Time and money are both things that we commonly hear people saying they wish they had more of, which makes sense as they are some of life’s most precious commodities.
Unfortunately, time is something you can’t get more of, and while you can get more money, which is something we’ve talked about before, there is a limit to how much you can work before you go crazy.
If you’re struggling with how to save time and money, you are not alone! Here are some of our best tips to help save time and money.
Don’t Shop Unless You Need Something
One of the biggest ways I’ve been saving time and money is by not shopping as often. Everyone usually rags on shopping for how much money it will cost you, but they rarely talk about how much time it takes. I no longer waste time in the mall in the evenings and weekends. Instead, I use that time for other things that I need and want to do instead. It also saves me money because I’m not tempted to buy stuff I don’t need while “window shopping”.
Outsource When it Makes Sense
I used to think outsourcing sounded ridiculous – that it was something reserved solely for the wealthy. I was all for frugal solutions such as clipping coupons and DIY projects.
Some people might wonder, well, what’s so wrong with that? The big mistake there was not valuing my time enough. I wasn’t valuing it at all. I would spend hours looking through coupons and flyers. I spent more time than I needed at the grocery store comparing prices. I even tried cutting my boyfriend’s hair to save money.
Unfortunately, while it might have cost me less money, it cost me more time. Ever since I’ve been self-employed, my time has become more valuable. I realized that saving a few dollars and cents here or there didn’t have a place in the big picture. I was stressing myself out over finding the lowest prices to the point where it wasn’t worth it anymore. And cutting hair took me around two hours – totally not worth saving $15!
On the surface, outsourcing might not sound like you’re saving money, but you do when you can earn more. Going back to that haircutting example – two hours of my time is worth much more than $15. Even though $15 might be spent on the haircut, I’m freeing up two hours of my time and earning more. As long as I dedicate the difference to savings, I’m in a better financial situation. The key is to be smart about DIY projects. Know your limits and respect your time because it’s more limited than money!
Work Only When You’re Most Productive
Working when you’re not productive can waste a ton of time. When you force yourself to do certain tasks when you’re not feeling very productive you’re often less efficient, easily distracted, and it probably takes you longer to complete that task.
While I understand some work needs to be done and is not negotiable, I recommend knocking out the more complex tasks during your prime time when you are most alert and productive. Then use your down time wisely to take care of you. Being more efficient almost always leads to saving more money on your part. If you can get more done, you may spend less on outsourcing or other expenses you use to boost your productivity. It all comes down to knowing yourself and your limits.
What strategies do you utilize to save money and time?