Maybe you’ve been living vicariously through travel blogs or living your best life on The Sims, but here’s one trip you probably haven’t taken yet - an adventure through time. Don’t worry, there’s no risk of the Butterfly Effect happening and you ruining your parents’ first date.
Instead, we’ll take you on a voyage through the decades to explore how people approached budgeting, cutting costs and putting money aside in the past. So buckle up, we’re going time-travelling!
Sorry guys, it’s a rocky start to our trip. The 1940s were dominated by World War II, which followed on from a long period of economic recession. Times were tough to say the least, and brought along rationing and extreme frugality. Saving money was an incredibly important part of daily life.
As you’d expect, the tips are all about making the most of what you have and maximising resources:
Ah, the 50s. Kids are watching cartoons on 12 inch black and white TV sets, yearly inflation rate in the UK is 2.8% and an average price of a house is £1,940. If Don Draper were real, he would have just started his career in advertising.
Here are some thrifty tips according to various books aimed at the housewives of the 1950s:
If we had to make a highlight reel of the 1960s, here’s what it would include: The Beatles, hippies, Kennedy assassination, Moon landing, Cold War, Cuban Missile Crisis, Marilyn Monroe, Vietnam, Martin Luther King, and skateboarding. Phew! That’s one action packed decade.
Here are some lessons on frugality from the Flower Power generation:
The 70s were a very mixed bag. On the one hand, they gave us David Bowie, Fawlty Towers, Microsoft, FedEx and Apple, but on the other, they brought poor economy, high inflation, employment struggles and strikes.
Maybe it’s because of the turbulent nature of the 70s were or perhaps despite it, a lot of the money tips still ring true today:
The decade that gave us: Pac-Man, Baywatch, MTV, CD players, mobile phones, Microsoft Windows, The Simpsons, padded shoulders, Doctor Who, *big* hair and much, much more.
Now, put on some 80s tunes and visuals and let us dive into the money tips:
And there you have it! If you plan on riding this nostalgia wave, let us know if you have any tips or if you have any film or music recommendations to help relive the old times.
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Remember your Capital is at Risk and past performance is not a reliable guide to future returns. The value of your investment can go down as well as up and you might get back less than you originally invested.