't have now is encouraged left and right, it's hard to believe there was a time when people actually believed that debt was to be avoided, but those are the words that your grandparents lived by. If they didn't have the money, then they would simply need to figure out a different plan on how to get what they needed. It might be borrowing it from a friend, saving up money or finding something that could be used instead. Going into debt to get it accomplished was not an option.

6. Save for Rainy Days

As many people are finding out, rainy days eventually come. Your grandparents were well aware of this and specifically put aside money for these rainy days. It's now what is commonly referred to as an emergency fund and something that comes in quite handy when your financial plans don't go exactly as you imagined they would.

7. Used Can Be Just as Good as New

This concept isn't completely foreign even to today's generation. The notion that buying a quality two- to three-year-old car has become basic mainstream financial advice when it comes to car ownership. Your grandparents knew that just because something happened to be pre-owned doesn't make it something to be dismissed as unworthy. They also know that this concept doesn't stop with cars and can be expanded to almost any other area where a second-hand market is available.

8. Functional Trumps Fashion:

When it comes to making purchases, your grandparents knew that it wasn't what the device looked like, but what it could do that mattered. It was much more important to buy something that did what needed to be done regardless of what it actually looked like. That Rolex may look great, but it doesn't tell time any better than a standard watch bought at the local discount store. Learning to buy for function rather than looks is a great way to save money.