29 February 2012

How much are you saving per hour?

If you are just starting out living the Cheapskates way you may be feeling a little overwhelmed by all the hints, tips and ideas to save you money, time and energy. Pick one or two and work on them until you are doing them without even realizing. Don't forget to factor in the time spent versus the money saved. Sometimes it is easy to get so caught up in trying to save every cent possible that you lose sight of the goal and end up spending hours to save just a few cents.

I aim to save at least $25 an hour by implementing an idea, or it's not worth my time, which could be used elsewhere to save. For instance I make Cheapskates washing powder. A 3 month supply costs around $4 and takes less than 5 minutes to make. To buy a three month supply of washing powder costs around $36 - a saving of $31 for 5 minutes of my time. On the other hand I don't make wraps. Although they only cost $1.20 to make 8, they take about 30 minutes of my time. I can buy a packet of 8 wraps for $2.50.  There are other things I can do with my time that will save me more than $2.60 an hour. Of course, if you love breadmaking and have the time then saving isn't the reason you do it.

But if you are spending your time to save money, make sure the saving is worth your time.

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