The Cost - Do You Really Need That?

Earning and spending money are facts of life, as is having to spend you time doing things. But most us can, without even realizing it, waste unnecessary amounts of both. It's time to start asking yourself: Do you really need that?

Is it Worth the Money?

Impulse buys are a very real thing. It's why they put all that delicious and horrible candy right next to the cash registers at grocery stores. Surely just one can't hurt, right? This is just one way that marketing departments conspire to convince you that at best it "can't hurt" and at worst, you NEED whatever it is.

The vast majority of the time, you don't "need" whatever it is. Unless you're buying food (REAL food!), clothing, paying your bills, or making a purchase required for your job or business, whatever you are spending your money on isn't a need. We all know this, but many of us indulge anyway, because it "can't hurt just this once."

For starters, if you're in debt (and statistically speaking you probably are), you don't get to indulge, at least not on a whim. Everyone needs to relax, have fun, and enjoy life. But if you're in debt, you need to budget for and strictly control it just as much as you do your income and debt payments. If you think you have the extra money for this or that unplanned indulgence, it needs to be going into your debts instead. Until you are financially above water, you can't afford it.

Unless the expenditure is a true emergency or need, ask yourself whether or not it's worth spending more time with the money you make not actually belonging to you. Chances are that it isn't.

Even if you're not in debt, ask yourself if that money could be better spent on investing in your future and retirement. None of us are getting any younger. When it comes to your financial future, failing to plan truly is planning to fail.

Is it Worth the Time?

Time is the one resource you never get back after you spend it. You can always earn more money, find new friends, even fall in love again. But once seconds, moments, days, and years are gone, they're gone. We must therefore guard our time as the precious resource it is, which includes spending it wisely.

There is certainly value in taking time to rest when you need to. That said, far too many of us get sucked into addictive time wasters far too often. 

If your work isn't done, get back to work. If your task or project isn't finished, get off YouTube, Reddit, and Facebook. Work until you're done, THEN you can CONSIDER indulging in leisure.

Why only consider? Because you need to ask yourself if what you're doing is worth your time, even during your free time. What do you really want to be doing with your life? When your official work is done, what else can you be doing? Do you have a personal project, side hustle, or passion? If not, why don't you? Is your free time spent, at the very least, on a hobby you seriously enjoy? Or are you just killing time aimlessly until your next obligation?

It might seem like a lot of work to budget your time and seriously consider the impact of what you do during your free time, but I assure you this is a process that will, in the end, save you time, money, and stress. Know what you want to do with your life in every area, and be sure that you are spending your time wisely to support those goals and desires.

How do You Budget?

As always, I want to hear from all of you. How do you budget your time and money? What are your goals and dreams, and how do you control your spending and time to support them?