Hello Frugalistas! Recently, I moderated a panel on "Dollars and Sense" at a National Coalition of 100 Black Women conference. One of the panelists suggested that we spend three hours per week on financial matters. At first, that seemed like a long time. Borderline obsessive. After I thought about it, it’s not.
I took a Friday off work recently to handle personal business. For much of the morning, I played financial CEO. I handled mileage expenses from my job. I had some medical bills. THREE different medical billing agencies billed me. I had to make sure I didn’t get ripped off and that those were paid. Insurance companies are NO fun. Trust me on that. Also, I combed the Internet, looking around for a lower rate credit card and found one with a zero percent APR for a year. Also, I needed to deposit a money order at the bank. Whew!
Those activities took up a substantial amount of time. Afterward, I felt like I had a clearer financial picture of my money. I don’t think I’ll spend another three hours at one time doing my bills. But I do think I will try to spend about 30 minutes per weekday on my personal finance. The other day, I called my company’s benefit resource center to find out how much pension I would have at retirement.
One way to feel better about your finances is to confront them. Regularly. We spend time with friends, family, hairstylists and coworkers. But do we spend enough time with our money? Our money takes care of us, too.
How much time a week to do you spend on money matters? Is three hours a week too much?