New year

Time Over Money: Reasons Why Time Is More Valuable Than Money

Jenny Smedra2 Comments

Time Over Money Reasons Why Time Is More Valuable Than Money

Time or Money: Which is more valuable? This has been a hotly debated topic throughout human history, yet the question still remains. Although, it seems pretty clear that the answer should be time over money. I would even argue that time is the most valuable resource. If you are money-poor but time rich, you may feel otherwise. However, people find many reasons why time is more valuable than money.

Why You Should Choose Time Over Money

7 Reasons to Choose Time Over Money

1. You can’t buy more time.

You can use the time to make money, but money can’t buy you more time. It is impossible to create additional hours in the day, no matter who you are. Time is the great equalizer. Everyone receives 24 hours in a day, no more, no less.

However, the difference lies in how you spend it. Someone who accomplished a great deal in their lifetime likely spent it learning and mastering new skills. One thing is for certain, though. Success requires time and hard work in order to achieve your ambitions. These things simply cannot be bought.

2. In the end, people ask for more time, not money.

When people enter their final days, you rarely hear them ask for more money. Most wish they had more time with the ones they love or doing things they never got to do. While money can greatly improve your quality of life, it cannot extend it.

Many people even keep a ‘bucket list’ of things they want to do before they die. The entire concept builds upon the idea that you have a limited time to complete them. If you are among this group, you already understand why sometimes you must choose time over money. You cannot put a price on memories and time spent with loved ones.

3. You need time to spend money.

You could have all the money in the world, but you would still need time if you wanted to spend it. While some may want to accrue money just for the sake of having it, most would prefer to splurge a little. The world’s elite has fortunes to support lavish lifestyles to last a hundred lifetimes over. However, it would still require more time than you think to spend $1 billion.

Money holds no value to you after you are gone. Certainly, it can benefit those you leave behind, but it has no use to you personally. Since you can’t take money with you when you die, it further proves that time is more valuable than money.

4. There is more potential with a day off than with a day’s pay.

The hours you spend at work are rigidly defined in financial terms. Your time has a set value when you are on the clock. Although, how you spend your free time is completely up to you. And what you do with that time is only limited by your own desires. Greater things have been achieved in a single day than with what you would take home after an eight-hour shift.

Furthermore, who you spend your time with is equally valuable. Being present and enjoying the company of friends and family is priceless. On the other hand, it is just as vital to ensure that you take time for yourself. Your mental health can also greatly benefit from some time alone and self-care. However, time is the essential factor.

5. Only time can heal certain wounds.

Just as time is the great equalizer, it is also the great healer. Some hurts run deeper than any scan can read. Modern medicine and technology are ineffective to treat these wounds. Even time cannot completely erase the scars. However, time does help the pain fade from memory.

Time also grants us the gift of perspective. It also grants us more objectivity as time passes. We can look back through new eyes to analyze and reflect. This distance can make it easier to identify our strengths and weaknesses, allowing us to grow as people. These kinds of lessons can only be gained through life experience.

6. You can’t regain lost time.

Losing money is a terrible thing. However, given enough time and wise financial planning, you can earn it back. Once time slips past you, there is no way to regain lost moments. No amount of money can recreate missed holidays, birthdays, and other important milestones. When you view time from this perspective, time becomes an invaluable resource.

Time is certainly not a resource I want to waste either. This point should also make you evaluate how you spend your time. Wasting time in front of a TV or with toxic people may not be the best use of it. Consider what you really want from life and who you want to spend it with. After re-evaluating, you may have a new set of priorities.

7. Choosing time over money promotes greater long-term happiness.

A recent study investigated the correlation between time and happiness. Specifically in relation to the survey question in which 80 percent of working adults wish they had more time with their families. Many participants responded that they constantly felt rushed due to the demands of their professional and personal lives. The term “time famine” describes the overwhelming feeling of these pressures.

Those who said they felt time scarcity were less happy and also more prone to depression and anxiety. Focusing on time over money can relieve this stress and promote greater long-term happiness. The key is time management. While these obligations will always be there, finding ways to save time can help us spend more of it with those we love.

Prioritizing Time Over Money

These are just seven reasons why time is more valuable than money. In truth, you likely already have more money than the time remaining. Perhaps you will feel the same once you realize that when the sands of time slip through your fingers, it’s gone. It may have you reprioritizing so you can maximize the sand still left in your own hourglass.

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How To Trim Your Budget

JW Steinert1 Comment

 

trim your budget

With the new year in full swing, people are doing their best to stick to the freshly made New Year’s Resolution’s they mapped out for themselves.  The most common resolution always seems to be losing weight.  Instead of going with the status quo resolution this year, why not try to trim something else?  Your budget perhaps?

How to cut my expenses? Is a question often asked by many in order to free up funds in their daily lives?  Maybe they are living paycheck to paycheck, maybe they are trying to save up money for a special purchase, either way trimming your budget is the best way to go about doing this.

For starters, you need to have a budget.  You can download a free budget template and simply put in your income and expenses.  The best part about budgeting is you get to see where your hard-earned money is going every month.  Perhaps you are spending a large portion on eating out, can you bring your lunch instead of going out to eat?  If so, you might be able to not only cut some expenses but trim your waistline also.

The free downloadable budget allows you to choose the expense categories you have for a given month.  Say for example you spend $100 a month on your cellphone bill, can you change service providers and possibly get the monthly expense down to $80 per month?  If so, you have freed up $20 per month or $240 for the entire year.  Can you trim $10 a month off your grocery bill by purchasing generic products versus name brand?  This can be an additional $120 in savings for the year.  Attempting to save as little as $10 to $20 per category for a few of your monthly expenses can add up to some awesome end of the year savings.

Below is a quick easy way to trim your budget:

  • Create a budget: If you don’t already have one, now is the best time to start budgeting. This will determine where you are spending your money every month.
  • Track all of your expenses: See just how much you are spending in the various categories every month. Some may surprise you.
  • Pick 2-4 categories: By selecting a few categories where you think you can cut some expenses you will maximize your yearly savings.
  • See how much you can cut: It can be $5, $10, $20 or maybe even more per category per month. Living on a little less each month won’t change your quality of life for the worse.  Instead, you can use the money saved to enhance it by saving up for a vacation or a future purchase.
  • Don’t incur new expenses: While trimming your budget to save up money is the ultimate goal, don’t incur new expenses during the process. A car payment or a gym membership will quickly eat away at the money you are trying to save.

Stick to it: Trimming your budget will only be beneficial to your wallet if you stick to it.  Developing discipline for sticking to a budget can be tough but also very rewarding.

Build an Emergency Fund with this 52 Week Money Challenge Printable Version

JW SteinertLeave a comment

As the end of 2016 approaches and a new year is on the horizon, it is time for a new year of financial goals.  According to a recent USA Today article, nearly 70% of all Americans have less than $1,000 in their savings accounts. That means when someone has an unexpected expense they must turn to high-interest payday loans or credit cards that can’t be paid off at the end of the month. The interest paid on these will cost way more than the original amount in the long run. Even something as simple as $1,000 in an emergency fund can help offset these costs. So if you’re interested in avoiding the pain of credit card borrowing, it pays to have some financial security.

What does financial security mean? It is different for every person.  It could mean paying down student loans if you are a recent college graduate.  It might be tackling credit card debt that has plagued you for months or even years.  Maybe it is saving for a home.  Each person’s financial goals are different. Today’s focus will be on building an emergency fund for you to have in case you encounter any unexpected expenses.  The best part about an emergency fund is it can be done with little effort on your part and in just one year’s time.

Now if building a $1,000 emergency fund sounds good, building a $1,378 emergency fund will sound even better.  The best part is that there is a simple and easy way for almost anyone with an income stream to accomplish this.

Beginning in 2017, set a goal to accomplish the 52 Week Money Challenge printable version.  The challenge takes minimal effort and the downloadable sheet allows you to easily track your progress.  January 1, 2016, falls on a Sunday, so for simplicity reasons, we will begin the challenge on Friday, January 6, 2017.  On the first Friday in the new year, simply put one dollar into your savings account or in a piggy bank if that is easier.  On the second Friday of the new year, put two dollars into your account.  Each of Friday’s that follow, you will increase the amount you deposit by only one dollar.  It would look something like this for the month of January.

52 Week Money Challenge Printable Version Example:

DateDeposit AmountTotal Amount Saved
1/6/2017$1$1
1/13/2017$2$3
1/20/2017$3$6
1/27/2017$4$10

52 Week Money Challenge Printable Version

By the end of January, you will have already saved ten dollars into your account and will be well on your way to establishing an emergency fund. Pretty much you just do the same thing for the rest of the weeks in the year, just for each week add one dollar to your weekly savings total.

Can you live on one less dollar each week?  That is how you need to look at this challenge.  Each week you train yourself to live on one less dollar than the previous week.  In the final week, you will live on $52 less than you did the first week of the new year.  The total amount you will have saved up in just one year will be $1,378, which is more than what 70% of Americans have currently in their savings accounts.

Challenge yourself, a friend or a family member.  Take on and print out the 52 Week Money Challenge printable version sheet and get your new year off to a great financial start.

Budget Smart, Invest Wise

Take 5 (Minutes)

JW SteinertLeave a comment

take 5

I’m going to need you to Take 5.

 

And no, not the candy bar.  We all have 5 minutes a day that we can spare.  This 5 minutes revolves around budgeting and monitoring your spending habits.

Budgeting is a simple process when you have the right tools.  That is why I give you my free Excel spreadsheet so you can create your own budget.

I am now beginning my third year of budgeting, and I have found great enjoyment in knowing where all of my income goes on a monthly basis.  It could be because I like numbers a lot, but mainly because I know I’m setting myself up for financial success.

Kathleen discusses in her article how a simple 5-minute action every day keeps hers on her budgeting towards her goals.  Honestly, I don’t even think it takes the full five minutes, but they don’t make a candy bar called Take 2.  Check out her article and see just how simple it is to get your money habits off to a great start in the new year.

http://finance.yahoo.com/news/habit-takes-less-5-minutes-160000540.html

 

Budget Smart, Invest Wise

 

 

New Year’s Resolution: “Trim the Fat”

JW SteinertLeave a comment

trim the fatThe new year is a few days away and many of us have already begun conjuring up what 2015 might have in store for us.

New year’s resolutions are constantly being set right now.  After all, you have to give yourself a little time to wrap your head around what “sacrifices” you’ll be making in the upcoming year.

If you haven’t come up with a resolution yet, or you are seeking an additional one to add, I suggest that you give this one a shot… “Trim the Fat”.  No, I am not talking about a weight loss goal for the new year, although that is important if it applies to you.  In order to achieve wealth, you have to have your health!  Instead, I am talking about trimming the fat out of your budget.  This means that for each category of your budget, be it car insurance, eating out, etc., try and see if you can negotiate a lower car insurance rate, or bring your lunch to work a few times a week.  The point is that freeing up a little bit of money in a few categories can easily add up to hundreds of dollars, which you can then use to invest either in yourself, an index fund, or save up for a home purchase.

We all need to make 2015 a year where we not only create a budget, but we also monitor our expenses.  Creating a budget is fairly easy, and I even offer an example budget for all to use under the “Your Monthly Budget” page.  Sticking with the budget is always the hard part.  You might find yourself tracking expenses for the first month or even through February, but then it becomes cumbersome and you forget all about it.  I can’t do much to motivate you to follow through with your budget.  That is one you!  Here are some action items though to get this new year’s resolutions started…

1) Create your own budget (Use the example budget I offer and create your own categories)

2) See what areas you can cut out money (even $25 in 4 categories is an extra $100/month)

3) Monitor and track all of your expenses (copy and paste your budget and then whenever you have an expense in a category, put it in the correct field)

4) DON’T GIVE UP! (This is where you have to show commitment to yourself to follow through with the resolution)

And finally…

Happy New Year to all