Many times this question arises in our mind that which is good, saving more money or, earning more money? First of all, this is not a competition between the two. In-fact to reach financial independence, you need to practice both efficiently.
The problem comes when you are choosing one over the other (or, giving priority on one over the other) due to limited time at hand. Let’s see what are the main time-taking tasks involve in a typical saving money venture.
- Creating budget
- Tracking every penny
- Analyzing spending pattern to figure out cost saving opportunity
- Family education and encouragement
- Having a lot of manual labor to cut cost
Its true there are certain money-saving activities that can be performed without spending much time, for example, buying a generic store brand instead of name brands does not take any extra time, but saves some money. Still, th overall money-saving exercise is in-deed time taking.