Time and Expense Software
If you've been working hard at breaking down your budget, either using budget management software, or over pen and paper, you might eventually find yourself coming to think if your time spent in pondering over all these is actually even worth it at all. This thinking, while immediately having the effect of making you procrastinated in your budget analysis; is actually in the long run very helpful. It helps you realize the value of one of your more valuable and precious resource, time.
Often you might find yourself wondering if a particular task or activity is indeed worth your effort. Most of the time, it isn't. Usually an easy way, and easier if your job can be scaled up or down, say using the billing system of lawyers, or time spent by art related professions. You can similarly apply this monetary worth of a single hour of your time into the efforts you spend into money. Perhaps, instead of saving that extra few cents out of your electricity water and overall utilities bill, you would be better off simply shaking it off and work an extra hour a month. Similarly, don't bother squeezing that last few drops off your lotion or toothpaste, the half an hour you spend doing that is better of channeled into work that gives you a net gain in money. Not to mention that the last few bits of such stuff are probably icky anyway.
Assuming you earn an average of $30 an hour, it means that for every 2 minutes you earn a dollar. Conversely, every 2 minutes of time you save yourself, is equivalent to earning at least a dollar. Perhaps you have to wait around for an hour or two for that particular equipment to be repaired or replaced, but you have better things to do with your time, none of which you can accomplish there. At this point, you might want to consider their express charge. Let's say by paying an extra 25 bucks you get to save one hour of your time. In that one hour, let's say you spent it on an extra hour of work, you'll earn a net of 30-25 = $5 "profit".
This might be harder for you if you are a fixed salary worker, because although you would have a clearer idea of your income per hour, you effectively also have an income cap which you won't exceed. In this particular case, perhaps a better quantification of your time is to eke out and save and make more of it to spend with your friends and family. Is wringing that last fluid from the toothpaste tube worth the extra ten minutes you could spend with your spouse or kids?
Alternatively, you could start by slowly building up a passive income
flow. There are plenty of ways you can go about doing this on the
Internet. It's still hard work, but it's a chance at a steady trickle of
dollars over a long time without a boss breathing over your neck. If
you love your job, spend a few minutes a week blogging about it, if it
is in a good niche and can be monetized, great! You have an added income
stream. If you hate your job, you could also vent about how much you
hate it, at least it gets the load off your chest. Or you could think
out of the box and get a gumball machine; place it by the convenience
store you always go to, or rent a small part of a shopface. If you can
work the math out right, it could cover your petrol expenses for the
month. If math isn't your thing, an expense software might be useful for
Then again, one could also bite the bullet, and get down to the nitty gritty of where their money went in totality, as well as how their time has been spent. If using the free software available on the Internet just isn't cutting it for you, you'll probably want to try those snazzy ones that let you do things like synching to your mobile phone. And if you need to budget your hours and minutes you can consider time and expense management software. Although they are geared towards businesses you can tool them for your own purposes.
Keep tuned for time and expense tricks