Being Frugal Is Not Only About Saving Money, but Also About Saving You Time.
Thrift sometimes gets a bad rap. People think the point is to save pennies and save money at all costs. But when we talk about frugality in the context of personal finance, we’re really talking about making the most of your resources, including time.
We’ve discussed this concept more or less before , but it deserves an explanation: Lean is not only about saving money. It’s about not being wasteful, whether it’s money, time, or effort. And some money-saving habits are more expensive than they are worth , making them not frugal at all.
Paula Pant of Afford Anything calls this fake frugality and explains how it can hurt your finances:
When your mind is busy unscrewing the light bulbs in the oven, you miss out on the chance to think about big gains like refinancing your mortgage, finding lower insurance premiums, and securing investments in brokerage companies with low commissions.
And you are missing out on a chance to create something of value for the world. Anything useful. Something that will bring you money as a reward for your unique contribution.
This is why it is important to consider the investment of time when it comes to your modest endeavors. When I lost my job, I had a lot of free time, so I was more willing to go out of my way to save some money. However, now that I am busy at work, time is short, so I am not inclined to spend it, for example, drying clothes in the air. (Although sometimes it’s better to air dry your clothes , that’s a different topic).
Even small savings can be beneficial, but factor the cost of your time into the equation. Pant offers a lot of great food for thought in his full post, so check it out below.
I’m fine … Maybe better. What should I do? | Allow yourself everything