10 Life Skills Boomers Have That Will Actually Save Money

Everyday life can add up quickly. But if you're tired of spending more than you can just to keep up, building the right skills can help you save in a big way.

While many boomers already hold these skills, it never hurts to add another skill set to your tool belt. And if you don’t have a handle on any of these skills, it’s never too late to start growing your DIY competency.

We explore some worthwhile life skills. You can use these skills to save money in your budget or even help you earn extra income outside of work .

1. Sewing

You don’t need to become a professional seamstress to use sewing to save yourself some money. The ability to repair a small rip here and there can help you avoid buying new clothes.

As you stretch out the life of your current closet, you won’t need to spend as much money on clothes. Since the average American household spends over $1,400 on clothes each year, using even minimal sewing skills to repair your clothes could help you save hundreds annually.

2. Plumbing skills

Homeowners with plumbing skills can easily save hundreds of dollars on a single repair job. For example, replacing your own faucet could help you save around $200.

Of course, don’t attempt a project that’s beyond your skill set. If you don’t know what you’re doing, you could end up causing more damage for a plumber to fix.

3. Woodworking

Although building your furniture from scratch is relatively expensive, learning how to fix existing pieces or craft beautiful pieces for sale could free up more space in your budget.

As you learn this skill, start small and work up to more complex projects. Depending on your interest and talent, you could end up with a blossoming side gig.

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4. Electrical skills

Baseline electrical skills could save you hundreds as a homeowner. For example, hiring someone to replace your ceiling fan might cost around $250. With some basic skills, you can install that fan yourself and save money.

When picking out your projects, stay within your comfort zone. Try not to tackle massive electrical jobs that require a licensed professional to be involved.

5. Basic car maintenance

Car maintenance costs can add up quickly. AAA estimates car maintenance costs add up to around $800 per year. If you can build some basic car maintenance skills, you can potentially cut hundreds out of your spending each year.

Some basic car maintenance skills include changing your oil and switching your wiper blades when the time comes. With time, you can build more car maintenance skills to increase your savings.

6. Canning and preserving food

Canning and preserving food offers a pathway to significant savings. Depending on how seriously you approach this, you could save hundreds or thousands of dollars each year. The catch is that you’ll likely have to spend between $100 and $250 to get the equipment you need to get started.

7. Cooking

Cooking is an everyday skill that can help you save money by skipping expensive takeout. The nice thing about cooking is that you can grow your skills over time. Consider adding a new recipe to your repertoire every month to build up a collection of recipes you enjoy eating.

Many American households spend over $3,500 each year on takeout food. Even if you’re able to swap just one or two meals a week for a homemade option, you might be able to save hundreds of dollars each year.

8. Coupon clipping

While it’s not necessary to flip through a physical newspaper to find coupons, learning how to shop with coupons can lead to big savings.

It’s possible to save thousands of dollars each year with coupons. But even if you decide not to become an extreme couponer, deliberately shopping with coupons could lead to hundreds in savings each year.

9. Yard work

If you’re a homeowner, taking care of your own outside maintenance can lead to big savings. Depending on your area and the size of your lot, you could save hundreds or thousands each year by mowing your own grass.

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10. Build your own investment portfolio

Many financial advisors charge an asset under management fee, which takes a percentage of your portfolio as compensation. Run the numbers for your situation to determine how much this fee will cost you in the long term. It might surprise you to learn that the fee could equate to thousands of dollars over your investing timeline.

If you learn more about investing , you can skip the financial advisor’s long-term fee. That could mean significant savings. For those who prefer the help of an advisor, consider a fee-only advisor who charges you by the hour to minimize your costs.

Bottom line

Building a collection of life skills can help you tackle more tasks affordably. Opting to take care of things yourself often leads to significant savings. Plus, some skills offer a new potential income stream , which could help you get ahead financially.

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