Factor Your Time Savings In When Deciding Whether To Pay Extra

Factor Your Time Savings In When Deciding Whether to Pay Extra

Exchanging your time for money is probably familiar to you. You spend your daily hours to get a paycheck. However, spending your money to buyback some of your time can be even more helpful.

Photo by Delwin Steven Campbell.

As personal finance blog MoneyNing points out, your time is more limited than your money is. You may be able to make more money some day, but you can never add more time to the day. You can, however, buy back some of it. You may be able to mow your own lawn, for example, but paying someone else to do it can give you a couple hours of your weekend back. These factors can and should be huge when deciding whether to pay for something:

I'm also willing to pay for more time to work. I take the shuttle to the airport now instead of driving myself. It's a three-hour drive, and it costs about $US50 more than driving myself, but I can get work done on the shuttle. Sometimes, I just sleep. Being able to take the time to relax and let someone else drive after a long trip can be worth the cost — and it's worth the safety as well.

MoneyNing also suggests having a plan for how to spend your time when you buy some of it back. If you're taking your car in for an oil change, see if there are nearby shops where you can take care of errands while you're out. If you save a couple hours on lawn care, plan some play time with your kids.

How to Exchange Money for Time [MoneyNing]


Comments

Be the first to comment on this story!

Trending Stories Right Now