Saving money and building wealth did not just start today. Through the years, people have always saved and found interesting ways to build wealth. Before the advent of banks and new technologies, there have been some ways people saved money in the olden days. In this article, we’ll look at some of these ways and see what we can learn from them.
10 ways of saving money in the olden days
10. Under the bed
One of the easiest ways to save in the olden days is to keep money under the bed, inside the mattress, or pillow. It was easily accessible and at the same time saved you the stress of going far to look for a safe place.
9. In the bush
This was one of the popular ways to save money in the past. People hid their money and valuables in the bush. A lot of people had large lands and it was easy to hide valuables in marked spots inside the bush.
8. With friends
Another way to save money was to leave them with trusted friends over an agreed period. This way, people knew their money was safe and they could access them when needed. Not having direct access to the money made it less likely that they could spend it on impulse.
7. Ajo
The concept of ajo started way back in time. People who live in the same community or share certain interests like hunting, farming, selling in the market together, etc came together to contribute a sum of money. At the end of the saving cycle, one person takes the money and it continues until everyone has had a turn.
Related: Money Chronicles: Why I Chose Cowrywise Over “Ajo”
6. In the ground
Burying money in the ground was also very popular. People dug up holes and hid their money. Then they go ahead to mark the spots. Huge sums of money and other valuables have been randomly discovered in the past because sometimes people forget to inform trusted families where their money was hidden before they died.
5. Saving jars
Saving jars were in form of buckets with lids, clay pots, piggy banks, etc. People saved up money in saving jars around their homes. They saved money in saving jars over some time and then break them to access the money when it is needed.
4. Gold
Another way people saved money was by buying gold. Gold was considered one of the most valuable sources of wealth. Access to gold signified wealth and was a status symbol. People bought gold and used them for transactions. Also, it could easily be inherited by family members.
3. Walls
It is interesting to know that people hid their money inside walls. By creating a secret slash on the wall, people were able to hide their money and valuables in locations known only to them and a few persons they trust.
2. Lands
Buying lands has always been a way to save money and build wealth. Buying lands gave people a sense of security and they didn’t have to worry about losing their money or spending impulsively. Also, lands were considered a symbol of wealth.
1. Purchase of properties
Similar to buying land, people also bought properties to save up their money. The properties they bought were mostly peculiar to the seasons and their environment. For instance, people bought cattle, cows, sheep, etc to grow their money and as a symbol of wealth.
Lessons to learn
From these ways of saving money in the olden days, we can tell that;
- Some of these methods were not sustainable. A lot could go wrong and it was easy for people to lose their money to theft, natural disasters, fraud, etc.
- It was very easy to access money to spend impulsively and the purpose of saving was not directly achieved in most cases.
- Another insight is that these monies were not invested and so could not grow wealth.
- Economic factors like inflation reduced the value of the money because they weren’t properly invested to beat inflation.
- In cases where people couldn’t tell their loved ones about where their money and valuables were hidden, it becomes lost for good and their family cannot access them after their demise as in the case of next of kin.
Bottom Line
Although these were interesting ways to save money and it worked for our forefathers in the olden days, times have changed now, and the situation of things too. It is no longer sustainable to save money in some of these ways if you are looking to build wealth and gain financial freedom. That is why wealth management platforms like ours are here to help you plan, save, and invest your money.
>> Start saving in a modern way on Cowrywise.
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