Are You Saving for a House, Car or Vacation or Are You Saving for More?
When you think of saving money, what comes to mind? For me, it's cars, houses, boats, clothes and vacations that first come to mind. Saving is usually thought of as a temporary piling up of cash in order to purchase some good or service that's believed to make our life better. That's what its all about, right? We want to make our life better and quite often, we believe that things can do that for us. On closing day of our home purchase, we get to walk through that door a home owner. I bet that feels pretty cool. When we pick our friends up in our new car, gosh that's a fun time, and our friends love it too. They like it when we are able to buy the nice things in life. After all, that's what we're doing it all for, right?
Life Isn't About Buying Nice Things
Wrong. Life isn't about buying nice things with our money. It's about the experience; the journey. So, buy experiences then, right? Sort of. Sure, vacations are great. They allow us to experience new things and see new places. Traveling is a pretty awesome thing and spending that time with our family and friends is what makes it as great as it is. Do we save for vacations? Of course we do. But one thing we usually don't save for is time. Time is what allows us to have experiences. That time we spend with our family and friends is valuable and most likely the best part of our trips and vacations, yet we don't think of it that way. We think of being on that cruise or tropical island as being the experience. But it's the time and the experience with those we're with that's really valuable to us. So, why don't we save for time with those people we care about?How Much Time Can You Spend with People You Care About?
Here's an interesting question to ponder: How much time can you afford to spend with those who mean the most to you, right now? Why do I ask right now? Because right now is all we have. Right now is our life. No, not 10 or 20 years from now, but right now. Today is the day we have. Tomorrow, we're not guaranteed. So again, I ask, how much time can you afford to spend with your family and friends? Is it less than you want to? I bet it is for most all of us. So, why are you saving for a new house, new car or a vacation to the Bahamas when you aren't even able to spend enough time with your friends and family? When I talk about saving money to buy time, I mean buying yourself the ability to take time off from your busy life and spend it where it really matters. The unfortunate part of the way our society works is even if you do have the money to spend more time with others, sometimes those around you won't let you. Take my life a month ago for instance. I had plenty of savings after saving half my income for several years. I could have taken time off to travel or to spend time with those I care about. I even proposed to my boss that I cut my time commitment at work. He said no. That left me with a choice to make. That's how it will go, quite often. Living in a world where giving only 40 hours of attention each week to your employer probably isn't even enough, it's tough to set yourself up to have more time, even if you have the money saved. But just because others around us tell us we can't have our own time back, that doesn't mean we have to listen.Is It Really Worth the Money?
I didn't. I decided my time was more important than the money. You have the ability to make that decision when you have saved money with your time in mind. Time is all we have. I would encourage you to not prioritize things like a house, a car, new furniture or a tropical vacation over the precious time you have in your life. Your life is more important than those things. At the end of your life, as you're laying there on your death bed, what are you going to wish you had done more of? I bet it's spending more of your time with those you care about. I bet you won't wish you dedicated more time and attention at the office so you were able to buy that lake house that you never bought. Things are just things. Why are they put up on such a pedestal in this society? I challenge you to take a look at what you're saving for. Is it material goods focused? Or is it for time and experiences? How does it really feel to have your time and energy controlled by other people? I bet it doesn't feel good. I've been there and it was a tough place to be. Saving money is about more than preparing to buy new things. It's also about preparing to live your life the way you want to live it. We can't afford to spend last year's income, or even last week's income for that matter on things. We have to get out of that mindset. If we don't we'll find ourselves dying (because we all are) and looking back without having spent our time where it really mattered to us. That would be so sad. Don't let it happen to you. I'm not going to let it happen to me.Enjoyed this? Get new posts by email.
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22 Comments
- SickOfCubicles says:July 30, 2013 at 12:35 PM
Time.. Ahh. I always said that given the opportunity, I would work at my current job for a 20 to 30 hour week, and be MUCH happier, even with the pay cut. It's a shame that more employers aren't open to this idea, at least with the "good" jobs out there... If they gave benefits to people who worked part time, more people would do it. This would also effectively double the amount of jobs available. Hell, if they agreed to have 1 part time person work Monday to Weds, and the other Thursday through Saturday, we'd have 6 day business hours instead of 5, leaving Sunday for people who have opposite schedules to spend time together. And the burden wouldn't be placed on that one employee, it would be split up.. Better for the businesses and better for the employees. The M-F schedule makes me feel like I'm trapped in a prison, and I am a slave to the clock.
- Kraig @ Young Cheap Living says:July 30, 2013 at 12:37 PM
SOC, Great idea. I love it. And I feel your pain. I was there. Take care and get through this week!
- Eddie says:July 30, 2013 at 10:05 PM
I get it, cubicals don't appeal to me either. However, it is better than being unemployed.
- SickOfCubicles says:July 30, 2013 at 12:37 PM
You also would no longer need to take a "vacation day" to run errands and do things like Doctor/Dentist appointments. It's funny how they are only open at the same exact time everyone has to be stuck at work. Who's stupid idea was this anyway?
- Kraig @ Young Cheap Living says:July 30, 2013 at 12:38 PM
Haha, yes that is pretty dumb.
- Eddie says:July 30, 2013 at 10:03 PM
I agree with both if you. I have to take time off tomorrow to take care of yet another financial crisis (for lack of a better word). Seems like every time I am close to finally enjoying my credit card debt being down to less than $500 - crap happens. I am lucky to be saving anything the way things are going. To build financial success, yes revenue is important, and also a lot of good luck.
- SickOfCubicles says:July 31, 2013 at 8:22 AM
Throw out that credit card.. Eat Raamen noodles and turkey meatballs for a few weeks.. Then use cash only (Unless you have enough self control to pay the card in full each month and collect the points from it). I hear you though, every time we get close to a goal, something seems to pop up. For example, my cell phone stopped working a cpl weeks ago, and the same week, my computer's power supply literally blew up... Just as I was ready to send a 7,500 check to one of my loans to pay it off. You know what's funny? Since I declared thermonuclear war on my debt, I STILL haven't replaced the phone, or the PC's power supply yet. I refuse to until my debt is paid. That is how you attack it.. Get ANGRY at it. Sacrifice things in your life until it's gone! But after that KEEP the mentality to not go back under, and actually start to gain some capital. It's like a new mentality. The old me would have just went out and bought replacements for this stuff THAT DAY.. But not the new me.. Not until this emergency I call debt is off my back. This 3 year old company decommissioned iphone will have to do for now! (A positive side note, since the phone is so damn slow, I find myself ON it less, and enjoying the PEOPLE and ENVIRONMENT around me a LOT more.. but as a die hard techie at heart, it's a tough pill to swallow. Just a little while longer!!!)
- jim says:July 31, 2013 at 6:30 PM
Love your response. It takes that kind of passion to get out of debt and it can be exceedingly irritating to keep at it. Good for you.
- Thomas | Your Daily Finance says:July 30, 2013 at 1:26 PM
This is something I need to email several hundred people. Everytime I say am saving they always ask what are you trying to buy? Im like nothing I want to stop working and not be dependent on someone writing my check so I can make it. Its a learned mindset and we pick it up early on in life. You want something save and buy it. No one teaches save to retire/to have money. Well some people teach it. I value you my time and time with my wifey and the family. I left my job to spend more time with them and to do my own thing. I can always earn money. there are jobs looking for people with my skill set. I cant get back the 50-70hrs I worked per week that I missed with the family.
- Kraig @ Young Cheap Living says:July 30, 2013 at 1:29 PM
Thomas, EXACTLY. Well said. Time is way more valuable than the income we often exchange it for. Feel free to send it on out. This site could use a larger audience. :)
- Michelle says:July 30, 2013 at 1:56 PM
Love this post! When I tell people that I want to reach financial independence or early retirement, they just seem very confused and look at my as though I am insane.
- Kraig @ Young Cheap Living says:July 30, 2013 at 1:58 PM
Michelle, I know the feeling. It is hard to explain to then what we are doing when they are living on a different planet then we are. Eventually, they will see it though.
- Sean @ One Smart Dollar says:July 30, 2013 at 3:50 PM
The biggest problem is that most people only live for today and not for tomorrow.
- Done by Forty says:July 30, 2013 at 3:54 PM
It's a bit of a balancing act, because while I only am guaranteed today, odds are that I am not going to die tomorrow, or the next day, or in the next 50 years. I have to enjoy today and that's really critical, but I'd like to work & save and invest now so I can get to FI and "get" the full 24 hours of my future days down the line. It's a gamble, of course. Working the 8 hours now (instead of just chilling with my wife & friends, as I'd like) means I'm banking on not buying the farm tomorrow. But it's the risk I take, and I've just got to make sure that I don't sit at the casino table longer than necessary...
- Kraig @ Young Cheap Living says:July 30, 2013 at 5:59 PM
DBF, Haha (about the casino table) Agreed. It is a balancing act and a risk, but a calculated risk at that.
- Dividend Mantra says:July 30, 2013 at 10:10 PM
Kraig, Couldn't agree more! Time is everything. Because without it, we're nothing. I learned early in life that my time is way too valuable to trade it away for a bigger residence, a fancier car, newer clothes or a nice watch. When I'm on my deathbed I know I'll look back with fondness at the moments I had with loved ones and the experiences I had the time to enjoy in life, not the stuff I accumulated. Best wishes!
- Kraig @ Young Cheap Living says:July 30, 2013 at 10:14 PM
Jason, Agreed my friend. Time and experiences with those we care about. That's all that matters. Forget stuff. Talk to you soon!
- August 2, 2013 at 11:05 PM
Completely agree. It's important for me that I am financially independent not because I want to buy anything I want. I want to be financially independent so I can spend my time doings things I love and with people I love. I don't want to feel like a slave to a job.
- Kraig @ Young Cheap Living says:August 2, 2013 at 11:06 PM
Connie, Yep, we think a like. I love it! Gosh, and it's so great after you've been doing it a while. You can really start living. It's pretty awesome!
- Wade says:August 5, 2013 at 3:32 PM
I have been in a mode where I only buy things that I can resell for a profit. Smaller things from a thrift store or a garage sale that I know will sell for a profit on Craigslist or eBay. Some weeks I find nothing. Other weeks I find a couple of things. Maybe a free lawnmower someone gave away. I do some TLC and resell it. You have to have an eye for things that will sell and not overpay. I also love buying things that were really expensive for $1, $2 or $3. All my golf clubs and bag were $1-$3 that were once very expensive. Finding a jacket or shirt that was $50+ for $2. I know that doesn't excite everyone, but it is fun to buy stuff when you know you can turn around and make a few $. You just have to be of the mind to not keep collecting "stuff". It just moves on and makes you a little spending money. Time is money. I'm contemplating changing jobs. I will sacrifice pay to have more time and enjoy life more. I just have to convince my wife. :-)
- Kraig @ Young Cheap Living says:August 5, 2013 at 3:34 PM
Wade, I'm behind you on your choice to sacrifice pay for time. Obviously, it take a certain type of mindset and lifestyle to afford that kind of a move though, which it sounds like you have. I know what you're saying on convincing those around you though. It isn't easy. Take care,
- Andrea says:August 14, 2013 at 1:23 AM
Really valid points regarding how priceless a person's time is. As someone whose life was saved at 20 by an organ transplant, I realise it really isn't just the years of your life, but the life in your years. I think with money, its not how much you have, its what it enables you to do and how liberating it is when it becomes emotionally irrelevant. Hopefully you go through life getting paid for doing what you love - therefore not working a day in your life! :) After all, we're all just one silly devil cutting us up at the traffic lights and that could be it... Being given a second chance at life, I've noticed it really is a collection of little things that make you appreciate being alive. Being able to walk on a beach, having a really interesting conversation with someone (surprisingly difficult to find), looking at trees, enjoying a whole bottle of water in one go etc. Yes, I do appreciate my macbook and camera but I know I won't be able to revisit the memory of them in 30 years time (I'm optimistic!) with quite the same awe and affection as I would be able to a family holiday or a breathtaking vista I experienced.
