1707: When Searching for More Savings Costs You Time and Money by Amanda of Women Who Money

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🗓️ 11 November 2021

⏱️ 12 minutes

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Summary

Amanda of Women Who Money talks about when searching for saving costs you more time and money Episode 1707: When Searching for More Savings Costs You Time and Money by Amanda of Women Who Money The co-founders of Women Who Money are Amy Blacklock from Life Zemplified and Vicki Cook, from Make Smarter Decisions. Vicki and Amy connected initially online and eventually met in person at a financial conference in the fall of 2017. They’ve both reached financial independence and left full-time work to devote more time to family, pursue passion projects, and embrace fun and challenging opportunities. They enjoy collaborating on original content and sharing great articles written by and for women. The original post is located here: https://womenwhomoney.com/time-spent-searching-savings-costs-time-money/ Visit Me Online at OLDPodcast.com Interested in advertising on the show? https://www.advertisecast.com/OptimalFinanceDaily Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	This is Optimal Finance Daily Episode 1707, when searching for more savings costs you time and money
0:07.8	by Amanda of WomenWhoMoney.com. And I'm your host and personal finance enthusiast, Diana Mariam.
0:15.2	It's Veterans Day today, so I wanted to take this opportunity to thank all our veterans listening
0:20.4	for your service. Now let's get right to today's post and start optimizing your life.
0:25.2	When searching for more savings costs you time and money by Amanda of WomenWhoMoney.com.
0:37.2	Saving more money means reaching your money goals faster. The good news is there are thousands
0:43.2	of money saving ideas to help you save on everything. Indeed, cutting expenses and saving on
0:49.9	purchases is a great way to build savings faster. Yet there are times when finding more ways
0:55.6	to spend less just isn't worth it. When you're searched for additional savings opportunities
1:01.2	cost you time and money, take a closer look to see if it really makes sense.
1:06.8	What's the value of your time? There's often a trade-off between having more money or more time,
1:13.6	and it can be hard to determine which is more valuable. According to the Wall Street Journal,
1:18.6	quote, people search for ways to save money on Google more than three times as much as they
1:24.3	search for ways to save time, end quote. Yet one study showed that 80% of people valued their
1:30.8	free time more than their pay rate. It's natural to want to cut costs, but sometimes it takes more
1:37.0	effort than it's worth. To decide if the search for more savings is practical,
1:41.6	think about what your time is worth. For the financial value of your time, you could use your
1:46.0	rate of pay or a calculator. Still, time is more than monetary value, so it's wise to remember
1:52.7	that time spent saving more money comes with an opportunity cost. Valueing time versus savings
1:59.2	is highly individual, and life circumstances make a difference. For example, if you're strapped
2:05.2	for cash or between jobs, you might want to focus more time on saving money. But if you work
2:11.4	long hours, trying to shave another $20 off your budget might not be worth the additional time
	...

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