Watch Out: You Might Have This Money Attitude

Summary

The author describes a personal experience where an attempt to save $0.40 by making homemade rice cakes resulted in spending more time and effort than the money saved.

Abstract

The article titled "Watch Out: You Might Have This Money Attitude" recounts the author's decision to make rice cakes from scratch instead of buying them for $1.40. Despite having a ready-to-cook mix that cost$ 1.00, the process of preparing the rice cakes took two hours, plus an additional 30 minutes for cleanup. The author reflects on the experience, realizing that the time and effort could have been better spent on activities that would yield more financial return or personal enjoyment. The article concludes with the author acknowledging a flawed money-saving passion, termed "spending 10 to save 1," and expressing a commitment to change this behavior.

Opinions

The author believes that the desire to save money can sometimes lead to excessive time and effort expenditure, which may not be worth the amount saved.
There is an opinion that purchasing ready-made products can be more beneficial as it saves time and potentially offers better quality and enjoyment.
The author suggests that time and effort have intrinsic value and should be considered when making decisions about saving money.
The article implies that buying from stores can contribute to economic recovery, especially in the context of post-pandemic support for businesses.
The author admits to a personal flaw in money management, characterized by disproportionate effort to save small amounts, and expresses an intention to correct this behavior.

In an attempt to save money, you end up spending more

Making my own rice cake story

One afternoon, I was craving for rice cakes. I have a choice to buy a pack in a nearby store at $1.40 or cook one of the boxed ready-to-cook rice cakes in the pantry. My frugal self said:

“Prepare your own” “The rice cake mixture that you have only costs $1.00” “YOU WILL BE SAVING $0.40.”

I abided by that little voice in my head.

I took out the butter, eggs, cheese, measuring cups, spoons, spatula, molds, and other utensils. My eyes went through the package instructions making sure that I got the liquid measurements accurately. I stirred the mixture thoroughly and evenly making sure it has no lumps. One by one I filled the molds with the sticky mixture. I steamed 3 batches of goodies for 30 minutes each.

After 2 hours, I’m done!

I did celebrate my imperfect rice cakes with coffee. I did celebrate but I didn’t enjoy it because I was already very tired. Eating while imagining the piles of baking utensils on the sink, you know what I mean.

For wanting to save $0.40, I sacrificed 2 hours of my time cooking and another 30 minutes for washing and putting back the baking utensils.

I should have bought the yummy $1.40 rice cakes and used my 2 hours on something that could have paid me more than $1.40. If I chose the store-bought rice cakes, I could have enjoyed yummier rice cakes without the fuss. I could have supported a business and could have fulfilled a small role in supporting economic recovery after the pandemic.

Time and effort translate to money so you have to consider them when assessing whether you can save money in the long run.

My goodness! What’s wrong with me? It’s a passion for saving gone bad. It’s what I call, spending 10 to save 1. I admit, I’m guilty and I’m eliminating this behavior.