AuthorVanda Scholey is a chartered management accountant with an interest in how emotions influence our spending. Archives
September 2020
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Time versus Money12/5/2020 The dilemma between time & money is as old as society. Both are in essence two sides of the same coin. We exchange time for money by going to work/running our businesses, and we exchange money for time by buying a washing machine for example.
Both time and money are very similar on many levels. Even the language we use when talking about them is similar. We talk about spending, saving, wasting and less often investing time & money. What we do with both time and money should always reflect our values, beliefs and desires. If it does we tend to be happy, if it doesn’t it leaves us with a feeling of ‘something’s missing’. It’s all in the balance We all want to strike a balance between time and money. We may not realise this because the importance of the balance tends to come to life precisely when that balance missing. Plenty of time and not enough money for our basic needs, we get into debt and trouble. Plenty of money and no time to enjoy it, we end up miserable. The power of choice People often tell me: ‘But I can’t work less, I have a big mortgage to pay’. Yes, on the face of it this is a statement that rings true. Is there anything we can do to change it though? Here in the UK the vast majority of us are very lucky in that we have at least some degree of CHOICE. Everything in life is a choice. We do things because we want the results, or we don't want the pain. I don’t have to pay the mortgage, I do it because I don’t want to lose the house I’ve chosen to live in. I don’t have to pay taxes, I pay them because I don’t want to end up in jail. Realising and accepting that we have a choice in most of what we do helps us recognise that we have control over much more in life than it seems at first. This realisation enables us to take action. Now is a good time How are you choosing to use your time/money? Is it in line with your values? A time of big changes (right now!) is exactly the right time to look at your spending/saving/investing/wasting of time and money, to ask the hard question of what’s important and to look at your spending. Here are a few pointers to start off with:
As it’s been said before, we all have 24 hours in the day, every day. Remember, it’s in your power to choose how to use them. Get in touch here.
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