Here’s an economic concept you must understand: opportunity cost.
Opportunity cost refers to the loss of other alternatives when one alternative is chosen. For example, if we decide to spend 15 minutes on laundry, we will lose 15 minutes on more productive things. This ranges from exercising and quality time with family to rest and meditation.
We must outsource, automate and regularise as much of these menial tasks as possible.
Here is a non-exhaustive list of what I have subscribed to. The suppliers deliver the service/product to me regularly without me clicking another button, and I will never go out of supply:
protein shake, coffee beans, female sanitary products, toiletries, cleaning products, detergent, tissue paper, water filter, insurance
You might think that doing this will stop you from seeking a good deal.
Agreed to an extent. We should regularly check-in to ensure we are in a decent deal, maybe every half a year or a year. But otherwise, spending time scouting for good deals, including supermarkets, will waste our time. In the long run, it’s likely to make us less productive and poorer.
Apart from cleaning service, I recommend people outsourcing their accounting and taxes. It’s a complicated area and frankly annoying. So if you have a side business, use Xero, a spreadsheet or even a bookkeeper to keep track of your income and expenses. Leave the rest of the compliance and filing to a qualified accountant.
If you are a landlord, leave the tenant management to a real estate agent you can trust. Or even a rent collection service so that if your tenant is not paying rent, someone will take care of it.
This gives you peace of mind and knows that the critical side of things is in order.
There are so many companies/apps that can help you save and invest without you even knowing. Such as Moneybox rounds up your expenses and put them on an ISA.
Take some time before January ends to see if you have optimised your hard-earned savings. Are they sitting in a saving account with an interest rate lower than the inflation rate?