Money Multitasking – Concept and Execution
I was thinking the other day about how much multitasking that I do on a regular basis. I constantly work on multiple projects at work due to the nature of my job and that works for me. I feel a little out of it if I don’t have multiple projects going on all at once. That being said, I can only handle so much before I become ineffective. Having a full time job, a family, and a blog can be very time consuming. I work very hard to make sure I am only doing a few things at a time, so that I can make sure they are completed to the level that I expect. Anything beyond will provide me with a bad result and there is no point in doing more work at a lesser quality.
So, as I thought of multitasking, I also thought of the concept of money multitasking. What is money multitasking you ask? Well, it is when you use your money for different things at the same time. For instance, we tend to spend, save, and invest our money all at the same time. Now, we can go deeper into each with regards to spending for different purposes, savings for different goals, and investing for retirement along with all other investments. We tend to use our money for so many different things over the course of our days, weeks, months, and years.
Have you ever thought that you are stretching yourself too thin with regards to your money? Are we pushing the limits with our money multitasking and becoming inefficient? If we do too many tasks at once, we tend to lose productivity and creativity. There have been many studies on the effects of taking on too many tasks at one time, so why can it not be pushed to what we do with our money?
We all want to make efficient use of our money and that requires discipline. Shouldn’t we focus our efforts on things that are making us money and keeping us effective and efficient?
I don’t see any issue with spending, saving, and investing our money, but we should focus on each to make sure we are being efficient with each. We shouldn’t jump into the boat without knowledge of where it is going. Investing alone can be very difficult to jump into and you can really lose a lot if you don’t do the proper research. No one wants that, right?
Becoming More Effective
I am happy that I started thinking about this because now it allows me to start to focus on different aspects of my money use. I don’t want to focus on all of them. When I was in debt, I focused on paying down my debt along with saving. I had a pretty good rule when doing so. Now that I look back, I am glad that I didn’t try to start investing because I think I would have been ineffective with it. I could have jumped into the game without the appropriate research and been on the losing end. That is not something that I want to do.
So, to become more effective with my money, I want to just focus on certain aspects of it. Right now, I want to focus on saving money on my monthly bills. I am working on switching my cell phone service to a prepaid phone plan, but I need to make the right choice for me. Once I am done with reducing my monthly bills, then I want to focus on dividend investing. I have been interested in it for some time, but just haven’t had the time to jump in. After that, I will focus on making more money. You can only save so much, so why not figure out some ways to make more money?
This is my current plan to make sure I am not falling victim to bad money multitasking. I want to be efficient and effective with my money, not just keep pushing myself to do more. Multitasking can be great if used appropriately, but we have to realize when we are doing it right. Most of us multitask, but most of us probably aren’t efficient when doing so. Let’s start being more efficient and maximize our time and money.
What do you think about the concept of money multitasking? Do you do it? Do you think you are using your money in the most efficient manner?
Photo Courtesy of Columbia.edu