time

Is Picking Up Pennies Still Worth My Time?

March 12, 2019 By Shannon Christman 16 Comments

“If Bill Gates saw $100 lying on the ground, it wouldn’t be worth his time to pick it up,” a friend told me once. She reasoned that he would make more during that time by doing something else. At an estimated salary of $1.38 million per hour, Gates would likely make more than $100 in the two seconds it would take to pick up that $100 bill.

Is It Worth It If You’re Off the Clock?

“But what if he’s off the clock when he sees the $100?” I asked my friend. “Then it would be worth his time.” I realize that people like Bill Gates are never really off the clock, and in fact, that $1.38 million per hour includes even the minutes he’s sleeping, but my point was that he could just as easily spot the cash when he’s on the beach as when he’s doing business. Then he’s making money in his leisure time, not when he’s earning his salary.

Even if the $100 flew in his office window while he was working, I added, he could easily continue certain types of work – thinking of new ideas or talking to an assistant, for example – while he bends down to pick up the cash. Then, during those two seconds, he would have made $233 instead of $133. Even minimum-wage workers are allowed a few seconds to stretch, so no one is cheating his or her employer by picking up a penny on the clock.

The Value of Picking Up Pennies

Odds are, you’re not Bill Gates, you don’t make $1.38 million per hour, and you never see $100 bills lying on the ground. You probably see quite a few pennies, though. Is it worth your time to pick them up? If you could make a living picking up pennies, one after the other, 40 hours a week, you would make $37,440 a year, assuming two seconds to pick up each penny. Some people, like my friend, would say that picking up a penny is not worth your time if you make more than $37,400 annually. I say that, even if I made $500,000, picking up that penny would be worthwhile because I would then have made $500,000.01.

The amount of money you make is irrelevant to whether it is worth your time to pick up a penny. However, other factors may lead you to choose to let the penny remain there. By picking up a penny on a busy sidewalk, you risk being trampled and having to pay much higher medical bills. If you pick up a penny whose previous owner you can identify, you may be stealing (at least ethically, if not legally). Picking up a penny on a first date might give your date the idea you’re cheap, and you could miss out on a second date. (Though, if he’s a keeper, he will be thrifty himself and may beat you to the penny.)

For Most, It’s Worth It

You may be too tired to pick up the penny; your back may hurt; a child may appreciate finding it more than you would. Any of these circumstances could provide a legitimate reason to let a penny remain on the ground. “I make too much” is not a good excuse. If you had picked up the penny, no matter who you are, you likely would have made more.

Do you think it’s worth picking up pennies? Share your thoughts in the comments below!

Savings Magazines: Subscriptions That Try to Save You Money

February 1, 2016 By Alexa Mason 2 Comments

Magazines can sometimes seem like a waste of money. You’re not always using the information that you gather from them. However, they can be a nice read in your leisure time or even provide some kind of valuable information. There are a few magazine subscriptions out there that are actually trying to help your finances, teach you about saving and give you tips on how to better your overall financial situation.

All You

Magazines are something almost everyone can enjoy since there are magazines about almost any topic under the sun. There are a bunch of magazines that either cater to finance advice or have sections about how to save money. Some of these magazines are still being printed, but a lot of them only have online subscriptions. One such magazine is “All You” which caters to helping women and families save money. Each issue usually comes with a ton of ideas on how to cut your budget, make budget friendly meals, or what budget friendly products to buy. It also boasts that there are coupons worth over $50 in each issue.

Shoestring Magazine

“Shoestring Magazine” is an online magazine dedicated to providing its readers with the best methods of saving money. Some of their articles detail eco-friendly tips to help bolster your health while also saving the environment. They also tend to favor articles where they recommend 5 better product alternatives or 5 ways to reduce your monthly expenses. The magazine also has a big DIY section that’s geared toward helping its readers save money by making products themselves.

Kiplinger’s Personal Finance

“Kiplinger’s Personal Finance” was the first personal finance magazine in the United States and continues to provide valuable financial advice to its readers. It’s similar to “SmartMoney,” but its audience tends to be broader. The magazine states that its goal is to provide “sound, unbiased advice in clear, concise language”. It has a large focus on helping readers learn to save, invest, and budget their money wisely as well as information on how to make the best financial decisions when paying for college or buying large purchases such as a house or car.

Money

You might already be familiar with “Money” which is a subsidiary of “Time.” Many of the magazines articles are posted on “CNN.” Money focuses on personal finance advice, offering its readers the best ways to save for big purchases and small purchases. For instance, you can find valuable advice on how to start saving early for college or how to pay off your credit debt. You can also find additional information on the best ways of trimming your expenses. They’re also another magazine that offers suggestions on money friendly products and services.

Real Simple

“Real Simple” is a magazine that is targeted to women who have families. The magazine offers many DIY projects aimed at eliminating costs as well as money friendly ideas to keep you on track with your budget. For example, some of their articles are about “How to Save on Plumbing Costs” or “How to Avoid a Costly Restaurant Bill” or even “100+ Ways to Save in the New Year”. They provide a lot of friendly money saving advice and it might be worth it to check out the magazine to see if any of the suggestions help you save money.

Parade

There’s a good chance that you might have seen “Parade” if you receive a Sunday newspaper. “Parade” is often featured as a Sunday newspaper magazine and this weekly magazine has many features aimed at giving readers personal finance advice. It also comes with the addition of many manufacturer’s coupons which is a great way to help you save some money. If you don’t subscribe to a weekly newspaper, most convenience stores sell copies or you might be lucky enough to find the magazine and coupons still inside a paper left out at a coffee shop or doctor’s office.

O: The Oprah Magazine

As you might have guessed, “O: The Oprah Magazine” has plenty of articles and columns on the best ways to save money. Some of the articles are well known ideas such as “Steps to Beat Credit Debt” or “Money Addictions to Break” and some of the articles are more personalized such as “Costs Everyone Forgets to Budget For” or “How Much To Save at a Certain Age”.

Woman’s Day

“Woman’s Day” is another magazine that is marketed toward women with children and families who are interested in maintaining a cheap, but affordable lifestyle. While the magazine has personal finance columns about smart budgeting and how to trim excess, they also offer a section devoted entirely to coupons as well.

Photo: Flickr: Jessica Spengler

Great Gifts That Don’t Cost Any Money

November 18, 2013 By Danielle Warchol 8 Comments

There is a misconception in our society that to give a really nice gift, you have to spend a lot of money. One of the worst assumptions that is made is that a gift has to be something that is physically unwrapped. This is simply not true and some of the best gifts I have ever received have been ones that didn’t cost the giver any money or was necessarily an object in a wrapped box.

The best gift that you can give takes in into consideration who you are giving the gift to while meeting the needs of the recipient. Using a bit of creativity can create a number of opportunities where you can give great gifts that don’t cost a dime. below you’ll find a number of options to get your creative juices flowing.

Offering Up Your Skills

Do you have a certain skill that your friend or family member covets? Maybe you’re an expert with a sewing machine or you could change the oil in a car without breaking a sweat. If you have a certain skill, why not offer to use it in place of a standard gift? A lot of people would much rather have the opportunity to use your skills free of charge rather than get something in a box. This is a great way for you to help out the recipient without having to spend any money on a gift.

Your Time

One of the best gifts you can give is the gift of spending time with someone else. If you have a friend you haven’t seen for a while, offer to spend the day together. This can be something as simple as having a meal at one of your houses to meeting up at a free event such as a museum or festival. Sometimes making the effort to spend time with someone is far better than any store-bought gift.

Lessons

Do you speak another language fluently or play an instrument almost as well as a professional? If you have a friend or family member who has been eager to learn, why not teach them? Lessons are usually very expensive and you can save them the money they’d normally spend on lessons by offering to teach them instead. This is a great deal for everyone involved.

Pet Care

Pet care can be expensive, especially when someone needs to groom or board a pet. If you have the skill, offering to groom a pet can be a wonderful gift for a pet owner. Another great gift is to pet sit free of charge when the recipient needs to go away for a few days. Neither of these costs you money, but will often be viewed as much more valuable than most gifts that you could actually buy.

Babysitting

Similar to kenneling a dog, hiring a babysitter can become very expensive. If you have a friend or family member who wants to go away for the weekend or even just escape for a few hours for the night, offer the gift of watching their children free of charge. A lot of parents will be way more grateful to receive free childcare than a gift they may not even want or need.

Something You’ve Made

Perhaps your hobby includes knitting or woodworking or creating artwork. While not everyone may appreciate a homemade gift, there are plenty of people who will treasure such a gift for years, especially if it’s tailored specifically toward them. Instead of worrying about spending money on a gift, you can make something instead. Not only is this a great way to not spend money on a gift, but it shows that you put a lot of time and thought into the gift as well.

Yard Work or House Repairs

A lot of people often put off doing yard work or repairing their house either due to lack of money or lack of time. If you’re handy around the house or don’t mind spending an afternoon raking leaves, shoveling snow, or repainting walls, you could consider offering up your time. This is definitely more work than simply buying something in the store, but it’s a thoughtful gift that your recipient will most likely appreciate.

Home Cooked Meal

There are very few people who don’t enjoy a home cooked meal, so this could be another great gift that doesn’t cost anything. If you already have the ingredients in your pantry, just whip together a meal or a dessert in place of a traditional gift. Or, if you have a friend or family member who rarely cooks, offer to make a freezer full of meals for them in place of a gift.

Plant Cuttings

If you have a garden, why not give a couple of plant cuttings as a gift. This may g over especially well if the recipient of your gift is also a gardening enthusiast. You’ll most likely have extra dirt and pots for the cutting, so all you have to do is transfer the cutting from the ground. This is not only a unique gift, but also a thoughtful one that won’t cost you any money.

Loaning Items

Do you have a beach house or ski cabin you like to use every year? Or maybe you have some luxury vehicles like a sailboat or snowmobile. Have you thought about offering these up as a gift? A lot of people would find it difficult to refuse a free stay in a beach house, for instance. Allowing your friends or family members to temporarily use your vacation house would not only go over very well for them, but wouldn’t cost you all that much money. Besides, if you’re not planning on using it for the entirety of the season, why not offer it up for their use?

(Photo courtesy of asenat29)

Frugality Buys You Time

February 7, 2011 By Jennifer Derrick 2 Comments

We all know that time is our most finite resource. We all have a set number of days on this planet and we’re not getting any more. We can’t make or buy more time. Since we can’t make more time, it’s important to make the most of the time we do have. I’ve found that, “going frugal” has been the best way for me to “create” more time. No amount of money, whether spent or saved, can actually create or buy time of course. It’s just an expression. But frugality does give me more time to spend on the things that really matter to me.

People often ask me how that is possible since frugality sometimes brings up images of slaving away on chores the old-fashioned way, cooking over a hot stove for hours on end, or spending tons of time in the garden or sewing. If you’re spending more time doing your work, how can you possibly be spending time on other things? The answer lies in the misperception of frugality. Since I’ve gone frugal, I don’t spend any more time cleaning my home than I did before, I just use vinegar and baking soda. (Actually, I spend less time since I’ve purged a lot of my junk and there’s less to clean around and maintain.) I don’t spend any more time cooking than I did before, I just use different ingredients and recipes. I do spend more time in the garden, but since that is something I really enjoy, it’s a positive and not a negative.

Being frugal means that I don’t waste time in the mall (or on the Internet) four days a week aimlessly shopping. I have that time to read or pursue other hobbies. I don’t eat out much which is not the time saving device most people think it is. In the time it takes me to drive to a restaurant, order, wait for my food, eat, and get home, I can cook a meal, clean up the kitchen and take an after dinner walk with my neighbor who tells the best stories. I do a lot of my own maintenance, but even that is really a time saver. I can get the job done and over with instead of wasting time finding a repair person, waiting on them to show up, and then supervising them while they’re here. I can instead finish the job in an hour and spend the rest of that time on something else that’s important to me.

Frugality is also buying me time in another way. The more money I save, the less I have to work. Before I became frugal, it cost me a lot more to live each year. I had to work a lot more to make that much money. It’s a vicious cycle. Spend more money, then work more to make more money. Repeat. As I cut down my expenses, it cost me less and less to live each year. As a result, I didn’t have to work so much. Since I’m self-employed, I discovered that I could take a lot more
time off and still meet my expenses and continue to save for the future. I now have a lot more time to travel, read, exercise, spend with family, or just sit outside enjoying the weather.

Frugality isn’t about just saving money, it’s about removing a lot of the unimportant, extraneous junk from our lives and paring down to what is most important. This paring down saves money, but it also saves time which is, arguably, more important. By eliminating trips to the stores, eating out, stuff I have to clean and clean around, and activities I don’t enjoy, I’m able to “create” a lot more time each day. The more frugal I become, the more time I create each year, as well, because I don’t have to work as much to meet me expenses. Frugality enables me to make the most of however many days I have on Earth.

How’s Your Money Attitude?

September 22, 2008 By Jordan Lugar 1 Comment

I am sure that almost everyone would say they would like to improve their financial position in some way. For many, it would be getting out from under mountains of credit card debt or paying off school loans. Others may be trying to accumulate money for a down payment on a home or saving up for a new car purchase. I have come to the conclusion that it is time for me to improve my own situation by refocusing on the basics of attitude.

Dictionary.com defines Attitude as a “manner, disposition, feeling, position, etc., with regard to a person or thing; tendency or orientation, esp. of the mind.” It’s our human nature to have a generally negative attitude in regards to our finances. We tend to dread paying the monthly bills, feel nauseous when it comes time to review the year-to-date losses on our 401(k) statements, and simply get frustrated when we don’t see our situation improving. Using the letters in the word “attitude”, I have identified eight specific things to focus on while on the journey to create financial security for my family.

A – Attention

Money is one of the most important things in our lives. When I say this, I don’t mean that our lives should be centered around money and possessions, but merely that without money, it would be difficult to live. We do not live in a self-sustaining society where we build our own log cabins for shelter and farm our land for food. At a basic level, we use our money in order to provide for the physical needs of our families. As such, our savings and investments deserve our keen attention, and it’s impossible to improve our finances by disregarding them.

T – Time

Following right behind and directly related to the idea of attention is the topic of time. If we are going to give our finances the attention they deserve, we need to be prepared to invest our time working on them. Our time will be spent investigating our spending habits, working on budgets, reconciling bank account statements, researching investment opportunities, and the list runs on. Moreover, with the goal of improving our finances, we cannot expect to see the changes overnight, but it will be a slow and tedious process.

T – Trial

Improving our finances sometimes involves trial and error. There is not always a clear, cookie-cutter solution to each of our individual situations. As an example, you will find tons of conflicting advice when you read Money magazine, read subject matter books, watch CNBC, research via the Internet, and listen to friends. At some point you may not know how to proceed with a particular decision and doing nothing is not going to be an option. When you don’t know which direction to turn, you’ll have to experiment with a course of action. Just make the best decision you can and learn from your mistakes.

I – Income

Recognize any additional potential income that we may have available to us. I am not referring to your career and normal “day job”, but anything extra you can do to generate additional cash. Would you consider a part-time job if it enabled you to pay off your credit card debt? What about selling that box of baseball cards on eBay? If photography is one of your hobbies, what about trying to make some money selling your photos on a website like Istockphoto.com? Be creative and you may be surprised by the additional income you can make after your workday or on the weekends.

T – Target

We need to have a target for where we want to be in the future. Like any worthwhile goal, we have to be willing to give up some pleasures today, in order to reach our destination. I once read that if you don’t know where you’re going, any road will take you there. Once your target has been determined, it will be easier to steer your finances to this place, by making decisions that will keep you on track to reach your goal.

U – Understanding

The degree to which we can improve our finances is directly related to our understanding about money and investments. How can we expect to make good financial decisions if we don’t understand the basic principals and “rules” about how money works? This is why it’s important that we continue to strive to educate ourselves. The better informed we are about our options, the better we can assert control over our future.

D – Discipline

Improving our financial situation is dependent upon self-discipline. Another thing I learned from my dad was that building financial security was simple, but not easy. Following budgets, purchasing only what we can afford and saving money where possible are simple concepts to understand, but they’re not easy things to actually do. You need the ability to say “no” to yourself. Not only to one-time large purchases, but even on seemingly small, daily purchases. How about substituting tap water for the $1.50 Coke every time you go out to a restaurant?

E – Effort

Finally, changing your financial situation will take a great deal of effort. This is obvious from the earlier ideas we mentioned, especially Attention, Time, and Discipline. When you first come up with the plan to grab a hold of your finances, there is adrenaline and excitement to keep you going. As the “newness” wears off, the routine of daily discipline may start to feel too difficult. You begin to realize that you do have to give up some of your time, and you start to miss what you would have been doing otherwise. If you choose to give up Cokes, it won’t take long before you begin craving them again. Saying that we need self-discipline is the easy part; following through on the discipline takes massive effort.

These eight words summarize much of what will be required along the journey, if I am to be successful at reaching my final destination. I remember a poster from one of my middle school classrooms which said, “Your Attitude determines your Altitude.” I thought the phrase was pretty cheesy, but it has stuck with me ever since. The next time you have a setback or get discouraged with your financial picture, remember to check your “attitude” to help you refocus on your goals and get back on track.

Image courtesy of JustUptown

The Money Saving Aspects of Daylight Savings Time

April 25, 2008 By Jennifer Derrick 5 Comments

I’m a huge fan of daylight savings time. I hate the long dark winters and get excited when we make the transition to longer days. But beyond my joy at more daylight, the transition to daylight savings time also saves me money. When we moved to the longer period of daylight savings time last year, I was pleasantly surprised to discover that my savings went up even more. No, I’m not putting away enough to buy a new car, but since every little bit helps, I like to keep track of what saves me even a little bit of money.

That DST saves money is good news since the idea that DST saves energy might not be accurate. DST is supposed to reduce energy consumption and costs because the extended daylight hours reduce the need for lighting. However, there have been some studies done that indicate that DST may not save as much energy as we first thought. While not definitive, the study indicates that the extra air conditioning and heating costs associated with the change may cancel out any savings in lighting.

So if DST isn’t saving energy, what is it good for? Does it serve any other purpose beyond giving us a mood lift? Sure. It saves money. Beyond the savings on my utility bill from reduced lighting, I’ve identified ten ways that DST saves me money.

1. I eat less, so I spend less on food. I think it’s because I have so much more to do when the days are long that I don’t eat out of boredom as much. By the time I come in from working outside, it’s too late for a snack and I’m tired anyway, so I just head for bed, bypassing the big dinners and late night snacks.

2. I spend less on gas. When the days are longer, I can ride my bike or walk to some places I want to go after work without as many safety concerns. Also, I go out less in general because I’m busy working and playing outside so I consume less gas.

3. I go out to eat less often. Although I don’t eat out much during the rest of the year, during DST my outings drop to almost never. I’m busier out in my garden and being outside is more fun to me than going to a restaurant. By the time I’m ready to come inside, it’s too late to go back out to eat.

4. I’m less tempted to shop. Even though I’m not a huge shopper, when DST rolls around I go to the stores even less. There’s too much else to do-summer concert series’, sports, reading a good book in the hammock, working in the garden, etc.-to spend time in an artificially lit store.

5. I’m less likely to go to the movies. As with eating out and shopping, I don’t go to the movies very often but once DST starts, I don’t go at all. Most summers go by without me seeing a single movie. When there’s so much to do outside, I’d rather not sit in a dark theater.

6. I crank out more work. This isn’t so much a money saver as a money-earner but when DST begins, my productivity level jumps. Since I work from home, in front of a window, my work area is a better lit and more positive place to be than in the dark days of winter. I like to be there. I can also take my work outside in the evenings and write while I watch the sunset. I find that I’m more productive during DST because I like to work in such positive environs.

7. I reduce my NetFlix package. During DST, I drop from the three-out-at-a-time plan to the one-out-at-a-time plan. I just don’t have time to watch as many movies since I’m outside until dark. By the time I come in, it’s too late to watch anything. So I drop my plan down to the minimum needed to provide rainy day or weekend entertainment.

8. I grow more of my own food. Having longer days means that I can work in my garden after work and produce more of my own food. If the days remained shorter, I would lose that time and not be able to produce as much. (I also sell some of the excess so I make a bit of extra cash.)

9. Beyond lighting, my energy bill goes down in other ways. For example, I use the stove less often to cook since I can use the charcoal grill outside and I use the dryer less since I can hang my clothes on the line.

10. Intangible savings. I don’t know how to track it, but I know that I save money during DST because I’m simply in a better mood most of the time. The extra daylight keeps me sane. I don’t have to fight the need to “self-medicate” with food, stuff, or outings the way I do during the winter. Because I’m outside doing things, I’m away from the dismal news more during DST and that helps to keep me in a happier place, as well.

For me, daylight savings time is both a mood enhancer and a money saver. It’s a time of year that I look forward to. Even if it turns out that DST doesn’t reduce energy consumption by the amounts previously thought, I’m still all for it because it saves money in other ways.

Image courtesy of stephen031