Most of us are short on time. That’s why we’re shelling out more and more money for items that save us time and effort…sometimes without even realizing it!
There’s a great quote that’s attributed to Tom Monaghan, the founder of Domino’s Pizza: “We don’t sell pizza. We sell delivery. We offer time to families who are looking for it.”
The convenience economy has been building over the past few years, and as we have less and less time on our hands, it’s likely that it’s a trend that will continue to move upward.
From placing a order on our watch or Bluetooth speaker to receiving our groceries on our doorstep, here’s look at how we spend on convenience in a variety of areas of our life. Some might surprise you!
You can purchase subscription services that cover your household basics –MistoBox delivers your regular coffee supply while Blue Apron ships you gourmet recipes and ingredients that you can cook yourself. You can order all natural cleaning supplies and baby items like wipes and diapers from the Honesty Company, or even get regular shipments of your favorite brands of snacks from boxes like Graze.
Others are purchases that you make at the grocery store itself, like pre-cut vegetables and single serving packs of, say, guacamole or Keurig coffee cups.
Sometimes you have a craving for a Big Mac. No judgment here. But other times you’re rolling through the drive-through because you didn’t bring a snack or don’t have time to make dinner. That’s a convenience purchase.
Ride sharing can be a way to save money if you’d normally be hailing a taxi. But ride sharing instead of driving because you want to, for example, avoid parking your car in a busy area, is a way that we’ve become accustomed to spending money for convenience.
Hate shopping? You’re not alone. That’s why services like StitchFix are helpful for curating clothing picks based on your personal style. You can get beauty samples delivered each month from Birchbox so you can easily try products before you buy, and even get jewelry on loan each month from a subscription like Rocksbox.
Even your dog can get in on the convenience craze with monthly subscription box services like Barkpost and CrateJoy!
‘Set it and forget it’ is a great motto for simplifying your life and reducing your workload. Dollar Shave Club, for example, can save you money on your shaving essentials and reduce the stress of running out of razor blades.
But that same convenience mindset that can be costly when it comes to your financial health, for example, when applied to your retirement portfolio. If your current investing strategy lines up with your goals, that’s a convenience that will also pay off in the long-run. But if not, you could be losing out on returns – an effect that will compound over time and could cost you majorly in the long run.
If saving time and energy is high on your priority, list, spending on convenience aligns with your values and is a worthwhile expenditure. If you want to ensure that your investment portfolio also aligns with your goals and is convenient for you, give us a call to discuss your strategy today.
Jarrod Adams Investing LLC
P: (704) 996-4243