Do you subscribe to the philosophy of daily frugality or would you rather just make more money? I often think about the discussion of comparing making more money with frugality. For some reason I haven’t really covered this topic in my writing here. Yet it’s a topic that I often discuss in my real life interactions. I’m positive that this discussion is also something that you guys have though about before. Let’s jump into it.
Why do I prefer to focus on earning more money instead of wanting to always cut back on spending?
I find that money is a tool for me. Money is a tool that allows me to experience new things. I figure that the more money I make, the more that I can experience in life. Saving money allows me to plan for trips and new experiences. Making more money gives me the opportunity to go on more trips and experience more. I just find that there’s so much you can do when you have more money available to you.
I’m not sure why, but I get excited every time I close a new advertising deal. I love the idea of using my God given skills to make some extra money. I find it much more fun to use my spare time to earn more money than I do clipping coupons or cutting back on things that I enjoy. What do you think? Is it more fun to make extra money or to save money?
I wanted to share a quick story here. A few Saturdays ago a bunch of us were planning on going out to this club in town. I personally like to go for around midnight because that’s when the place picks up. The only setback is that you have to pay a cover of $7 after 11. My friend (a very frugal man) that was coming with us persisted that we show up around 10:30 to get free cover. Long story short, everyone had to rush to make it there on time. This put a few people in a bad mood. All of this hassle to save some money. The worst part was that we didn’t even make the cutoff and still had to pay the cover. I got to hear this friend complain about it all night. For me, making more money allows me to have some financial flexibility that I normally wouldn’t without an additional cash flow.
There are many ways that you can be clever and tactical with your frugality. Sadly, there are also many instances where frugality can be painful. I need my morning coffee. I enjoy going out for dinner with friends. I don’t want to have to cut back on these areas. I would rather find ways to make more money so that I can enjoy myself more often.
There’s only so much money that you can save. I really don’t think that you can frugal your way to riches. When it comes to making more money, there really is no limit. You limit yourself. The only thing holding you back is you. Sure you can use the excuse of time and hours in a day. The counterpoint to the time argument is that you can read the 4-Hour Workweek and learn how to scale your business to earn money when you sleep. The other reality is that very few of us actually use our time effectively. We could all find an hour a day or so where we turn off the television and work on some productive projects. When it comes to saving money, there’s just only so much that you can save from if you’re not earning a good chunk of change.
Turn it over to the readers: Do you see yourself attempting to save more money in the future? Do you want to earn more money going forward? What’s your take on this discussion? Which strategy do you prefer for building long term savings?
(photo credit: lisaclarke)
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