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There is no world in which I’m going to try to track down every cent I’ve made in my lifetime as the book suggests — it would include the quarters my mom gave me for sorting my family’s socks as a young girl. However, another one of the authors’ ideas really intrigues me: calculate what we really earn per hour. They make the case that we’re making less than we think once we subtract what we’re paying for just so we do our jobs, including decompression activities. For me, it means subtracting expenses like paying for my cell phone and covering my maltipoo’s babysitting bill when I travel for office visits and conferences — as I work remotely. Others likely have it worse, whether it’s the daily commuting, worrying about work-appropriate clothes or even bigger costs like childcare. Prepare yourself though: your real hourly wage could be shocking. In Mark H.’s case, he realized he spent almost half of what he made on the job. So he switched to part-time work that paid less and — drum roll — he saved money, according to the authors. By challenging us to do the math, the authors invite the reader to question whether what we do for work is worth what we’re getting. [COMPARE: ] 2 Reexamine what you buy and why
I was worried about what the pages would say about spending, but the advice was easy to digest. Robin and Dominguez suggest that we ought to seek enough — not more, not less. Here, “Your Money” offers an essential reminder: avoid buying stuff that we won’t actually use or enjoy. If you think you’ve heard that before, you have. But the authors back it up with a compelling argument: you are buying that thing (or “gazingus pin” as they call them) in exchange for working more hours. “Over time, seeing the number of hours of your life spent in order to reward yourself with yet another gazingus pin might make it less of a treasure and more of a booby prize,” they write. They even put a twist in the way they define frugality. “Waste lies not in the number of possessions but in the failure to enjoy them,” they write. “Your success at being frugal is measured not by your penny-pinching but by your degree of enjoyment of the material world.” Which, yeah, sounds lovely. The text doesn’t dig into systemic issues, but it also doesn’t shame readers either. Instead, it makes you audit yourself, such as by asking “What’s the last item you actually wore out?” (Feel free to share what that item is for you . Mine was socks). 3 Pursue preventive care and other less common savings strategies
There is a list of unusual savings techniques in “Your Money.” You could, as the authors illustrate, volunteer at World Wide Opportunities on Organic Farms in exchange for a getaway where you don’t need to pay for lodging. You could also audit yourself for meaningless activities (think power lunches or cocktail parties that you don’t actually care about) and eliminate them. You could also ask for a discount at any store, including the local hardware store, before buying something. The authors also made the case to spend time on wellness, such as making preventative appointments at the dentist and the gym. “Prevention is key,” they write. “Take full advantage of the benefits of your health insurance, including preventive visits and screenings, life coaching, mental health screenings, and health club memberships, if they offer that.” 4 Rediscover unfulfilled dreams
Not only will you get repeat lessons on savings strategies, but you will get schooled on happiness and existentialism. “Did you dream of writing a great book, but now write marketing copy for money? That book is still there,” they write. “Did you dream of being a healer, but now work for an HMO, with back-to-back 15 minute appointments? That dream of selfless service is still there. It might take radical change to reclaim it, but it’s not gone.” The exercises suggested throughout the book are fun to ponder. Two of my favorites: “What have you always wanted to do that you haven’t done yet?” (me: live storytelling) and “Ask yourself how you would spend your time if you could take a year off with pay?” (me: selectively freelance, something with dogs and podcasting). In reading “Your Money,” you may feel like you’re enrolled in a career counseling course. Bottom line
The part of “Your Money” that struck me the most was its reminder to account for your time. Always. “These hours are all you’ve got,” they write. “There is nothing in your life that is more valuable than your time, the moments you have left. Separating work from wages means all moments in your life matter, and reclaiming more moments to spend as you will, not as you must, is a worthy goal indeed.” Learn more
SHARE: Mary Wisniewski is a banking editor for Bankrate. She oversees editorial coverage of savings and mobile banking articles as well as personal finance courses. Brian Beers is the managing editor for the Wealth team at Bankrate. He oversees editorial coverage of banking, investing, the economy and all things money. Related Articles