Saving money is always a good idea, but not all advice stands the test of time.
Some of the most popular financial advice that worked decades ago is now completely outdated, and sticking to it might actually cost you more in the long run. With rising living costs, changes in shopping habits, and modern money tools, it’s time to ditch the old-school advice that no longer makes sense. Feel free to ditch these so-called financial “tips” — they’re of no use anymore.
1. Paying with cash to control spending.
Once upon a time, using cash instead of cards was a great way to stick to a budget. The idea was simple: if you only had a set amount of cash on you, you couldn’t overspend. But in today’s world, where contactless payments and online shopping dominate, cash is rarely the most practical option. With digital banking, you can track every penny you spend, set spending limits, and even get alerts when you’re nearing your budget. Plus, many businesses now prefer card payments, making the old cash-only rule less useful than it once was.
2. Buying in bulk always saves money.
Bulk-buying sounds like a smart way to save, but in reality, it doesn’t always work out. While buying non-perishables in bulk can still be cost-effective, many people end up purchasing things they don’t actually need, just because they’re “cheaper per unit.” Food waste is another issue; buying a massive pack of something only to throw half of it away isn’t saving you anything. Instead, it’s smarter to only buy in bulk when you know you’ll use everything before it expires.
3. Always go for the cheapest option.
There’s a difference between being frugal and being cheap. Going for the absolute cheapest product every time can actually cost more in the long run. Whether it’s clothing, appliances, or home essentials, ultra-cheap items often wear out faster and need replacing more often. Instead of always choosing the lowest price, focus on value for money. Sometimes, spending a little more upfront means better quality and longer-lasting products, which saves you money over time.
4. Avoid credit cards at all costs.
For years, the advice was to steer clear of credit cards to avoid debt. While reckless credit card use can be dangerous, completely avoiding them isn’t necessarily the best financial move. Credit cards, when used responsibly, help build a strong credit score, offer fraud protection, and even come with cashback or rewards. Instead of avoiding credit cards altogether, the smarter approach is to use them wisely — paying off the full balance each month to avoid interest and taking advantage of any perks they offer.
5. Cook every single meal at home.
Cooking at home is a great way to save money until it becomes unrealistic. The idea that you should never eat out, grab a coffee, or get takeaway is outdated in today’s busy world. With the cost of ingredients rising, cooking everything from scratch isn’t always as cheap as it used to be. Instead of banning meals out entirely, the better approach is to be mindful of where and how often you spend on food. Meal planning, looking for discounts, and mixing home-cooked meals with the occasional takeaway can help strike a better balance.
6. Use public transport because it’s always cheaper than driving.
Public transport used to be the go-to money-saving option, but rising ticket prices have made it less of a bargain. Depending on where you live, commuting by train or bus can cost just as much, if not more, than driving. Car-sharing, cycling, or investing in an electric vehicle might actually be better financial choices in some situations. The key is to compare costs based on your personal circumstances rather than assuming public transport is automatically cheaper.
7. Never buy branded products — store brands are cheaper.
“Always buy generic” has been the standard advice for years, but it’s not always the smartest approach. While some unbranded products offer great value, others don’t measure up in quality, meaning you might end up buying more just to get the same results. For things like medicines, skincare, or certain food items, brand-name products sometimes do make a difference. The trick is to compare ingredients, check reviews, and only go for cheaper alternatives when they actually work just as well.
8. Stick to loyalty cards for savings.
Loyalty cards were once a great way to save, but they’re not always the best deal anymore. Many retailers now offer discounts through apps, special online offers, or members-only pricing that doesn’t always link to traditional loyalty schemes. Instead of relying purely on loyalty cards, it’s better to shop around, compare deals, and take advantage of price-matching policies. Sticking to one store just for loyalty points could mean missing out on better savings elsewhere.
9. DIY everything to save money.
Fixing things yourself can be a great way to cut costs, but some jobs are better left to professionals. Whether it’s home repairs, car maintenance, or even financial planning, a bad DIY job can end up costing more to fix than it would have to hire an expert in the first place. Knowing when to DIY and when to pay for help is key. If it’s a simple task, go for it—but if it involves safety risks, expensive materials, or specialist knowledge, it’s often worth the investment to get it done properly.
10. Buying a home is always smarter than renting.
For decades, the advice has been that renting is “throwing money away” and that buying a home is always the smarter choice. But with rising house prices, expensive deposits, and maintenance costs, homeownership isn’t always the best financial move. For some, renting offers more flexibility and fewer financial risks. Depending on your location, job situation, and lifestyle, renting might actually be the smarter and more affordable option—at least for now.
11. Cutting out small luxuries makes a huge difference.
Skipping your daily coffee or cancelling Netflix won’t magically make you rich. While cutting back on non-essentials can help, it’s usually the bigger expenses like rent, utilities, and transport that have the most impact on your finances. Instead of focusing on tiny sacrifices, it’s better to take a broader look at your spending. Negotiating bills, finding cheaper living arrangements, or improving your income will have a much bigger effect than just giving up the occasional treat.
12. Bargain hunting always saves you money.
Chasing discounts sounds like a smart way to save, but sometimes, bargain-hunting leads to spending more than you planned. “Buy one get one free” offers and clearance sales can trick you into buying things you don’t need, just because they seem like a good deal. Instead of grabbing every bargain you see, focus on intentional spending. Ask yourself if you’d still buy the item at full price — if the answer is no, you probably don’t need it, no matter how good the discount looks.
