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As talk of a possible economic recession grows louder, many people are thinking more about how to stretch a buck.
And the internet is full of money-saving tips for the modern day: Use a budget app. Cancel unwanted streaming subscriptions. Wait for those Black Friday tech deals.
But there’s also a lot of wisdom to be gleaned from the frugal habits of our ancestors — like great grandparents who lived during the Great Depression, when the popular motto was “Use it up, wear it out, make it do, or do without.”
In fact, many social media users are revitalizing some of this lost cultural heritage with posts about everything from reusing disposable items and mending your own clothes to making your own gifts and preserving your own vegetables.
So what? Americans have lived through economic downturns before and will again. And although there will always be new twists on old habits, we can learn a lot from our ancestors.
Here are just a few of the themes that are experiencing a renaissance on platforms like TikTok, Instagram and Reddit. Many of these money-saving tips have other benefits too.
• Forgo disposables: Before disposable razors, water bottles, paper napkins, and menstrual products, there were (and still are) reusable options for everything. They may cost more upfront, but the long-term payback can be significant — as millions of people in BIFL (Buy It For Life) groups online can attest to.
• Reuse disposables: Many of us grew up scoffing at older relatives who washed plastic baggies, but they may have been on to something. Just because companies want to keep selling you single-use products doesn’t mean you have to use them that way. You can even reuse things like plastic wrap and zip ties.
• Upcycle: Beyond recycling, you can “upcycle” by creatively repurposing old items into new things. (Egg cartons make excellent seed starters.) This strategy has even spawned clothing styles in the past.
• Make your own clothes: Making and mending your own clothes has always had benefits — including saving money. Sewing content on Instagram is booming, with millions of posts being shared under hashtags like #sewingproject, #sewinglove and #sewingaddict.
• Cook at home: Cooking at home can save you some serious money, depending on the ingredients you use. Plus, it can keep you healthier and reduce food waste.
• Do your own repairs: Do you know how to patch a hole in your drywall? Or fix a running toilet? Doing your own maintenance not only saves money, but might be a lot faster. These days it can be hard to even get an appointment with a contractor or repair service.
• Make your own gifts: Why not take advantage of hobbies like crafting to make your own gifts? And a pair of knitted socks sends a much more personal message.
• Are We in a Recession? What the Data Says—and How to Protect Your Finances (Nerdwallet Podcast)
• Growing Share of U.S. Adults Say Their Personal Finances Will Be Worse a Year From Now (Pew Research)
• Can You Save Money by Growing Your Own Food? (SoFi)
Please understand that this information provided is general in nature and shouldn’t be construed as a recommendation or solicitation of any products offered by SoFi’s affiliates and subsidiaries. In addition, this information is by no means meant to provide investment or financial advice, nor is it intended to serve as the basis for any investment decision or recommendation to buy or sell any asset. Keep in mind that investing involves risk, and past performance of an asset never guarantees future results or returns. It’s important for investors to consider their specific financial needs, goals, and risk profile before making an investment decision.
The information and analysis provided through hyperlinks to third party websites, while believed to be accurate, cannot be guaranteed by SoFi. These links are provided for informational purposes and should not be viewed as an endorsement. No brands or products mentioned are affiliated with SoFi, nor do they endorse or sponsor this content.
SoFi isn't recommending and is not affiliated with the brands or companies displayed. Brands displayed neither endorse or sponsor this article. Third party trademarks and service marks referenced are property of their respective owners.
OTM20250512SW
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This week, the focus is on how the latest tariff shocks are impacting inflation and consumer sentiment.
The release of April Consumer Price Index (CPI) data will be the main event, while the Producer Price Index (PPI) and import/export price data will play a supporting role. Together these reports will provide the first comprehensive look at price trends since new tariffs were implemented.
Of particular importance for investors will be the extent of price hikes – and whether they are isolated to import-sensitive goods like cars, clothing, and pharmaceuticals or more widespread. Though consumer prices actually fell in March, expectations are for them to rise 0.3% m/m in April. Any significant deviation from consensus expectations could lead to market volatility.
We’ll also get a look at how consumers are feeling when the University of Michigan releases preliminary consumer sentiment for the month of May. Last month sentiment fell to its lowest point since July 2022, while year-ahead inflation expectations jumped to their highest since 1981. Feelings can influence behavior, and the impact of this sentiment could eventually transform into the factual hard data that catalyzes action from investors and the Federal Reserve.
• April Treasury Statement: This summarizes the U.S. federal government budget by tracking government revenues and expenditures.
• Fedspeak: Fed Governor Adriana Kugler will deliver a speech at the International Economic Symposium.
• Earnings: DaVita (DVA), Fox Class B (FOX), Twenty-First Century Fox Class A (FOXA), NRG Energy (NRG), Simon Property Group (SPG)
• April NFIB Small Business Optimism: This measures how small business owners feel about current and future economic conditions.
• April Consumer Price Index: The CPI is one of the most popular indicators for tracking consumer price trends and is a marquee release for market watchers.
• Weekly Mortgage Applications: Mortgage activity gives insight on demand conditions in the housing market.
• Fedspeak: San Francisco Fed President Mary Daly will participate in a fireside chat at a California Bankers Association event followed by Q&A.
• Earnings: Cisco (CSCO), STERIS (STE)
• May Empire State Manufacturing Activity: The New York Fed’s survey of manufacturing executives in the region on business conditions and their outlook.
• April Retail Sales: This measures spending at retail stores and is a key indicator of consumer demand.
• April Producer Price Index: The PPI tracks price trends that producers face and is down significantly from its peak earlier in the cycle.
• May Philadelphia Fed Manufacturing Activity: The Philadelphia Fed’s survey of manufacturing executives in the region on business conditions and their outlook.
• April Industrial Production and Capacity Utilization: The industrial sector accounts for much of the cyclical swings in economic activity.
• May NAHB Housing Market Index: This index tracks how homebuilders feel about the current and future state of the single-family housing market.
• Weekly Jobless Claims: This high frequency labor market data gives insight into filings for unemployment benefits. Jobless claims have continued to show a labor market that remains strong despite having cooled.
• Fedspeak: Fed Chair Jerome Powell will give opening remarks at the Thomas Laubach Research Conference, which will focus on the central bank’s monetary policy review.
• Earnings: Applied Materials (AMAT), Deere & Company (DE), Take-Two Interactive Software (TTWO), Walmart (WMT)
• April Building Permits and Housing Starts: Construction data is a leading indicator of economic activity.
• April Import/Export Price Indexes: These indexes track the changes in the prices of nonmilitary goods and services traded between the U.S. and the rest of the world.
• May New York Services Activity: The New York Fed’s survey of manufacturing executives in the region on business conditions and their outlook.
• May University of Michigan Consumer Sentiment: How consumers feel about economic conditions affect their spending habits. This survey places a particular focus on inflation and its trajectory.
• Fedspeak: San Francisco and Richmond Fed Presidents Mary Daly and Thomas Barkin will deliver commencement speeches.
• Earnings: Copart (CPRT)
Please understand that this information provided is general in nature and shouldn’t be construed as a recommendation or solicitation of any products offered by SoFi’s affiliates and subsidiaries. In addition, this information is by no means meant to provide investment or financial advice, nor is it intended to serve as the basis for any investment decision or recommendation to buy or sell any asset. Keep in mind that investing involves risk, and past performance of an asset never guarantees future results or returns. It’s important for investors to consider their specific financial needs, goals, and risk profile before making an investment decision.
The information and analysis provided through hyperlinks to third party websites, while believed to be accurate, cannot be guaranteed by SoFi. These links are provided for informational purposes and should not be viewed as an endorsement. No brands or products mentioned are affiliated with SoFi, nor do they endorse or sponsor this content.
SoFi isn't recommending and is not affiliated with the brands or companies displayed. Brands displayed neither endorse or sponsor this article. Third party trademarks and service marks referenced are property of their respective owners.
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