It All Adds Up: Unlocking Hidden Time and Money

Overview

How closely do you pay attention to where you spend your money?  How about your time?  If you’re like most people, you might be aware of the big things, but not the small things, because they don’t seem like a big deal.  But zoom out over a month, a year, or more, and small bits of money and time can add up pretty quickly, especially if you’re not paying attention.

In this article, we’ll discuss how you can get the most out of how you spend your money and your time – even the small stuff.  That often means hundreds of dollars and hours you can spend on what matters most to you.

The dollars add up

It often drives my wife crazy being married to a CPA.  I simply look at math, money, and time differently.  My mind constantly thinks about the opportunity cost and whether we’re getting a good deal on everything – the big things and the little things.  She says I’m cheap, but I prefer economical.  I’m willing to spend for quality, but I hate wasting money where we get no benefit.

In the picture at the top, you’re seeing the exact same carton of orange juice at two different stores – one for $4.29 and the other for $3.18.  My wife often says “It’s only a dollar,” and she’s pretty close.  But the problem is with the volume.  We use about 3 cartons a week, so over 52 weeks, that difference adds up to $173.16 a year.  For most people, that’s worth paying attention to.  And that’s just for orange juice!  I’m sure there are several other items we routinely buy with the same opportunity for hundreds of dollars a year in savings.

I see so many people that have no idea where their money goes.  They don’t budget it.  They don’t track it.  They struggle to save for the future or pay off debts.  So much of it lies in the little things: that daily $5 Starbucks trip or that daily $10 lunch out with coworkers – they add up to $1,825 and $2,300 a year alone!  It’s okay to splurge here and there, but if you’re struggling to meet your goals, you’ve got to make some sacrifices.

So what can you do about it?

First, you simply must pay attention to where you’re spending your money.  Watch out for things that are wasteful (like a streaming service you don’t use).  Watch out for things you spend on frequently (think every week).  Are you getting the best deal?  Could you save by buying in bulk, shopping somewhere else, or setting up a subscription?

Second, take care of your priorities first.  If your goal is to save, put money in savings before you spend.  If your goal is to pay down debt, make that payment before anything else.  Trying to give more?  You guessed it, give first before anything else.

Once you have a good sense of where you’re spending, set a budget.  Separate it into goal items (saving for a house, education, retirement, etc.), fixed items (the ones you can’t really change like utilities and debt payments) and discretionary (like eating out and entertainment).  The order matters!  Lastly, leave yourself some cushion – unexpected things almost always come up!  These are basic financial principles – to take it further, consider working with an expert like a Certified Financial Planner.

The time adds up

Just as small amounts of money add up, so too does time.  The first time I gave this much thought, I was waiting in line late on a Monday night at a Walmart in 2003 (pre-smartphones, yikes!).  The lines were long with few employees.  After enough of Snake – the one game phones had back then – I did some math on the calculator.  It turns out that an hour a week (such as at the grocery store) adds up to six months of your life (for an 84-year-old).  That sure puts it into perspective!

Not long after the Walmart incident, I worked on a special project where 200+ of my colleagues worked out of town in a space meant for maybe 40 people.  It felt like the middle seat of an airplane!  I quickly learned a lot of keyboard shortcuts because I had no space for my mouse!  I also automated several small tasks with macros so I didn’t have to stay so late.  I noticed I was getting things done an hour sooner each day than my peers, so I did what I do when I notice things work: I doubled down!  That focus on efficiency has done wonders for my career.

Time is another area where people spend a lot of it without giving it much thought.  They develop a routine and then claim there’s no time for important tasks like finishing school, getting a key certification, or exercising.  A huge culprit these days is social media – people are now spending over two hours a day on social media!  There are plenty of ways we spend our time somewhat meaninglessly – and it all adds up.

So what can you do about it?

First, just like with money, you simply must pay attention to where you’re spending it.  I know it’s not sexy, but track how you’re spending it.  Categorize it with the must-do items (work, chores, etc.) and everything else.  Which uses of time align with your goals and your purpose?  Do them more and do everything else less.

Second, prioritize and schedule those must-do items.  Put them in your calendar.  It’s a nice reminder and shows people you’re booked.  It often helps to attack them first thing in the morning if that’s an option (that worked great for me when I studied for the CPA exam).  Time block everything that matters to you!

Another helpful approach is to follow the four D’s then it comes to your tasks:

1. Delete it – if a task is not truly necessary – not aligning with your goals and core values – don’t do it!
2. Delegate it – if a task is more suitable for someone else, delegate it.
3. Defer it – if a task will take more than a couple minutes, schedule a time to complete it.
4. Do it – if a task takes just a couple minutes to complete, go ahead and do it.

Use as many good shortcuts as you can – not the kind that sacrifice quality – the kind that help you get things done more quickly.  My three favorite shortcuts are pinning items, setting defaults, and using keyboard shortcuts.  Between the native keyboard shortcuts and the 40 or so XLEV8 add-in shortcut-based macros I use regularly, I save about 1.5 hours a day.  Talk about adding up quickly!

Beyond shortcuts, try to automate anything you can.  Between AI, building your own small or large automations, or leveraging off-the-shelf software, it’s easier than ever to automate just about anything these days.  Even if it’s just a few steps, remember how fast it adds up!

Examples

Below are some common examples where you can probably take back control of your wallet and your calendar.

Money

1. Groceries – for the items you buy most, shop around a little bit.  Small adjustments can make a big difference.
2. Restaurants and bars – while restaurants are convenient, they cost a lot over time.  As for alcohol, it’s amazing the % of income some people spend on their bar tab alone!  Exercise some moderation in out-of-the-home eating and drinking.
3. Entertainment – when you factor in the tickets, the fees, the concessions, and everything else, a night out is like a small vacation.  Make a budget and stick to it.
4. Mileage – gas prices have been really volatile the last couple of years.  It’s easy to forget how much it costs to drive every mile when you only fill up every week or two.  There’s a reason the mileage rate is so high!
5. Subscriptions – it’s so easy to set it and forget it and spend money on stuff you don’t even use.  Do an audit every few months and purge what you don’t use.

Time

1. Meetings – how many do you attend that could have been an email?  Do a routine meeting audit and cancel or decline the ones that don’t add value for yourself or someone else.
2. Commuting – there are more options than ever for working remotely part- or full-time.  If not, consider working closer to home, moving closer to work, or carpooling.
3. Recurring clicks – all the granular clicks and typing you do – it really adds up quickly.  Learn to type as quickly as possible, use all the keyboard shortcuts you can (or build your own!), and automate as much as you can.
4. Social media and TV – it’s easy to get sucked in to mindless entertainment where before you know it, a couple hours have gone by.  Be conscious of it with a timer and some pre-defined limits.
5. Searching for digital and physical stuff – it is amazing how much time we spend looking for things.  I’ve heard the average is over 400 hours a year!  Spend some intentional effort to be organized to cut it down.  A few times a year, purge stuff you don’t need – it’s less to search through!

Summary

It’s easy to forget how quickly small things add up over time.  Once you’re aware, it’s much easier to keep your money and time under control with some intentionality.  Decide what’s important and stick to it, despite what other people might tell you.  Use some of the approaches above, starting with some of the common examples, and you’ll free up money and time for achieving your goals quicker than you thought possible.

What are some ways you’ve seen money and time add up quickly?  What did you do about it?  Share your thoughts in the comments below!