Comments on: Ask Yourself Whether You Spend Too Much Time on Money Management and Saving Money

By: Allen West

Allen West — Fri, 13 Jan 2012 21:50:48 +0000

What I find interesting about money management is timing and wisdom – had I known 30 years ago what I know today and Roths been around I’d be far more ahead but we cannot unwind the clock of life. But what I find interesting as I approach retirement and Love the idea of being debt free I have no interest in becoming a money counter every month for what others will inherit. I’d much rather spend that surplus monthly dining and living on a golf course with a Lake view in Naples, FL. After a quad bypass and wearing a defib in my chest and working my arse off during my career it’s time to wisely stop counting money piles and start enjoying them – wisely. Money Management YES – But it’s useless if you don’t enjoy it! Itching to be a Snowbird seeking Sunshine and Palm Tree Management!

By: Steve

Steve — Mon, 21 Nov 2011 03:47:38 +0000

You can’t live in an index fund. Buying a house may or may not be better than renting. Do an analysis and see if it makes sense because each situation is different. As far as saving and investing money, it takes discipline, as does not eating too much and watching your weight. Investing the right way requires doing initial homework and investing time, then you can just keep an eye on it.
You work to earn money to live off of, and to invest for the future. You do not want to cut out all your spending and not enjoy each day. Just do not overdo it and spend frivolously, and do not scrimp so much to save for the future at the expense of enjoying your life. You can save everything for the future, but you never know when your time is up, so have fun and enjoy the fruits of your labor.

By: Jerry

Jerry — Sun, 20 Nov 2011 22:43:40 +0000

I do not track my spending (other than generally in my mind) because it leads to me feeling overly anxious. I would rather focus on what I’m going to save each month and the rest takes care of itself. If I can pay my mortgage, groceries, insurance, etc. and still save money each month, I feel good. Too much time spent tracking and the like makes me crazy.

By: Financial Samurai

Financial Samurai — Sun, 20 Nov 2011 19:25:52 +0000

I try and spend about 15-30 minutes a quarter on my personal finances to update line items and make sure things are on track.

Other than that, I just write things out on Financial Samurai and work through some solutions.

Sam

By: Drew @EpicFinances.com

Drew @EpicFinances.com — Sun, 20 Nov 2011 16:03:14 +0000

I recently have been selling items on amazon and eBay for profit.

When it all boils down, I’m making $800-1200 a month on a good month — but I would estimate the number of hours is probably about 80 hours. Sure its $10 an hour, but its not as good as people think when they hear that I’m selling online.

Also if I have claims against me (fraud, lost packages etc) I can lose -$200 or even -$400 on an average month, making my profit as little as $400.

You really have to gauge your savings and your time.

By: Jonny Debt

Jonny Debt — Sun, 20 Nov 2011 15:25:02 +0000

I think you make an excellent point. In business, they call this the “Opportunity Cost”. This is because whilst exploring one avenue of business you could be letting a more lucrative opportunity go! I think the same applies here, and I think that is why it is important not to try to save $2 on an item when you just spent an hour of your time trying to do it! What else could you have spent that hour on that would have been more profitable?

By: MoneyPerk

MoneyPerk — Sun, 20 Nov 2011 00:21:41 +0000

People and myself included waste too much time on money management and saving money. What we all really need to do is increase our knowledge on the subject, to give us the time we can save by being more knowledgeable about it. And of course, as you stated to be more disciplined!

By: Witty Artist

Witty Artist — Thu, 01 Sep 2011 14:33:02 +0000

When thinking about money management becomes an obsession and we put aside the little joys of everyday, well then I guess that’s the worst slavery. I’d say once a week or in a fortnight is enough to think about our financial sector.

By: MoneyNing

MoneyNing — Thu, 21 Jun 2007 20:22:47 +0000

Monica: I think we all fall victim of hanging on too hard about something in our lives. For me, this might be the “money”.

I totally agree with you that no one will know what can happen in the future, but I feel more comfortable if I have more wealth since many unexpected events that happen require money. I suspect that my way of thinking had a lot to do with my experiences (please read my About page for more) and it will be hard to change. However, maybe by interacting and being more open about my feelings in this blog, I can find a happy balance.

Thanks for listening.

By: Monica

Monica — Thu, 21 Jun 2007 18:26:05 +0000

I pay attention to my finances, but I also believe in living in the moment and taking the time to enjoy life. I do not think I could be happy if I obsessed too much about finance.

Life is very uncertain. I do not know how much time I have. Maybe I will not be around to enjoy retirement. Maybe my spouse will be around, and I would regret the lost opportunities. I also do not think I can 100% assure myself of financial security in the future, no matter what I do. Who knows what could happen? Will I make what turns out to be a very stupid decision? Will I be the victim of fraud? What impact will global warming have? What impact will peak oil have? What impact will terrorism have? What kind of wars might occur? Will there be another Depression? I don’t know the answers to these questions.

So all I can do is to make a reasonable effort at doing what I can (saving money, living frugally, being responsible, etc.) but other than that… I take comfort in what Jesus said in Matthew 6.