Saving Tips From The 1970s 🥚 Egg Inflation 2023
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- Опубликовано: 8 сен 2024
- Inflation was out of control in the 1970s just like today! In this video we are seeing what we can learn from a time when eggs were also 40% more expensive than last year!
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Our interest rate on our first home in the 1970's was 18%, it was crazy. The home was cheap and a fixer upper but still our payment was high. Gas prices were high as well. My husband made less than 25,000 a year and we had 4 children and I was a stay at home mom. We raised a big garden to help feed our family, had one car and only had wood heat, which we cut our own wood off of our property and my in-laws farm.
Great video Laina!
Thanks Matt!
I remember the inflationary period of the 1970’s and interest rates continued to be a problem into the 1980’s. We bought our first house in the early 1980’s. I believe it was 1983. Interest rates were horrible. We got a “bargain” at the time. Our mortgage rate was “only” 15%. In the 1970’s there was an oil embargo that OPEC instituted. Oil prices skyrocketed. Depending on where you lived, local authorities instituted several ways to slow down consumption of gasoline. No sales on Sunday and only could fill up on certain days depending on your license plate number. It was pretty extreme back then. Unemployment was rampant and many many people were hurt financially.
I learned at a very early age to save money. My parents grew up during the “Great Depression” so saving and being frugal was ingrained in our upbringing. When I went to grade school they taught students about opening a bank savings account and making a deposit every single week. I had a piggy bank at home and would put whatever change (coins) in it I had and then would deposit that into my bank savings account. I don’t think schools do that these days, but they should.
So, how to weather the storm of inflation is to start very early in your life and save your money. Be frugal with your shopping. You don’t really need Every new bright shiny thing that happens to be trending at the current time.
You have to remember that you may be young now but one day you will wake up and realize that you are in your 60’s or 70’s. That money you have saved throughout your life will be there to help to take care of you in your older years when you are no longer in the workforce.
If you work for a company that offers a 401K retirement plan, please enroll in the plan. I worked in nursing for 48 years and always had the max amount taken out of my paycheck and placed in the 401 plan. I am “comfortable” and able to weather this current economic environment, but still watch what I buy because your dollar doesn’t go as far.
You have a very nice channel and I’ve just subscribed.
Hope your day is great. 😊
PS…. I purchased a circle bag from Portland Leather Goods last year in the color Cognac and I just love it. I like the structure of the bag. The leather color is beautiful and so far it is holding up very well with daily use. 😊
Welcome to the channel! So interesting to read your comment!
@@laina-brown Good to meet you. If my father was still alive, he passed away this past summer, he could tell you some stories of his life during the Great Depression. Things were really rough for his parents. 😳
Can't believe how similar the 1970s and now are financially!
So interesting!
Our first mortgage was a little over 13% and we were lucky to get it.
I remember a few years ago thinking that 3.5 was bad!
We have started sourcing our ground beef somewhere else because of inflation. Side benefit--it's been a higher quality meat.
We are also buying eggs from a private party and I think private parti just don't go up quite as fast.
Interest rates in the late 70s were as high as 22%!
That would be so painful!