When to Pinch Pennies and When Not To

Some have an urge to pinch every penny possible but this may not be the most efficient use of time. For those that are able to earn incremental amounts of money if they wanted to then spending time on earning might be more worth while than saving a few dollars here and there per unit time. However, for those that cannot earn extra for an incremental amount of work, then it serves them best to pinch every penny there is because otherwise, they really would be earning $0.

How’s it going everybody this is pete the bush today i’m going to talk about when to pinch pennies and when you should not you see in a lot of my videos i show how to save money and sometimes it might seem really insignificant people would normally say i would rather not pinch pennies because i would rather go and work for one hour more and cover the expenses of

Saving that money you see this can be generalized depending on the person if they have the ability to work one extra hour and earn that little bit more money it’s about optimizing the value that you get in terms of saving or earning more given the same amount of time that you use if you do not have the ability to earn extra money given more hours that you work

Then you should really just pinch pennies everywhere if i ask you can you earn $20 more the next week then this week and if you say yes then yeah sure go ahead and spend that one extra hour on earning that $20 instead of pinching pennies instead let’s take a concrete example and let’s say you can earn $10 more every single hour let’s say you have some sort of

Arrangement with your employer where you can work as many hours as you want let’s say you can work all the way up from your 40 hours to 60 hours 80 hours 100 hours if you want to then you can put in as many hours as you want then that means every single hour of your time is indeed worth $10 then outside of work given some sort of deal that you have you really

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Should not do any sort of pending pinching if it saves you less than $10 or every hour that you could in order to save that money let me add in one extra thing though because sometimes if you put in the extra hours the extra effort you may be able to get a salary increase because if you are on a salary you might not necessarily get more money for the extra time

You put in but in the long run you might be able to get a raise so this is a bit questionable and a lot of people do try to put in extra hours in order to get a raise a promotion and that might actually be well worth it sometimes when you save money through sales you have to do a lot of research and you have to do a lot of price comparison and by the time you’re

Done researching and doing all the different stores you go to a different store and add them to the car and try to coupon codes or whatever by the time you’re done you maybe have spent one hour on time to buy one single item and perhaps you save $20 from the retail price so in the end yes maybe you save $20 off of buying this one item but you have spent one hour

In doing all this research instead of spending this one hour on shopping and trying to get your price as low as possible could you have uses one hour and earn more money instead usually now i like to adjust making your own foaming soap from gel so from yesterday it may take you an hour to do the research to learn how to do it to get all the initial equipment the

Gel soap and stuff in order for you to do this however this is more like an upfront cost because every additional bottle that you create you just pull out the gel so you put it in mix it within water to me there’s no additional amount of time that you’re spending every single time you need to refill the soap you’re not actually spending in the incremental amount

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Of time every time you do this penny-pinching so in essence no matter how much you earn unless you earn $50 an hour and you can do it as many hours as you want it’s still not worth it because the incremental time of this penny-pinching method is actually zero so therefore everybody can gain from using this method because it does not take extra time for you to do

This so let’s talk about when you should not penny pinch there are a lot of instances where i would personally not do these penny pinching methods for example i have observed someone taking a lot of ketchup packets from a fast food place by the way it should not eat ketchup because it’s just full of sugar anyway and taking all these ketchup packets opening them

Up and putting it inside a bigger bottle now this bigger bottle if you just go to the grocery store and buy it it’s like three dollars okay and you can imagine taking all these packets and squeezing up into the bottle might take you maybe half hour one hour of your time in order to do this transformation from little packets into a big bottle now how do you weigh

This penny pinching method yes they are saving three dollars on this whole bottle of ketchup and perhaps they do it every couple of months because they eat a lot of ketchup however they have spent one hour of their time doing the transformation from these packets into a bottle if this person can choose to work one hour more and earn more than three dollars on this

One hour which is really likely that the can do this then squeezing all these packets out into a bottle is likely not worth it and it’s likely not worth it for most people everybody’s ability to earn extra money on the side in place of penny-pinching is very different for me i played this monopoly thing from the grocery store and you could call this kind of

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Penny-pinching because you know i’m collecting these game pieces and i’m winning various prizes at the end of it all i believe the net value that i gained was maybe 10 to 20 dollars worth of merchandise per hour – i spent doing this i had to take out all these coupons and kind of separate them so it took quite a bit of time i do believe i can earn 10 dollars or

More per hour if i do not play with these coupon things however this was more of an experiment and i kind of enjoy opening these things it’s kind of like a game to me so there is also that factor sometimes people really enjoy being frugal sometimes people enjoy penny-pinching it’s like a sport or a hobby to them so you also need to take that into consideration is

It fun for the person to do something like that i hope you enjoyed this way of thinking so whenever i show some new method of saving money i do not necessarily ask every single person to do what i say it really depends if you can choose to earn more than what you save using these methods that i show don’t forget to give me a like on this video comment down below

Let me know if you’re able to work extra hours for extra money anytime you want if you’re interested in supporting my channel don’t forget to check out my audible link down in the video description below or you can get a free audiobook and you can choose any audiobook you want and if you don’t like this audiobook or this service you can cancel it before the trial

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When to Pinch Pennies and When Not To By BeatTheBush

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