food and clothing

[ivas4us]

now theres another point. I presume when you say free you are only referring to free as in no moneytary charge. Perhaps best not to discuss though as the the thread will never end. I will just mention though that banking as a cost time even if free from money cost.

[kallis3]

Same here.

I'll stick with Nationwide while it's free (I'm a skinflint when it comes to paying extra for services), but I would be wanting a full bank account with all the trimmings if I was paying.

[ivas4us]

and time is money

[kallis3]

??????????????

[ivas4us]

? time is money

[kallis3]

Forgive me for being thick, but I'm still not with you. I don't spend a great deal of time on my banking - a couple of minutes a few times a week and that's it.

[ivas4us]

but some peoples time costs a lot. crude example is a man earns £30 a hour and spends 20 minutes a week going to the cashpoint to check his balance and therefore every four weeks is losing £40 checking his balance and so his banking costs him over £40 a month in lost revenue.

[Skippy]

That's clutching at straws! I spend a few minutes checking my balance online whenever I need to!

Unless you're paid for every minute of your time that arguement doesn't work - if I do have to go to the cashpoint I go in my own time, the same as most people and I don't tend to look at my free time in terms of money!

[ivas4us]

its not clutching at straws its an economic fact that time spent on anything is the cost of what else you could be doing with that time. Even using social time is a cost.

[kallis3]

I'm sorry Paul, but you have lost me there. I haven't a clue what your are on about.

[MelanieGiles]

How did people used to manage their banking before these electronic devices were available? Simple - by keeping bank statements and cheque stubs, and reconciling each at the end of each month. I rarely if ever check my bank account on-line, at a cashpoint or by text message, and can tell you to the penny what is in there each day - as well as the four business accounts I manage as well. Call my old fashioned!

[Skippy]

If anyone is sad enough to look at their free time in terms of money then they need to rethink the way they look at their life. I work to live, I don't live to work. I certainly won't be thinking at the weekend that doing the garden or getting the tiles off the kitchen wall is costing me money!

You'll never be happy if you look at life purely in terms of cost.

[MelanieGiles]

I completely agree with you Skippy - the time cost of money is a term often used in business, but I would not apply it to everyday life.

[ivas4us]

how long does that take you Melanie?

Jan, if your lawn needs mowing and would cost you £10 to get someone to do it for you would you do it yourself or would you pay £10 if it meant you could be earning £50 doing something for somebody else?

[kallis3]

Exactly! I go to work purely for the money, and as soon as I get the chance, I will be retired and enjoying my freedom.