The other day I brought up the interesting discussion about if a second source of income is worth your time and effort. Today I wanted to bring up my thoughts on a very similar argument: should you optimize your spending or try to earn more money? For the sake of not getting repetitive I will give you my answer and tell you why I feel this way.
I would rather optimize spending than work a second job. Why?
You can always spend less but you can’t always work more
There are only so many hours in a week and so many hours you can work before you completely burnout mentally and physically. I do not think you will fix your financial problems by always working more hours. I know it could be argued that more money means more fun but when will you have time for fun if you’re working all of the time? Obviously there are times where your base income is not enough but working more is a short sighted solution. Think long term on how could increase your income/earning potential from your base job instead of trying to make up for your low income with multiple jobs.
More free time to spend on things you truly enjoy
If less work means you could spend more time with family and friends or doing activities that make life fun for you (sports, gym, shooting pool, etc.) then how could you go wrong? I love earning more income and increasing my net worth but you are only going to be young once, so it’s important to learn how to save money and still enjoy life.
It is a reality check showing you what you really need in life
When I started cutting my fixed expenses and cutting back on unnecessary purchases I realized that there was so much stuff I spent money on that I really did not need. Purchases like monthly magazines or new pieces of clothing every week could easily be avoided. You will have to compromise a little but at the end of the day you will have more time for yourself.
More time for school and for educating yourself
By working all of the time you will never learn any new skills because you will be too busy working your various jobs all the time. Even if you are not getting a formal education you could always learn a lot by taking a few sides courses or just picking up a helpful book.
Now it’s time for all of you to share your thoughts on whether you would work more (either a second job or more hours) or focus on optimizing your spending to save money?