3031: When Searching for More Savings Costs You Time and Money by Amanda of Women Who Money

Optimal Finance Daily - Financial Independence and Money Advice

Optimal Living Daily LLC

Investing, Business, Education, Self-improvement

4.4 • 1.3K Ratings

🗓️ 6 February 2025

⏱️ 13 minutes

🔗️ Recording | iTunes | RSS

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Summary

Discover all of the podcasts in our network, search for specific episodes, get the Optimal Living Daily workbook, and learn more at: OLDPodcast.com. Episode 3031: Amanda from WomenWhoMoney.com explores the balance between time and money, highlighting how excessive bargain hunting, couponing, and DIY projects can sometimes have diminishing returns. Instead of focusing on minor savings, prioritizing big wins like reducing housing, transportation, and food costs can lead to greater financial stability and more freedom to enjoy life. Read along with the original article(s) here: https://womenwhomoney.com/time-spent-searching-savings-costs-time-money/ Quotes to ponder: "People search for ways to 'save money' on Google more than three times as much as they search for ways to 'save time.'" "An ounce of prevention is worth a pound of cure." "Once your time is gone, you can’t get it back." Learn more about your ad choices. Visit megaphone.fm/adchoices

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0:22.9	entrepreneurs like you. Sign up for your $1 a month trial at Shopify.com slash setup.
0:30.6	This is Optimal Finance Daily when searching for more savings costs you time and money.
0:37.0	By Amanda of Women Who Money.com.
0:40.7	Saving more money means reaching your money goals faster. The good news is there are thousands of money
0:47.3	saving ideas to help you save on everything. Indeed, cutting expenses and saving on purchases
0:53.9	is a great way to build savings faster,
0:57.2	yet there are times when finding more ways to spend less just isn't worth it. When your search for
1:02.8	additional savings opportunities costs you time and money, take a closer look to see if it
1:08.3	really makes sense. What's the value of your time? There's often a
1:13.9	trade-off between having more money or more time, and it can be hard to determine which is more
1:19.4	valuable. According to the Wall Street Journal, quote, people search for ways to save money on Google
1:25.5	more than three times as much as they search for ways to
1:28.8	save time, end quote. Yet one study showed that 80% of people valued their free time more than their
1:35.8	pay rate. It's natural to want to cut costs, but sometimes it takes more effort than it's worth.
1:42.2	To decide if the search for more savings is practical, think about what your time is worth.
1:47.2	For the financial value of your time, you could use your rate of pay or a calculator.
1:52.1	Still, time is more than monetary value, so it's wise to remember that time spent saving
1:57.7	more money comes with an opportunity cost. Valuing time versus savings is
	...

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