Money clichés are a dime a dozen these days.

Most of the major maxims have been around since well before the advent of online banking and have been pushed by our grandparents and their grandparents before them.

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But how many of them still hold true? And is it possible to convert old-school wisdom into modern income?

We break down some tried-and-tested truisms to live and save by.

Save for a rainy day

The consensus is that you can’t go wrong with this trusty old-school outlook.

“Absolutely have money set aside for contingencies,” says Anne Graham, McPhail HLG Financial Planning principal.

Always ensure you have some cash that’s easily accessible on short notice.

“If you’re sick or injured, even if you have income protection insurance, there’s usually a 30-day wait,” says Amanda Cassar, advisor director at Wealth Planning Partners.

Tip: Remember to factor in the cost of flights if you have family interstate or overseas, as well as the wait time to access unemployment benefits.

A penny saved is a penny earned

“I see this one in regards to your mortgage,” Ms Cassar says.

“Every dollar you put into your mortgage, you’re saving yourself interest.”

Similarly, paying off credit card debt and any other debt you have accumulated will save you the cost of interest in the long run.

Tip: Avoid impulse buys at the end of your supermarket trip. “Repurpose that money you save from leaving the Tim Tams behind into more useful things,” Ms Cassar says.

There’s no such thing as a free lunch

Sadly, this saying will probably be relevant forever.

“If it seems too good to be true, it probably is,” Ms Graham advises.

Ms Graham suggests going into every money meeting fully prepared to ask all the right questions.

“Know the fees, the costs and be aware there’s no quick fix for anything,” Ms Graham says.

If there appears to be several perks involved in an investment, consider that the price of these perks may have already been built into the final price.

Tip: Check the product disclosure statement whenever it’s available.

Look after the pennies and the pounds will look after themselves

Training yourself to manage even the smallest amount of cash is an invaluable way to learn about money.

“How you invest one million dollars is the same as how you invest $10,000,” Ms Cassar says.

“Don’t pay unnecessary fees, always pay the minimum repayment on your credit card and don’t get hit by late fees.”

Tip: Never use non-bank ATMs to get cash out as the transaction fees add up. Instead, make a point of getting cash out each time you do a supermarket shop, as it costs nothing.

Spend money to save money

It may seem counterintuitive, but this saying can help your bank account in a number of different ways.

First of all, buying things during sale time is a way of spending money but ultimately saving.

However, “that only holds true only if you’re buying something you really need”, Ms Graham says.

The same goes for buying crucial everyday items in bulk, as well as investing in quality wardrobe pieces that will last longer than trendier items.

“If you have a property you also need to spend money on maintenance so it stays in good condition. This applies to getting regular services for your car or going to the dentist or doctor for a check-up too,” Ms Graham says.

It also pays to splurge on good advice, whether that be financial advice or more specified guidance when making a big life decision.

Finally, spending money to hire a cleaner, get your ironing done or pay a nanny for your kids can be worth it.

“I call it outsourcing,” Ms Cassar says. “You pay someone to do certain tasks so you can go to work and use your time more effectively.”

Tip: “If you’re looking for aged care facilities for your parents, going and seeing a professional can save you tens of thousands on accommodation bonds,” Ms Cassar says. “Same goes for insurance – seeing an advisor might help you take it out of your super fund so your cash flow is freed up.”

Buy low, sell high

“This is an absolute foundation for investing,” Ms Graham says.

Following this rule will prevent you from getting caught up in the investor sentiment pendulum, where panic can rule your financial decisions.

Tip: “You want to buy something for the long term and hold onto it. Avoid the panic by making sure whatever you’re investing in is the right choice for you,” Ms Graham advises.

Pay yourself first

In its simplest form, this can be interpreted as a good excuse to finally set up a direct deposit into your savings account every time your pay comes through.

However, Ms Cassar prefers to see it in a “treat yourself” light.

“Instead of paying all your bills and seeing what’s left, put 10 per cent of what you earn into a special account, for something you’re passionate about,” Ms Cassar says.

“You work hard, so give back to you.”

Tip: Prioritise your passions so you make sure your spending money is going somewhere worthwhile – not just on impulse spends.

Takes money to make money

“This one is a bit of myth because if you’re just saving you’re still making money in a way,” Ms Cassar says.

Ms Graham, however, argues that this rule applies particularly to investing.

“If you have nothing behind you, its very hard to start investing,” Ms Graham says.

“People who are wealthier can also afford to take more risks because the impact of losing money is less.”

Tip: Investing in a great education can hold you in good stead for future career prospects.