Posted on: Tuesday, May 11, 2010
Choosing between personal finance and personal time
By Sharon Harvey Rosenberg
McClatchy-Tribune News Service
Racing for a morning meeting, I made an expensive choice. Instead of public transportation, I took a long and costly cab ride to work, a decision that created extra family time and allowed me to collect my thoughts before a long work day. It was a smart move that paid emotional dividends.
Too often, our daytime dramas force us to choose between personal finance and personal time. And at crucial moments, we can either be frugal with our time or our money. In an ideal world, money-saving options can also be step-savers. But that's not always the case. Here's how I sort through a few daily dilemmas:
Time-bound: Not all deadlines are created equally, and when we're running late or under pressure, it's important to determine which commitments carry extra personal or professional weight. High-priority events could include a kindergarten graduation ceremony or a special meeting with a senior executive. In a time crunch, I will spend additional money to meet key deadlines. Quality vs. price: Sometimes well-made products are worth higher prices. That lesson hit home when I purchased a plastic blender at a discount. Buyer's remorse struck when I opened the box and tried to assemble the appliance on the kitchen countertop. The blender was flimsy and did not fit into base. When I returned the device, the store manager offered a tip: Upgrade to the glass version, she told me. The higher quality blender was worth the expense. Of course, not every household item needs to be top of the line. Choices can be made based on lifestyle, future plans and day-to-day use of gadgets. Health issues: One of my favorite skincare products is free of fragrances, dyes and parabens — a potentially harmful chemical. Unfortunately, this organic product line is expensive, albeit effective. Cheaper substitutes are available, but I am willing to pay more to minimize long-term health risks. Realistically, it's not always possible to make the healthiest choices. Frankly, when my budget is tight, I bypass the organic produce section and stock up on conventional fruits and vegetables. Or I'll buy organic produce in smaller quantities to save money. It's a difficult menu of options.———
Sharon Harvey Rosenberg is the author of the "Frugal Duchess: How to Live Well and Save Money" — a coming-of-age memoir about money — and a contributing writer in Wise Bread's "10,001 Ways to Live Large on a Small Budget," both available on Amazon.com.
