Spending money to create efficiency and buy back time
Or, is this a thinly veiled excuse to not do chores? (Yes)
Hi, I’m Renée, a finance and business journalist, writer and content strategist. The Budgette is a chill newsletter about single finances and is published twice a month to more than 2,000 subscribers. I prefer to write when I have something to say and it gives me time to speak to financial, legal and other experts. When I’m not here, I work on content strategy and execution for Canadian and U.S. publications and brands. If you want to work together, message me or you can find me on LinkedIn.
Ok, ok, everyone. As you know, this newsletter is about how financially different (good and bad) it is to be single. I’ve been banging on about the single tax for three years.
Check this out, Americans (and Canadians, there are some similarities such as social security, which I wrote about in 2019): I find it interesting that the media and the financial industry have finally clued in on how expensive it is to be single. (The video’s suggestions are typical and fine, but I will also say political action is also key.)
I talked about this here as well as budgeting tips on The Social in July:
Right, back to what I planned to talk about this week.
I finally sucked it up and bought a new vacuum* a month ago. Prior to that, I used my building’s central vacuum and after that, an old Shark one. Both have long hoses. They work just fine but you know what irritated me? I spent more time trying to clean out the dust and hair from the hoses than actually vacuuming.
I don’t have time for that! I live by myself. I am the primary earner, the cleaner, the cook, the stylist and the bottle washer. (Ok, the dishwasher loader but you get my point.) Plus I’m supposed to sleep, socialize with family and friends, work, respond to my editors, pitch things, have my yearly breakdown (IYKYK) and write this newsletter.
I also got a Bona Spray Mop* for hardwood floors and it saves me so much time because I hate mopping. It’s either empty the bucket of dirty water into the bathtub (gross) or use wipes, which is more efficient but also, I don’t feel they clean that well and aren’t that environmentally friendly. With this, it’s all built-in, I can mop my floors and toss the mop head into the washing machine.
Anyway, I’ve been using both of them and apparently, prior to this, I was living in filth. I’ve also cut my cleaning time by 30 minutes, and yes, I timed it.
Why am I talking about cleaning products in a newsletter that’s about personal finance?
It’s because of something a friend said a few years ago. Sometimes you have to spend money to buy back time. This means making a determined, educated choice on where to spend money as it will either save you time, which can used more productively elsewhere, advance your earning potential, give you that alleged work-life balance or stop you screaming in your living room.
We know that investing in your education can pay off with an average higher salary but for me, here’s where I’m spending my money:
Work-Life Balance: I tend to work long hours due to different projects plus other things I choose to do like learning Spanish, which comes with homework. That means I have a finite amount of time left for leisure, family, or personal activities.
So I bought tools to make cleaning faster and more efficient and outsourced grocery shopping by using a food box subscription. Also, I hate grocery shopping so I’m in a better mood overall. Cost: $300 for the vacuum and $320/month for the food box.
Health, well-being and stress reduction: I was genuinely surprised when my doctor said my blood pressure was fine. I want to keep it that way, so I’m trying to manage stressful things. I saved money and got a gym membership with a few sessions with a personal trainer. Turns out I had no core. I wasn’t surprised. A month later, there is some core. Nice. Cost: $1,500 for gym membership with personal training sessions.
How I saved: I allocated a portion of my freelance earnings for the vacuum and the gym over four months.
Sometimes it’s taking a cab or Uber from the grocery store instead of walking or taking the bus because it’s faster and you aren’t lugging heavy items. You arrive home in a good mood and have time to do something else you enjoy.
We talk a lot about budgeting but there’s no need to be a martyr. Sometimes it makes sense to save up and buy a new vacuum cleaner that actually picks up dust so you can spend 30 more minutes on something else, even if it’s sleeping on the couch.
Free stuff thoughts and some library love
I had the opportunity to see the Bata Shoe Museum’s latest exhibit, Dressed to Impress: Footwear and Consumerism in the 1980s, which opens November 1 and runs to March 16, 2024. The museum is a great place for shoe lovers (me!) and lovers of textile history. The exhibit draws a line between the 80s consumerism and brand awareness to the very recent logomania and currentish quiet luxury. You can also just enjoy the bling and the setting. I won’t ruin it for you.
I’m a huge fan of museums but it’s expensive to be a museum fan in Toronto. The average cost is $25-$30 per adult, which is a lot of money to randomly spend on a drop-in visit. I have a yearly membership to the Royal Ontario Museum because I like their exhibitions, I try to do some arts support and having a ROM membership means reciprocal days at partnering museums like the Aga Khan and Bata. But not everyone can afford memberships.
So here’s what you can do: check out the Toronto Public Library or the library in your area. There are a limited number of passes to some museums, including the ROM, the Toronto Zoo and the aquarium. Check out your local libraries as well. Pembroke Library has passes to quite a few Ottawa museums including the National Gallery of Canada, the Nature and War museums. I see Gold Coast Library in New York has quite a few. I always forget that the library has passes.
Oh, if you have a public transit pass, check to see if it offers any discounts.
This week’s readings:
I did some journalism: What to do if you’re sending money overseas to support your family — but you can barely afford to live in Toronto yourself (Toronto Star)
I had a lot of fun writing the FAQs. The Benefits And Perks Of The Platinum Card From American Express (Forbes Canada)
According to a new study from Bank of America's Better Money Habits, Gen Z has adjusted their spending habits. They’re cooking more. Boomers and Traditionalists are spending more, on the other hand.
The RBC Canadian Financial Wellbeing Survey – Fall 2023 Edition, found to no one’s surprise, that Generations X, Y (millennials), and Z admit that money is taking a toll on their mental health.
How much mortgage can the median household income afford in these cities? (Ratesdotca)
Inflation, interest rates will have a surprising effect on your taxes next year (Financial Post via Yahoo! Canada)
Oh, someone asked if I would ever offer a finance course. Nope. I’m a journalist, not a financial advisor, so I will moderate panels, etc. but won’t teach a course. FAs also need to be qualified in my province. What I do is ask the questions all of us are thinking about. That’s why I talk to a lot of FAs.
* The Bona Spray Mop was gifted with no expectation of a review or links. I bought the vacuum (another Shark) with my own money and wow, the dust in this place.
Life improved so much when instead of going to Walmart to get groceries, I began using the delivery option. Now I can grocery shop at midnight when it's snowing and go to sleep assured that I will not go hungry because of a lack of will to go to the nearby store and lug grocery bags home in relentless wind. It also gave me back 1.5-2 hours every week, not to mention a good mood + overall energy. The additional cost? $2.67/ haul.
Also loved reading how you saved up for the vacuum and the gym membership over a period of four months. That's how I do it, too, and I always wondered if I was being a little bit too careful by not immediately splurging.
The Bata exhibit sounds really interesting! When the TPL website is back online, I'll surely get a pass to see it.