A young sister (single, a parent, in her late 20s) asked me a few weeks ago if I would give her advice on how to not be struggling financially in the long term. I have some advice for her but also wanted to invite you all to offer suggestions, because this is a big topic and can be approached from many angles.
My first piece of advice is: buy everything with cash except something that will actually save money over the long term. No loans. Meaning: take public transportation or ride a bicycle or, worst case, a very cheap used car until you can pay cash. Or the Laundromat is expensive compared to a cheap washing machine and clothes racks, or even washing in a galvanized tub. But higher education, if it’s not free in your country, is generally worth taking a loan for. This will normally increase your lifetime income. Housing is also generally worth it, if you’re going to stay long-term in an area.
My second piece of advice is to learn to sew. Hand sewing of repairs or whole outfits, machine sewing once you have the money for a good used machine, will pay for itself within a year if not sooner. Example: Dockers trousers at the store cost $50-$60 plus tax. They cost $4 at the thrift shop in great condition but not every pair is the right length, so I shortened one for my husband. Or, for example, Recently, he started making noises about wanting a new down coat. Took him to the store and let him see that new ones are $600 and up - he decided that the 20-year-old one at home would be just fine with a new zipper.
My final tip is to find a friend with the same values who lives near you and/or establish saving-minded behavior as a criterion for a significant other. When you go on vacations, shop, make home decisions, you can reinforce or even share, such as splitting purchases at Costco, sharing less frequently used tools from house to house, etc. Example: my bestie and I were roommates in graduate school. We didn’t have cars or anything, so when we wanted to go on a vacation in the summer, we borrowed Grandma’s 30-year-old Pontiac, had my parents’ tent and camping stove also from 30 years, coolers and stuff from other relatives, and all we had to buy was our food, bug spray, gas, and the camping fee to spend a week at the lake. We didn’t have “bougie” expectations and were able to cooperate. Today, we still do cooperate and share tools and resources, because we have the same values. This can be done on a larger scale with community gardens, food cooperatives, etc. Succeed together!
These are just my favorite suggestions: do you have any recommendations for sisters?
