When Searching for More Savings Costs You Time + Money

Saving more money means reaching your money goals faster. The good news is, there are thousands of money-saving ideas to help you save on everything!

Indeed, cutting expenses and saving on purchases is a great way to build savings faster. Yet there are times when finding more ways to spend less just isn’t worth it.

When your search for additional savings opportunities costs you time and money, take a closer look to see if it really makes sense.

What’s the value of your time?

There’s often a trade-off between having more money or more time. And it can be hard to determine which is more valuable.

According to the Wall Street Journal, “ People search for ways to “save money” on Google more than three times as much as they search for ways to “save time.” Yet, one study showed that 80% of people valued their free time more than their pay rate.

It’s natural to want to cut costs. But sometimes, it takes more effort than it’s worth.

To decide if the search for more savings is practical, think about what your time is worth. For the financial value of your time, you could use your rate of pay or a calculator.