7 Money Saving Habits From Other Countries Americans Should Adopt

Americans are always looking for new ways to save money and get ahead financially, but plenty of money-saving habits already exist. They just aren’t common in America.

However, several countries worldwide practice these savvy financial habits every day. Americans could save a lot of money if we followed these habits, too.

Several cultures share resources to save money. In some countries, such as China, it’s common for multiple generations to live together. This sharing of resources helps with daily responsibilities and saves money, too.

In Peru, community savings groups, known as “rondas,” allow members to pool their money into a single savings account and take turns cashing out.

This helps make every member accountable for contributing their monthly or weekly savings amount. After all, it’s sometimes tempting to spend instead when you’re the only one affected.

Americans tend to live for overtime and side hustles, often leading to burnout and stress. As a result, people might overspend on “quick fixes,” such as lavish massages, a day at the spa, or a costly Friday night out.

However, people in the UK prioritize a healthy work-life balance with plenty of vacation time. They have more time to focus on their families and their own mental health.

So, while they might not earn that extra $200 from side hustles, they’re less likely to waste hundreds on work-related stress management.

Going shopping every day isn’t always a bad idea. Depending on what you purchase, it can actually save you money.

Buying fresh produce daily, as is common in Europe and Asia, can help reduce waste if you only purchase what you need.

While purchasing in bulk is good money-saving advice, it doesn’t typically apply to produce since it spoils quickly. Many Americans end up tossing fruits and veggies before they get the chance to eat them.

Americans once relied on bartering and trading, but most Americans now pay for everything with cash or credit cards. However, other countries still rely on trading goods and services. This is a great way for Americans to save money, and some still apply it to some degree.

For example, you might see a sale listing for someone willing to trade their motorcycle for a family-friendly car, or someone might trade outgrown clothing for unused toys.

The next time you consider purchasing something secondhand, consider checking for trades first. Others might find valuable what you find useless, and you could save some money.

Most Americans drive nearly everywhere, whether the destination is one or 101 miles away. However, Europeans take a different approach and walk or bike instead.

Not every American can get away with walking everywhere. However, if you live in town, walking can significantly reduce the amount of money you spend on gas.

Even if you drive to the store instead, keeping your car parked and then walking to your other stops can make an impact, especially over time.

Like walking and biking, public transportation isn’t easily accessible or practical for many Americans. However, more people use public transportation in several other regions, including parts of Europe and Asia.

Personal vehicles have several ongoing costs, including insurance, maintenance, and repairs. Owning a vehicle is even more expensive if you have a monthly car payment. Some Americans spend thousands each year maintaining a vehicle, even if they rarely use it.

Purchasing a bus ticket could prove the less expensive option. Whether you have a personal vehicle or not, public transportation is almost always cheaper than a taxi or Uber.

Some Americans would say that “tipping culture” has gotten out of hand. You’re expected to tip your grocery delivery driver and your waitress, and possibly even when you order takeout.

Some Americans argue you should only tip for good service, and some suggest employers should raise wages instead of passing the burden to American consumers.

In Japan, consumers aren’t usually expected to tip. In fact, it’s considered rude. Customers expect great service, and employees typically meet those expectations. If America followed suit, customers could keep more of their own cash without the guilt.

Each culture and country is different, and what works well in one area might not work in another. However, that doesn’t mean you can’t incorporate lessons from other cultures into your own life.

For example, if living with your parents isn’t your idea of fun, you can still share resources with family and friends.

Maybe you take turns carpooling to work or babysitting each other’s children. By sharing resources, you and your loved ones can keep more money in the bank.