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Episode 109: Spending Money to Save Time

This week, we’re talking about the best ways to spend money in order to save time. Time is our greatest asset, so when should we be willing to invest in the tools and people we need to save time, versus choosing to save our money? Without further ado, let’s get into the show!

Watch more of the Honest Designers episodes here: Honest Designers Podcast Playlist. And remember to subscribe to our YouTube channel for regular updates direct to your inbox.

Show Notes for This Episode:

[1:00] The hosts welcome each other back.
[2:00] Tom recently over-extended himself.
[3:30] Tom invites listeners to his The Futur podcast episode – Selling Digital Products
[4:35] Diving in on today’s topic, how and when to spend money to save time.
[5:00] The net benefit isn’t always time.
[6:00] Ian talks about the Adobe CC subscription.
[7:40] Calculating your Cost – Time Saved = Value
[8:30] Moving the money saved back into your business.
[9:10] Audit your work to see your gains. Lisa talks Internet speed cost vs. benefit.
[10:00] Weighing the costs and benefits.
[11:00] Lisa couldn’t operate without these tools.
[12:00] Be smart but don’t be so careful that you get left behind technologically.
[13:00] When there’s no clear distinction between business money and personal money.
[14:00] Ian talks about investing in his new studio space.
[15:00] Having a dedicated space has saved Ian on setup time.
[16:00] Ian, Lisa and Tom talk Mac vs. PC costs and productivity.
[17:10] Ian is middle of the road when it comes to Mac vs. PC
[18:00] Tom talks about his best investment to this day.
[19:20] Ian doesn’t like spending too much on cell phones.
[20:10] Factoring in the depreciation value of tech.
[21:20] The right equipment can change your business life. Bill correctly to cover it.
[22:00] Skills + Time + Equipment = Your Rate
[23:00] Videographers include equipment costs and so should you as a designer.
[24:00] Take your business seriously and charge like a business.
[25:00] Tom talks about the pros of purchasing premium resources.
[26:00] The headaches of avoiding premium resources.
[27:00] Tom compares early days of not investing in resources to today.
[28:00] Don’t fall into the FREE trap.
[29:00] Lisa talks about charging for items needed for a job.
[30:15] Premium resources don’t make work instant.
[31:00] Not having a laptop caused Ian to miss out on opportunities.
[32:00] Working on unfamiliar computers increased work time.
[33:00] Ian can measure his time benefits from purchasing a laptop.
[34:00] Rationalizing a big purchase by understanding how long you will have it.
[35:00] Lisa’s shares a big purchase that she loathes.
[36:00] Ian uses a tablet to reduce RSI (repetitive strain injury).
[38:00] Ian talks about his next big purchase.
[39:00] Deciding on a purchase by the number of ways you can use it.
[40:10] See your equipment as an investment.
[41:00] Careful consideration before you purchase insures sound investments.
[42:20] Saving for future purchases.
[43:00] Consistently reinvesting 10% back into your business.
[44:00] Small increment upgrades will equate to huge leaps over time.
[45:00] Lisa talks about regretting putting off upgrades.
[46:00] Audit your subscriptions.
[47:10] Ian decided to upgrade his email to reduce clean up time.
[48:00] Evaluate your subscriptions regularly to see if they’re worth it.
[49:20] Ian talks about unused equipment becoming obsolete.
[50:00] The golden Procreate nugget.
[51:00] Ian gets a lot of questions on which iPad to buy.
[52:00] Lisa asks Ian if the bigger iPad is really worth it?
[53:00] Ian explains why he recommends the larger iPad.
[54:30] One big perk on the newest iPad is in how the pencil charges.
[55:50] Tom is going to redesign his website to drop a monthly service.
[57:30] DM if you have questions about equipment.
[58:00] Thanks for listening!

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“A must for every creative freelancer (or those aspiring to freelance). Thank you for being so… honest! Such a wealth of information from people I admire who have ‘been there and done that’. Listening to the podcast every week feels like I’m among friends. Can’t wait for more episodes!”AG_GD