Back to the future: Look to the past if you want to save money

Everything old is new again, and it’s freaking me out financially. With Queen more popular now than they ever were, it’s time to channel our nostalgic craziness into saving more money.

Everything old is new again, and it’s freaking me out financially.

My daughter’s recent birthday wish was for a Polaroid-style camera that spits out instant photos on film. Back in the 1980s this was one of my favourite birthday presents too, and I remember how expensive it was then to buy the film.

Well, fast forward 35 years and the film is still expensive at about $2 a photo. This is despite the fact that mobile phones and home printers now do a bigger, better job.

• End family fights over electricity

• Dog lovers spend big on daycare

Or how about those old arcade games that people would pop 20c into for entertainment? They’re back, too, and if you’ve got a spare $800 you could buy one with 50+ in-built games to sit next to your PlayStation, Xbox and Wii.

Fancy your music on a vinyl record? Pink Floyd’s The Wall album will set you back almost $70, while a popular album from current rock star Pink sells for $45 on vinyl. They’re half that price if bought digitally.

With British band Queen more popular now than they were in the 1970s and 1980s, it’s time to turn our nostalgia craziness to finance.

Technology helps us manage our money but some old-style strategies still work wonders.

1. WRITE STUFF DOWN

In the olden days before i-things, video phones and homes that talk to you, people used to write things with pen and paper.

This is still a great way to commit to financial targets and life goals. The physical act of writing — and having that written record to measure progress — makes success more likely.

Saving serious money can start with using some wisdom from the past.

2. SEPARATE YOUR SPENDING

Before credit cards and online banking, people received cash wages in an envelope and many would split it into separate piles of money so they wouldn’t be caught short when a bill or unexpected expense arrived.

Some people still successfully use this strategy today, while others use some of the many apps and online tools that will do the job for them, often for free.

3. SAVE AT LEAST 10 PER CENT

It’s an oldie but a goodie, and many financial specialists still recommend people put aside a chunk of their income to save or invest for their future.

Technology makes this easy too, with digital options and direct debits sending cash towards noble goals before we blow it.

4. HANDY AND HOME-MADE

You don’t have to make your own clothes like grandma may have done, but DIY can save a packet — especially when it comes to gift giving.

A handmade and personalised birthday card or other card — made using your home printer and imagination — can save $5 to $10 a pop.

Handmade gifts are also much more personal, and probably cheaper, than just another store gift card.

5. BULK UP

Today’s consumers no longer buy a whole slab of cow or other food, cut it up and stuff it in the freezer for countless future meals. But buying bulk still saves plenty.

Retailers put huge mark-ups on items sold in small packages. So always check a product’s unit price — how much it costs per 100g, 100ml or other measurement — before buying.

@keanemoney