Budgeting, Personal Finance

The Effect Of Choice On Our Financial Resources

You cannot recover the money that you spend, but you can always earn more. Money will come to you from hard work, good fortune and simple luck. You will spend all of it or some of it and often you will be able to control how you much of your money you give back to the economy. That is a good thing and it can give us a sense of control over our lives.
We cannot control, however, the time that we have to earn and to spend and to do all of the other things that we do in our daily lives. That means that we really need to focus on budgeting our time as much, if not more, than we budget our financial resources. We need time for what we enjoy and time for what we have to do for our jobs and our families. We need time for doctor’s appointments, school meetings, church and any of a number of other things that we choose to do with our time.

That we choose to do with our time.

Just as we choose how to spend our money, at least the money that the government does not claim, so too do we choose how we spend our time. Some may choose to go to church on Sunday morning. Others may choose to go fishing. The choice is personal and can only be made by each of us for ourselves.

The choices that we make with respect to our time, however, have a tremendous effect on our financial resources. That is worth considering, especially now that the economy is finally showing signs of a rebound. That means that as you find yourself with more opportunities to earn money, or greater expectation that you will work harder, you are going to need to start cutting back on other things or risk your financial security.

For example, it does not surprise me that Facebook took off as a social tool for adults over the past several years. It is easy to use, allows people to feel connected, and offers games. In moderation, all of that can be good fun, but it should never be a distraction from more important pursuits and it should never be confused as an important pursuit. It is a frivolous distraction for most people and should be kept in perspective as such.

There are a lot of things that you may have found you have had extra time to do over the past few years. You may have found new hobbies, more time to be with friends and family, even other revenue streams. As our economy rebounds and as we all find ourselves working more, as I think will be the case very soon, we may have to cut back on those newly discovered pursuits. That is as it should because if we do not work when we can, our clients and our employers will find others who will.

As your business or job grows busier, how will you find the time to work longer hours? What will you cut out of your routine? Will you just say no to the work?

1 thought on “The Effect Of Choice On Our Financial Resources

  1. Good point! When I was in corporate, it ruled my life time-wise. Now that I’m doing what I love, distractions can occasionally bit a bit much. But the lesson I learned is that, if you don’t make time for some of the things you love, life just isn’t much fun and all that money is nice and handy and can be used to take care of things you don’t enjoy doing, but… 🙂

    I’m finding that I prioritize my time and my money. At this time, sculpting/carving is high on the priority list as far as time and money (incoming) are concerned. But I make sure I have time for friends and to go to events that interest me. Spending is similarly prioritized. If I have a friend who wants me go on a trip with them but I’m looking at a piece of equipment that I really want for the shop, the equipment will win every time! LOL

    I’ve also found that I’ve cut WAY back on time wasted on the computer. I actually only allow myself a couple of hours, generally, and that’s taken out of time I would have spent watching tv or something similar. To tell the truth, my tv stopped working for anything but watching movies a couple months back and I ran an experiment (i.e. didn’t buy a new one right away) and found that I don’t even miss it!

    Time, once gone, can’t be replaced. True friends, once gone, can’t be replaced. Some events/experiences you only get one chance to be part of. Life is all about priorities.

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