Some of us like to micromanage. Obviously, this trait is useful only for certain tasks that you need to accomplish. Managing money can take some attention to detail, but fortunately, many issues work themselves out if you follow broad principles. How much you should micromanage your daily expenditures really depends on your own tolerance and your individual financial situation. We’ve all seen discussions about the cost of daily artisanal cups of coffee at the local barista, or cost savings from canceling cable/satellite television. If you are in a dire financial predicament with limited earning potential and wildly out of control costs, there is merit to pinching every penny. If you are a neurosurgeon paying three mortgages, alimony, and a car lease every three years, foregoing that Blue Bottle coffee might not be the most effective means to put you ahead financially.
All of us face these decisions daily. Some of us just simply have bigger numbers. One of the surgeons I work with was eyeing a new “weekender” car. He knew that vehicles, especially high-end ones, depreciate significantly during the first few years. He was on the market for a preowned weekender and eventually found one. Interestingly, it took him over a month of researching the regional dealers to find the right model. Savings: $35,000!
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