How asking 4 simple questions can eliminate the guilt of spending money.

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There are some things that I spend my money on that you may think frivolous, unnecessary, or just plain wasteful. That’s fine. No really, that’s totally fine, I mean it. We are each individuals, with unique families and lives. Things will naturally be different. I know that I am conscientious with 70% of my spending, while 25% is saved for splurges like vacations. The other 5% (totally an approximation), is for items that fall into my own “it’s worth it!” category. These are usually things that I have weighed out in my head, and in my crazy hectic life, it’s a time vs. money argument. So lets play IS IT WORTH IT?

Time vs. Money

Being a money savvy Mama, you may think that I hate spending money on things. I’m here to tell you that’s far from the truth, I love spending money! I love going on vacation, going out for tasty dinners (be it BBQ or a fancy cheese plate). I happily spend money on these splurges! Because honestly, that’s one of the main reasons that I save money, so I can splurge on something later on that I really want! Or sometimes I know that spending money will really help me and my family, these are usually items that win the time vs. money throw down!

You may want to spend money on something, but you’re not quite sure about it. You’re thinking…

  • is it selfish if I buy this for myself?
  • can we afford this?
  • do I really need this?

First of all, great job! You are actively thinking about a spending decision vs. just blindly buying it! Seriously, this is great, as so many people don’t do this! I will freely admit, that this was me 15 years ago. Whatever I wanted, I just bought it! I wasn’t making a mindful decision, and it got me into money troubles.

Time vs. Money – is that a thing?

Sometimes you know that buying something would be great as to the value it would add to you and your family. Yet, you’re not sure if it’s worth the cost. Weighing the pro’s & con’s is a great way to help analyze a purchase. But you have to make sure you are asking the right questions!

My husband and I are lucky to be in a position where we have some flexibility in our monthly budget (all due to careful planning). Yet, we/I are time poor! Yup, strapped down, bare to the bone.

I was curious to know if I was as “busy” as I thought I was, so I plotted out my workday. I hoped this would help decide if the time saving things I was spending money on was actually worth it. In a nutshell, yes. I need all the help I can get! Whew, I’m tired just looking at this schedule!

working mom schedule

So how do you spend money without having the guilt? You go through the process of making mindful decisions by asking yourself 4 key questions.

1. Do you know how much your real hourly wage is?

Do you know how much money you make? Be it per hour, or salary? If you get paid a salary it’s worth it to figure out how much you make an hour as it will help you in the decision making process. Now you may just think “I get paid $17 an hour”. That’s fine and dandy, but how much of that is actually profit to you? Take out taxes, lunch costs, transportation costs, etc. and that’s your net. To get the full picture of your real hourly wage check out the related post just below.

RELATED POST: The Shockingly Simple Way to Slash Your Spending

Okay, so you make $17 an hour, you figure out that you only bring home $11 of your hourly wage. And the shirt that you want is $57. So you’d have to work 5.18 hours to earn that shirt. Now ask yourself (and be honest) Is it worth it? From a time vs. money standpoint, is that shirt worth 5.18 hours of your workday? Think about it and decide. You may need to think about it for a while, which is even better! Take your time, and let it process in the back of your thoughts.

2. What is your zone of genius?

Is there something that you just kick ass at? Remember that what comes easily to you may not come easily to others! Whether it’s natural talent or a cultivated skill, take pride in what you do well! If you can whip out a perfectly created personalized cat toy in no time flat. Or a delicious souffle without blinking an eye then honey, you better RECOGNIZE!

On the flip side, if you are horrible at designing a landing page, or it takes you forever to clean out your closet. Then knowing and embracing this truth is just as powerful. Your time is worth more!

Jim Rohn quote on time

So if you take home $11 per hour, is it worth it to you to spend $14 on a customized cat toy? Even though you saw it on a DIY blogger’s page (who got the idea from an Etsy item she saw). You could learn how to do it and make it for $4 from the DIY blogger, or you could buy it in a snap for $14? Are you crafty? Do you always finish the “fun” projects that you start? I guess the tagline could be “know thyself”! Again, time vs. money.

3. What do you hate doing and what do you love to do?

Now if you are great at making a green salad yet you HATE it (true story, I hate making salads, no idea why but there it is) then why are you torturing yourself with this? Doing what you dread is not living your best life! And really, isn’t that what our #1 goal should be!?! We SHOULD be doing everything possible to living our best life. Now, I’m not talking about doing only what you enjoy, this isn’t some hedonist free for all, but your daily actions should be moving you forward with your goals.

Yes, the laundry needs to get done but does that mean that YOU are the best one to do it? If you have the means to outsource this task that you dread then do it! Does your 7 yr old daughter need a weekly chore to earn $4 a per laundry load? hint hint. 🙂 Again, time vs. money, and I think that “time” wins on this one.

To highlight a point, even if you’re good at something, it doesn’t mean that you automatically love it! I’m good at making salads, but I don’t like doing it. And if you love to do something, it doesn’t mean that you should be the one to do it. I know that sounds odd; let me give an example.

Let’s say you’re a super busy mom (aren’t we all?), and you are great at cleaning your home, and you like doing it. Your neighbor’s daughter does an excellent job at cleaning, and she really wants to do it for $10 an hour. Let’s say you have a ton of stuff to do in a short time frame, and the house NEEDS to be cleaned stat! Hire her! Help her and yourself out!

Or let’s say you work from home, and you’ve figured out that you make $23 an hour. You know it takes you about three hours to clean your home. Should you earn $69 in those three hours, and pay your neighbor’s daughter $30 to do it? You still net $39, and you’re not exhausted from cleaning shower grout! Double win!

Best selling author Vicki Robin goes into scenarios like this in the New York Times Bestseller Your Money or Your Life. This book goes deeply into how you are trading hours of your life for money and then if how you are spending that money is really worth it? If you want to dig deep into your spending subconscious and focus on long term change I highly recommend this book. It has been around for at least 25 years but recently updated due to its timeless advice and cult following.

4. Can I make it fit in the budget?

Here’s the practical me, I’m a personal finance blogger, so I ALWAYS think of the practical questions. Because let’s face it, math is MATH. You can’t tweak math to equal a different ending bank account balance just because you really want it. Or because you’re terrible at doing something.

If it’s a one-time purchase

If your want/need is a one-off purchase, then use your personal savings account. With every paycheck that my husband and I get, we automatically set aside 5% of it to go into our personal savings accounts to be used for things just like this!

Is this an item for your household? Then maybe it fits into your home sinking fund? What’s a sinking fund you say? It’s a method of setting aside money regularly for specific purchases. We transfer $100 per month from our paychecks into our household budget for large purchases that we want for the house. If you want to read about how I’ve set up our family finances with sinking funds to be able to afford large purchases, then check out the post below…

RELATED POST: The Smartest Strategy to Saving Huge Stacks of Money

We have about $826 in the fund right now and haven’t touched it in a while. Now, of course, we have three things we want to spend the money on. We want the carpeting in our house steam cleaned – $250. We want to get a ceiling fan light fixture for our bedroom $400 approx. And we’d like a new dining room table & chairs (we may need to save a few more months to do this one).

If it’s an ongoing purchase

If this is an ongoing purchase then look at your monthly expenses, is there anything you can cut out of it? Maybe you’ve had Netflix of Hulu forever, but you don’t really use it that much anymore? Get rid of it! If you miss it then you can cut something else out and sign up again for it.

If you just can’t make the math work then you shouldn’t do it. Going into debt is so not worth it. Remember debt is a slippery slope, once you start you may find yourself $4K in the hole. So in the battle of time vs. money, I think money wins.

What I choose to spend money on without the guilt

Time vs. Money: meal kits

For myself, I hate trying to decide what to make for dinner. I dread it, literally. So I put it off and then postpone it and before you know it it’s pizza for dinner, again. Not a good decision financially, and not so healthy either. So I started signing up for meal kits, there are a ton of meal kit providers. Seriously, lots of choices (and they all usually run a great discount on your first few boxes)!

So I did what any money minded Mama would do. I signed up for a new box to get their promo rate for however many boxes it covered, and then I’d move on to the next meal kit company. This was great as I was paying about $30-$40 per box (regularly $55 – $70). Yet, it was time consuming and a bit confusing keeping it all straight.

I love meal kits, they save me so much angst (if you can have angst about deciding what to make for dinner). Plus, it saved me grocery shopping time and some prep time. BUT they were expensive! So I found the least expensive option I could; Everyplate at $4.99 per meal, about 1/2 the price of the others (but you pay shipping).

A half-price meal kit is great, yet I do find that there aren’t as many meal options to choose from. Or the dishes may just be an entree (more expensive kits almost always have sides). Yet I find if I have a few ready to go side dishes in the cupboard, I can supplement easily enough. For example, I got pork egg rolls as a meal, so I had white rice in the cupboard and bought a single broccoli crown and a carrot for $1.79. I doubled the food for minimal cost & effort.

Or I have chimichangas coming up in a few weeks (I choose my meals once a month so that I can plan all needed side items then). I have a bag of black beans & rice in the cupboard to round it out. For the month, figuring out these sides adds maybe 7 minutes onto the whole planning process. If the sides are dry goods I buy them all on my next trip, or for fresh items, I add them to that week’s list.

If I didn’t have the meal kits figuring out three meals a week to make would have taken so much longer (like eons longer) and the task filled with prolific growling on my part. Seriously, if the high cost of meal kits is holding you back definitely give Everyplate a try! The recipes are super easy, and my husband also likes to make them as the instructions are straightforward and go step by step. This counts as a double win!

Time vs. Money: monthly house cleaning

I’ll admit it; I don’t deep clean my own house. There’s a tad bit of societal stigma, I feel, for women who hire this out. But I am here to tell you, loud & proud that this service is fantastic! It would take me all day to deep clean the house, as I tend to get stuck in small projects (aka cleaning the grout in the bathroom). So by the end of the day I would be exhausted, but have a clean house. I felt accomplished but my body paid for it, and I got nothing else done that day.

My mom has been amazing in that she knows I get behind on this, and how tiring it is. So for both my birthday and Christmas, she gets me this service as a present. Now it doesn’t cover all of it, but it certainly helps. So I do need to find about 35% of the funds to cover this once a month cleaning. I cut down our house sinking fund some to help cover this (as it’s kind of house related – wink wink). Time vs. money verdict… a win!

Time vs. Money: twice a month massages

Now I know this one doesn’t fit within the questions above. Yet it’s one that I’ve struggled with feeling selfish about. Just maybe, some of you may relate to it, so I wanted to mention it. This one is a HUGE self-care item for me, as these aren’t really relaxation massages as much as they are pain management type of massages. If you didn’t know, I have a three-year-old daughter with Cerebral Palsy. She cannot stand up or walk at all on her own, so I carry her around most of the time. She’s a little under 30 lbs, so it does a number on my back and shoulders from the repeated strain.

I cut out getting pedicures and facials, I took down my general weekly spending money so I could afford the regular expense of this, which is about $165 per month for two sessions.

Time vs. money verdict? For the amount of time I’d be in pain, and the level of pain, spending money on this is totally worth it!

At the end of the day

You are the only one to decide if something is worth it or not from a time vs. money standpoint. But you need to go through the mindful decision-making process, to make sure you’re not just spending money and busting your budget on something frivolous. Even though you’re on a budget (which is essence is just a plan) that doesn’t mean you can’t spend money on non necessities, especially when they are time savers. You need to ask a few key questions and make sure that the math works.

If you’re not confident in your budgeting skills, check out my free list that walks you through the most commonly missed budget items that moms forget about. By making sure that you have all your bases covered, you can avoid overspending. Download it now!

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