Got reminded of an interesting time-saving & money-saving concept by an article.
Always think of costs in terms of how much time it’ll take you to earn it back.
If it’s a recurring subscription, do you have enough savings that generates enough interest to cover these expenses monthly? SG savings accounts are paying a measly interest rate (max of 0.5% if I remember correctly) right now. What is the level of savings needed to support that costly gym membership or cable tv subscription every month?
How does this save time? By paring down the amount of Stuff you accumulate, you can effectively save more from every dollar you earn from work. This can give one the choice of working in a lower-paying job with shorter hours (and potentially more job satisfaction) or even retiring earlier!
If you’re a parent, does your work keep you away from your children? Does showering them with the latest toys and fancy enrichment classes really make up for your absence? How much are you willing to pay to spend an extra waking hour with your children each day? The next time you get besotted with your latest Object of Desire, think of how many hours with your child it’ll cost you.
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I’m really tempted to get the Panasonic Lumix LX3 and get started on my dream of practicing travel photography but in terms of hours, it’ll take me about a work week (yeah, now you know how badly paid I am). Is the thrill of having that new prosumer camera really worth a week’s worth of slogging?
And just to clarify, I’m not against spending on creature comforts. I detest SG TV dramas so I think every single cent I spend on my subscription to VV Drama is worth it. Self-deprivation (or torture) is not my cup of tea, really.
