Advertising
Advertising

How Finances Have Changed Over 20 Years

How Finances Have Changed Over 20 Years

People like to joke about “when I was your age,” but the fact remains that the cool, rebellious grunge kids of Generation X have grown up into the responsible 30 and 40-somethings of today. They will be the last generation to handle finances in the old pen-and-paper way, and while these changes have unfolded gradually over some years, it’s sometimes jarring to think about how money was handled “when I was your age.” Consider the way these things have significantly changed:

Paying Bills

20 Years Ago: That checkbook that you keep shoved in a drawer? 20 years ago, that checkbook was your lifeline; you needed it to pay and mail every bill, making record keeping utterly important, as well as a large supply of stamps to send all those payments in.

Advertising

Today: How do you want to pay your bills? Today, the choice is up to you. You can use the old way of sending a check. You can keep a credit card on file for automatic payment. You can send your bank or credit union account and routing numbers to your online account for payment. You can also use various services such as PayPal or your financial institution’s billpay system. Digital banking is all about flexibility.

Keeping Records

20 Years Ago: Checkbooks weren’t just used for writing checks. Two decades ago, the checkbook was also the place you kept all your records. The phrase “balancing my checkbook” meant actually compiling all of the deposits and debits to see if the numbers made sense, and if they matched up with your monthly statement. It was the manual way to make sure you didn’t overdraft or get things out of place with your finances. Records of your checks were either written as line-items on your checkbook’s ledger or with carbon copies of each check, or even both.

Advertising

Today: Financial institutions have a secure online portal now that allows instant access to real-time records and a scanned archive of your deposited checks. Records may even be accessible on your smartphone, as many banks now have apps for financial management.

Getting Paid

20 Years Ago: Direct deposit was in its infancy, and for many people, you still got a physical check every two weeks. Depending on where you worked, your check was either mailed to you, or distributed at your office; that usually meant a trip to the branch rather than simply knowing it was electronically transmitted (an entire episode of the cult 1990s show The X-Files used rushing to the bank as the basis of its plot), and if you lost the physical check, it could take time to receive a replacement.

Advertising

Today: Wherever you work, you simply fill out a form with your information (account and routing number) and your paycheck magically appears in your account upon payment. This saves loads of time and effort since you don’t have to go to the branch, though it’s still worth it to regularly check and make sure there’s nothing funny going on with your deposits. Many institutions now allow for check scanning via a smartphone app as a means of deposit as well.

The Little Things

20 Years Ago: Cash was a common thing. In your wallet, on the entryway’s side table, change in your pocket – all of these places would be sensible ideas for keeping coins and a buck or two. Simply put, you never knew when you were going to need it. At the same time, you’d still have to be on guard with it because unlike digital transactions, cash could be stolen. Cash was the go-to for so many things, from simply paying for items at the store, to leaving a tip for service. If you didn’t have enough with you, tough beans, you weren’t buying it that day.

Advertising

Today: Modern finances make cash practically obsolete, though there’s certainly something practical in keeping some around. You can pay entirely by credit card, including tip, at most places. You can split the tab with friends using apps, you can pay bridge tolls through electronic sensors, and many vending machines and parking meters take cards, at least in major metro areas.

What’s Stayed the Same

The way we pay and make records of our finances has changed wildly in the digital age, but one thing remains constant: you need to be smart about how you handle your finances. In fact, it’s probably easier to give into spending temptation when everything fits on a card or you don’t have tangible cash to use (there’s been a study on this). You still need to manage your accounts, you still need to look at sound ways of investing, and you still should consider things like credit unions as a means of financing with better interest rates. These notions existed 20 years ago, and they’ll continue to exist 20 years in the future, despite however technology evolves the means of transaction.

Featured photo credit: jarmoluk via pixabay.com

More by this author

Bill Prichard

Senior Manager, Corporate Communications at CO-OP Financial Services

How Finances Have Changed Over 20 Years

Trending in Budget Activity

1 6 Easy Ways to Treat Yourself 2 7 Websites to Sell Used Stuff Profitably 3 Seven Tips to Save Money While Renovating Your Home 4 4 Ways to Make Every Penny Stretch in 2017 5 Getting Out of Debt in 4 Simple Steps

Read Next

Advertising
Advertising
Advertising

Last Updated on June 20, 2019

50 Businesses You Can Start In Your Spare Time

50 Businesses You Can Start In Your Spare Time

Most people want a few more dollars in their wallets. But between an employer and family, the time most of us can devote to a second job is severely limited. Running a small side business can provide a few more options: you don’t have to show up at a set time and you can use skills you already have. Not all will be perfect for everyone, of course, and I’m sure that you’ll have a few ideas of your own after reading this list. If you’d like to share any other business ideas, please add them in the comments.

  1. Selling collectibles — From antique books to teddy bears, there are plenty of opportunities to buy and sell collectibles. It’s important to familiarize yourself with the collectible of your choice but if you choose something that you’ve been collecting for a while, you’ve got a head start.
  2. Locating apartments — It can take time to sort through apartment listings, but you can make some money by finding the perfect apartment for a renter.
  3. Baby proofing — New parents often prefer to bring in an expert to make sure their home is safe for a new baby.
  4. Calligraphic writing — If you’ve got elegant handwriting, you can pick up gigs writing or addressing wedding invitations, holiday cards and more.
  5. Selling coupons — Search on eBay for coupons right now and you’ll see thousands of listings for coupons. It’s just a matter of clipping and listing what you find in your Sunday newspaper.
  6. Pet training — A surprising number of people don’t know where to start in training a pet. Even teaching Rover simple commands like ‘Sit’ and ‘Stay’ can bring in a few dollars.
  7. Running errands — A wide variety of people want to outsource their errands, from those folks who aren’t able to leave their homes easily to those who have a busy schedule.
  8. Researching family trees — Amateur genealogists often call in experts, especially to handle research that has to be done in person in a far off place. If you’re willing to go to a local church and copy a few records, you can handle many family tree research requests.
  9. Supplying firewood — The prerequisite for selling firewood is having a source of wood; if you’ve got some land where you can cut down a few trees, you’ve got a head start.
  10. Hauling — As more people trade in their SUVs for compact cars, hauling is becoming more important: people have to rent a truck or hire a hauler for even small loads.
  11. Image consulting — Image consultants provide a wide variety of services, ranging from offering advice on appearance to teaching etiquette.
  12. Menu planning — For many people, the trip up in eating home-cooked or healthy meals is knowing what to prepare. Meal planners set a schedule to solve certain dietary problems.
  13. Microfarming — Cultivating food and flowers on small plots of land allows you to sell produce easily.
  14. Offering notary public services — Notary publics can witness and authenticate documents: a service needed for all sorts of official documents.
  15. Teaching music — If you’re skilled with a musical instrument, you can earn money by offering lessons.
  16. Mystery shopping — Mystery shoppers check the conditions and service at a store and report back to the store’s higher-ups.
  17. Offering research services — Just by reading up on a topic and compiling a report on it can earn you money.
  18. Personal shopping — Personal shoppers typically select gifts, apparel and other products for clients, helping them save time.
  19. Pet breeding — Purebred pets can be quite value, especially if you can verify their pedigree.
  20. Removing snow — During the winter months, shoveling walks can still be a reliable way to earn money. You might be asked to take care of the driveway too.
  21. Utility auditing — As people become environmentally-concious, they want to know just how efficient their homes are. With some simple testing, you can tell them.
  22. Offering web hosting services — Providing server space can be lucrative, particularly if you can provide tech support to your clients.
  23. Cutting lawns — An old standby, cutting lawns and other landscaping services can provide a second income in the summer.
  24. Auctioning items on eBay — Want to get rid of all your old stuff? Stick it up on eBay and auction it off.
  25. Babysitting — Child care of all kinds, from babysitting to nannying, can offer constant opportunities.
  26. Freelance writing — If you’ve got the skills to write clearly, you can sell your pen for everything from blogs to advertising copy.
  27. Selling blog and website themes — Do a little designing on the side? Customers that don’t want to pay full price for a website will often pay for a template or theme.
  28. Offering computer help — Particularly with people new to computers, you can earn money by providing in-home computer help.
  29. Designing websites — It may require a little skilled effort, but designing websites remains a reliable source of income.
  30. Selling stock photography — For shutterbugs, an easy way to put a photography collection to work is to post it to a stock photography site.
  31. Freelance designing — Check with local businesses: you can provide brochures, business cards and other design work and get paid a good fee.
  32. Tutoring — Math and languages reamin the easiest subjects to find tutoring gigs for, but there is demand for other fields as well.
  33. Housesitting / petsitting — Stopping in to check on a house or pet can earn you some money, and maybe even a place to stay.
  34. Building niche websites — If you can put together a site on a very specific topic, you can put targeted ads on it and make money quickly.
  35. Translating — The variety of translating work available is huge: written word, on the spot and more is easy to find even on a part-time basis.
  36. Creating custom crafts — No matter what kind of crafts you make, there’s likely a market for it. Etsy remains one of the easiest places to sell crafts.
  37. Setting up a wi-fi hotspot — With a little bit of equipment, you can set up a wi-fi hotspot and charge your neighbors for the access they’ve been ‘borrowing.’
  38. Selling an e-book — You can write an e-book about almost anything and put it up for sale online.
  39. Affiliate marketing — If you’re willing to market other companies’ products, you can earn a cut of the sales.
  40. Renting out your spare room — From looking for a long-term roommate to listing your guest room on couch surfing sites, that spare room can make you money.
  41. Offering handy man services — Handling small household tasks can provide you with plenty of work, although you’ll probably be expected to have your own tools.
  42. Teaching an online class — Share your expertise through a website, an online seminar or variety of other methods.
  43. Building furniture — For those with the skill to create handmade furniture, selling their creations is often just a matter of advertising.
  44. Providing personal chef services — Personal chefs prepare meals ahead of time for customers, leaving their customers with a full freezer and no mess.
  45. Event planning — From planning corporate events to bar mitzvahs, an event planning business can require plenty of work and offer plenty of pay.
  46. Installing home safety products — Particularly as Baby Boomers age, people able to install handrails and other home safety products are in demand.
  47. Altering / tailoring — If your sewing skills are up to par, altering garments is coming back as people try to stretch more wear out of their clothing.
  48. Offering in-home beauty services — Hair cuts, makeup and other beauty services that can be performed at home have a growing demand.
  49. Business coaching — Helping others to establish and develop their businesses can provide many opportunities to earn money.
  50. Writing resumes — Writing resumes can provide a reliable income, especially if you can put a polish on a client’s credentials.

There are plenty of offers that claim to provide you with the opportunity to make thousands of dollars a week. Unfortunately, none of these businesses will provide that sort of income, but they aren’t scams either. They were chosen because they all require a minimum investment to get started — some require nothing more than a flyer advertising your business. Even better, if you do enjoy any of these businesses, there is a potential with most of them to continue to expand — perhaps even to the point of going full time.

Advertising

Featured photo credit: Omar Prestwich via unsplash.com

Advertising

Advertising

Read Next