This is what our grandparents had to say about how to ensure sound household economics:
1# The 99 cents rule
Never spend more than 99 cents of the dollar you have in your pocket. You will make good use of the last penny one rainy day.
2# Family budget/planning
Always have a simple budget and planning for your household economics. Get to know your income and main expenses.
Always keep a stock of dry-foods, bottled water, clothes, medicine and first-aid equipment in case of extraordinary events. Some cash and silver coins can also be handy if things break down for shorter or longer periods…
4# Your health
Always take good care of your health. And if you take critical medication, do not expect it to always be affordable or even available at all times. Remember that the “Just-in-time” concept is still a relative new way of living. Stock up with, for example, a one year supply if possible.
5# Accept that your neighbors may have more than you…
Often we see that people can be jealous when seeing others buy a new car, TV, clothes, travel, house, and so on, so forth… If you chase material goods and a living standard higher than your means, the consequences might be dangerous. Simple rule: you need to earn or produce some value before you can consume some value.
Use the list as an inspiration, not an absolute. Feel free to send us your opinion on this matter and add-on to the list with your “Grandma’s good old-fashioned advice”.