Based off a recent conversation, I thought I would bring it back up to the top of the blog!

As I was on the way to the chiropractor’s office last month, I grabbed a suit I needed to take to the dry cleaners. Running through my mind as I was making the drive was “Is it the cheapest dry cleaner?” “Could I find a coupon?”

I then started thinking, would it be worth my time to:
#1: Try to find a coupon
#2: Go out of my way to take it to a different dry cleaner.
I decided that it was not worth it, the time it would take would not be worth the savings.
It started me thinking (which inspired this blog), how much time & energy do we spend to get a good deal? It surprises me that people only count their dollars and not their minutes and hours.

For me, taking the time to find a coupon, having to drive to another dry cleaner, and then drive to the cleaners again when the clothes are ready, was not worth my time.
A similar phenomenon I see happen is people driving out of their way to say a few cents in gas. Not only do you have to consider the cost of your time, but also the amount of gas you used just to save a few cents.
In these instances, I am only talking a few minutes of time and a couple bucks; what about higher ticket prices?
I often hear people talking about getting numerous quotes to have jobs done around their house & offices. Is the time it takes to contact several vendors, as well as communicate what you need, and meet with those vendors, worth the investment to save what could be just a few dollars?

Is our time worth so little that we throw it away while we pinch pennies?

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About Tiffanie Kellog

Tiffanie loves to help people make more money while saving time, so they can hopefully have more fun!

9 responses »

  1. Yes, this is a very important point that’s often missed.

    I’ve seen many people think they were ‘saving money’ doing things themselves – while some areas might be ok, there are others where a professional is worth the investment and will actually save money if the people include the value of their own time.

    • tiffaniekellog says:

      James, as a man who works a lot with money, why do you think people prefer to try to do it themselves?

  2. william Mellas says:

    This is a great topic, I talk about “oppurtunity cost” all the time meaning if you are using time with “A”, you can’t be using “B”. One of the best books for this is “The Millionaire Next Door” by
    Thomas J. Stanley and William D. Stanko both are Ph.D.’s

    • tiffaniekellog says:

      I have not heard of that one before William… might have to put it on my TO READ List.

  3. Tiffiane, is dead on about time. If your time is worth Fifty dollars an hour and you spend a half an hour chasing down a cheaper dry cleaner, guess what your real cost is. That will cover a few breakfasts. Something to think about.
    Gary

    • tiffaniekellog says:

      I love the idea of saving money, now I am more focused on saving my time, which is worth more!

  4. Michelle Levendoski says:

    Great reminder Tiffanie, we forget that money is a measurement of how we use our time. The goal is to maximize spending it doing what we enjoy a d minimize what we dont like to do. Another great book is
    “eat that frog” by Brian Tracy… so what are your thoughts on multitasking? does it really save time?

    • tiffaniekellog says:

      I recommend doing one thing at a time – you will be able to focus on each thing, finishing it quicker…
      Now if I could only take my own advice!

  5. […] an earlier blog, we explored how sometimes saving a few pennies is not worth the effort (or time) that it takes to save those same pennies. In this blog, I want to explore why else it may not be […]

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