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cheap

Consider The Value Of Your Time – An Antidote To Harmful Frugality

By //  by Khaleef Crumbley

“One can earn more money, but not more time!” – I have no idea who said this, but I think I saw it on Instagram somewhere, and it captures the idea of the value of time.

About a month ago my wife wrote an article about how being focusing on being frugal can lead to a sinful attitude she named “frugally proud“, where you gain a sinful pride out of how cheap you can be, despite the costs. She was inspired by a show that we watched a few times on Netflix called, “Extreme Cheapskates”.

Consider The Value Of Time

Value of Time

Watching that show has made me reflect on one of my biggest pet peeves – not considering the value of time! These people are satisfied as long as they are able to pay little to nothing for what they want. It doesn’t matter if the cheap way takes them 3 times as long or causes them to use more physical labor or even encroach on others; as long as they save their pennies, it’s worth it.

I remember a time where I valued saving a buck at the expense of wasted time. I had such tunnel vision. I was only able to see the lower price that I was paying, and never considered other factors such as the value of time – both mine and others.

For instance, I have always despised paying tolls. Unfortunately, I live in New Jersey, and it is pretty much impossible to quickly travel north and south through the state without paying a toll. So, if I had a little extra time I would simply get off at the exit before the toll booths, and ride through the city, and then get back on the highway at the first entrance after the tolls.

Sometimes it would only take me a few minutes to get back on the highway; however, with lights, traffic, and the location of and distance between exits/entrances it could take up to 20 minutes to get back on my way! I’m sure that people who are familiar with the Garden State Parkway are laughing at me right now. I did all of that to save $0.25!

If it took an average of 10 minutes to get back on the highway, that means that I only valued my time at $1.50/hour (10 minutes is 1/6 of an hour and 6*$.25 = $1.50)! So in this case it made a lot more sense just to pay the toll and save my valuable time! Now I have E-Z Pass, and try to avoid being that cheap.

The same is true when it comes to driving around for 10 – 15 minutes trying to save $0.02/gallon in gas. Fill up a 15-gallon tank and you only save $0.30! Did I only value 10 minutes of my time at $0.30?

There are many other examples we could look at, but the analysis would be the same:

How much time does it take to acquire the savings? Compare that to how much money you will actually save and see if it is really worth your time and effort!

Many times you will find that you would be better off spending the normal price and then using that saved time wisely.

I believe that valuing time is the major distinction between someone who is frugal and one who is cheap just for the sake of saving a dollar. When trying to decide how far to go in order to pay less money, first figure out how much additional time will be needed in order to realize these savings.

 

Filed Under: Personal Finance Tagged With: cheap, extreme cheapskates, Frugal, gas, Netflix, value of time, valuing time

5 Tips For Saving Money On Vacation

By //  by guest

[The following is a guest post…]

When you’re on the road, whether it’s for leisure or business, it’s really easy to let the spending get out of control. This isn’t conducive to sticking with an overall savings plan, but it is important to keep your bigger financial picture in mind even when traveling; and to focus on saving money on vacation. There are several ways to keep expenses under control with a little bit of future planning. Here are some tips on how to save while away from home.

5 Tips For Saving Money On Vacation

By following these simple tips, you will be on your way to saving money on vacation expenses! Even if you are traveling on business, these tips can help you to save money.

Set A Budget

Before you leave the comfort of home, sit down and figure out a budget for your trip. Factor in what you’re willing to pay for food, lodging and transportation. Set an amount for incidentals, including souvenirs, and stick to it. If you happen to come in under budget, make sure to put that money back into savings.

Decide Your Method Of Payment

Some people research to find the best credit card offer and plan to pay for their entire vacation with plastic. This can be an effective strategy, but only if you have the money set aside already and can pay off the balance before the end of the billing cycle, otherwise you will be paying high interest rates. Choose a card with a reward program, and you can come out ahead. There is always the option of utilizing 0% balance transfer credit cards if you are unable to pay off the balance right away.

Use The Credit Card When Traveling Out Of The Country

Using a credit card when traveling outside the country affords you a little more protection than using traveler’s checks or cash. Some offer travel insurance, a much better exchange rate and other buyer’s protection options. Check your credit card agreement for more details on travel information.

[Khaleef’s note: Using credit card benefits to offset some of your travel costs is a great idea, you can also set up a similar plan for your day-to-day spending.]

Saving Money On Vacation By Shopping And Eating Locally

The native residents of an area will know the best and least expensive places to shop and eat. Ask your hotel desk clerks, housekeepers and gas station attendants where they like to go and what they like to do. Chances are they can give you the inside track and you can save a lot of money this way.

Do Not Pre-pay In Advance

It may look as if you are saving significant money when you book and pay for a hotel room in advance, but the truth is you won’t save more than a couple of dollars after all the fees are charged and pre-paid reservations are not refundable. If anything happens, you are out that money no matter the circumstances. Stay away from the third party vendors and book the reservation through the hotel’s website or directly with the hotel.

The best tip is to plan ahead as much as possible. You can’t plan for every contingency, but being prepared is the best way to save money when away from home.

photo by Graeme Weatherston

Filed Under: Saving Money Tagged With: cheap, credit card, Credit Cards, fee, finance, goals, Insurance, interest, method, money, Personal Finance, saving, Saving Money, savings plans, travel, vacations

What Are Your Best Options For Making Cheap International Calls

By //  by Sherrian Crumbley

The following is a sponsored post on behalf of Dial to Save.

It only takes opening up a newspaper or turning on a news report to see that migration to the United States is rising day by day.  Since this is the case, making international calls continues to be a necessity for many people here who wish to communicate with family members and friends in other nations. However, this goal usually doesn’t go well when trying to cut your phone bill.

The Problem With Making International Calls

In previous years, it was pretty impossible to make cheap international calls by any means.  While things have improved immensely over time, it still takes a bit of searching and comparison shopping to decipher the best route to take for international calls.

Things to be considered are the country where the call will be received, as well as if the number is a landline or a cell number – as the prices vary based on these circumstances. For instance, there are really only a few options available when considering cheap calls to India or cheap calls to Pakistan.

The Most Popular Way To Make Cheap International Calls

The most popular method over time has been calling cards.  These are available anywhere on the internet, most major convenience stores, and many small corner stores.  The prices vary very much with calling cards, so it is important to comparison shop based on your specific destination country.

Alternative Ways To Make Cheap International Calls

  • Skype – Many who are more computer-savvy use resources such as Skype which has very cheap international rates, video capabilities, and free calls if the person at the other end also has a Skype number.
  • Google voice is quickly becoming a major player in the international calling market!
  • Another popular option that is available is an access number option – where specific contacts are given a corresponding phone number and you pay a lower rate for calling that number.

While these are all good options, what is interesting is that the major land-line companies and cell phone companies have not yet honed in on the needs of their customers and started offering truly competitive rates for the millions of people that are looking to make cheap international calls.  Instead of lurking on the internet for hours and comparing, many would rather just add a plan to their existing  phone.

photo by Sura Nualpradid

Filed Under: Saving Money Tagged With: call overseas, calls, cheap, cheap calls, cheap international calls, communication, computing, cross platform software, features of skype, freeware, google voice, international call, international calls, make cheap, make international call, non geographical telephone numbers in the united kingdom, options, skype, web 2.0

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