Budget Your Time Like You Budget Money

On average, Americans spend less than 15 minutes per week on personal finance. 

About two weeks ago, we asked our Instagram followers to share their controversial money takes. And the takes were hot! 

A sampling: “I don’t mind taxes!” “Don’t hoard wealth.” “Retirement is a collective fantasy.” “Gym memberships are a scam.” You can read more in our Instagram story highlights. 

If you’ve read She Spends for a while, you know we have many hot takes of our own. This exercise got me thinking, and I came to realize that my own hot take is that budgeting the time you spend on money is just as important as what you budget that money for. 

Here’s why: there’s a limit to how much time most people spend thinking about money. The Ascent shared research late last year that showed that on average, Americans spend less than two minutes per day managing their household finances. 

That’s less than 15 minutes per week, or under an hour per month. One could argue that this isn’t enough, but I think what’s more effective is understanding that our time spent on money is limited, and solving for that. 

With that in mind, it’s important to focus on creating a framework for managing money, rather than getting bogged down in financial products promising savings and rebates in return for spending lots of time on their apps. 

The way I see it is this: you could spend those 15 minutes a week researching the best cashback options when shopping, or uploading receipts to apps that may eventually send you small rebates. I’ve done it before, using apps like Rakuten, Drop, and Ibotta, and even diving deep into the Krazy Coupon Lady’s website in the hopes of saving money. 

In fact, it was a $6 rebate check from Rakuten that inspired this essay. It prompted me to think about how much time I spent using these apps and websites to shop around, play games, take surveys, and upload pictures of my receipts. After thinking about it, I realized the return on investment for using these programs was quite low. 

The truth is that no one financial product is going to automatically make you better with money. Unless you’re spending a few hours each week tinkering with your personal financial plan (no shade to that, we salute you!), you may want to avoid prioritizing these money savers. 

I’m starting to think about other financial products in a similar way. 

Because there are so many competitors, it can be easy to get bogged down in making a selection on things like bank accounts, credit cards, or investment account providers. It’s important to keep in mind, though, that because these products are jostling for market share, a lot of them are quite similar. 

For example, there are bad bank accounts: the ones that charge you fees, require minimum deposits, and open credit cards without your permission. Then, there are fine bank accounts: they have decent customer service, don’t charge fees and don’t require minimums. 

But is that bank account with its 1.3% APY or easy-to-use app going to completely change your money life? Probably not, unless you were previously unbanked. 

I’d argue that the more effective work you could do with your money is logging into your bank accounts, looking at what you’re spending on, and making a plan to pay down your debt, save for emergencies, and invest for the future. 

And to ensure that you’re doing that, you need to set up a framework that helps you stay accountable and on top of your financial situation. 

Start by setting a money date with yourself. Once a week, sit down and tackle one aspect of your financial life, whether that’s paying the bills, moving money into your savings account, or applying for unemployment. 

Consider using our framework for reframing your budget. It can help you set goals, assess how you’ve been spending, manage the emotions that may come up, and make a change. 

If you find that you’re particularly avoidant when it comes to money, we have a guide to using behavioral finance and cognitive-behavioral techniques to improve that relationship. 

When it comes to personal finance, there is no single right way to manage money. Instead, creating a system that you know you can adhere to, whether that’s allowance-based budgeting, a cash envelope system, or line-item budgeting.