HelloMoney

Sometimes we are willing to spend a little extra for the same product/service because of convenience. While sometimes this can work out in your favor (if the time or cost of gas benefit out-weigh the price difference), sometimes the convenience has a hefty price tag that is not offset.

I hate to pick on my family, but here I go again… I have an aunt that lives on a small income and has prescription drugs she must take for her health. Several time she has complained about the cost of these drugs, and since she doesn’t have health insurance due to the travesty of our health care in the U.S. (don’t get me started)… her medicines take up a large chunk of her monthly budget. I decided that I would try to research if she could get any of her medicines through one of the many drug companies or drug assistant programs. She read me the names off the medicine bottles and I began searching the internet. I didn’t find anything particularly helpful, and then I thought about Wal-mart. She was getting her drugs from a small locally owned pharmacy, so I wondered if by chance any of these medicines were on the $4 list. Lo and behold- they were! Everyone of them! I was so excited, I wanted to jump for joy. I could help someone I love save about $100-200 dollars a month. So I called her up and told her the good news. Only it wasn’t good news from her perspective. She said that she hates going to Wal-mart, and feels unsafe going there. I was dumb-founded, she would rather pay $60+ per Rx for the convenience of going to a small pharmacy that is maybe 4 miles closer.

I am the exact opposite when comes it to convenience. I would drive half-way across the world to save $0.50. I’ll withstand 30 people deep lines, kids yelling in my ear, parking lot from hell…. all to save a buck.

This week I brought my dog to the vet. It’s the cheapest vet in town, and they have good service. I drove my car an extra 20 miles to get to the vet. It took me an hour getting there in hellacious traffic and a half hour getting back. My dog barked the entire hour and half just to let you know. In my ear. And secreted her lovely anal secretions of fear all over my jeans… Thanks minnie. I endured all this to save $20. Was it worth it?

Since I love math, lets do a quick calculation. Say your hourly pay rate is $20/hr. Say it takes you an extra hour in hassle. Say you save $20 total on this vet visit. You’ve just broken even and now you have a headache that won’t go away from the annoyance. On the other hand, if you’re saving $60 instead of $20, the savings is more clear.

The bottom line is that it’s a good idea to really think about what you are saving versus loosing. You could be valuing your convenience at a much too steep price, like my aunt. Or you could be selling your valuable time and convenience for much too cheap a savings, like me. As with all things in life, a nice balance between the two should save your money and your sanity.