How To Value Your Time Effectively

Time is money and therefore has a value. How much value does your time have? Considering time is finite, we only have 24 hours in a day, we constantly wish for longer days so we can get more done. 

The phrase "If only I had more time" has become commonplace in society. We complain we do not have enough time to complete everything we want to do, but are we really using our time wisely? Are we efficient with the time we do have?

People love to boast about how busy they are. The busier they are, the more successful they are, right? People take pride in saying they are busy, like it is a title or a badge of honour. To most people being busy means being productive, this isn't always the case. When most people say "I'm so busy", they usually mean one of two things:

1) They are lying about how busy they are so that they don't appear lazy or boring, or they are using busyness as an excuse for procrastination.

2) They are spending time on needless busywork, filling up their time with small tasks to make themselves feel busy without doing anything truly fulfilling.

How we value our time directly correlates to how effective we are when we focus on tasks. The article, The Psychological Value Of Time, explains in greater detail how we use our time.

Think Of Your Time Like Your Paycheque 

You have to budget for bills, payments, loans, groceries, and so on. Your time isn't much different; instead, you budget for work, sleep, commuting, and activities that increase your personal value (skills, relationships, hobbies).

You can invest time just like money by putting high value on it and using it wisely. For example, say you want to lose weight. You plan to go to the gym five times a week for 30-minute intervals. 

Thirty minutes five times a week, which is only 1.4% of your week, may seem like nothing, but the change will pay off in dividends over the course of a few months. The net result will be worth the small sacrifices you made during the week.

The opposite can happen too; while it's great to play video games from time to time to take a break from reality, gaming for six hours a night will eat up a lot of time you could have spent bettering yourself. 

You Can Also Outsource Time

If you buy a coffee every morning for $5, that's $25 a week, and $100 a month when you could make one at home for a fraction of that cost. You could be putting that $100 towards paying down debts, a vacation, or a big purchase. On the other hand, if you are meeting friends each morning for that coffee, enjoying the walk to the shop, and noticing a positive mood boost after you have that coffee, then perhaps the experience itself is worth more than the $5 you spend.

We outsource tasks all the time. Whether it's ordering a cup of coffee or shopping online, it is more common thank you think. Next time you order something online, look at the prices of the shipping options. Notice the price difference and time between the different shipping options. Is the substantial cost increase worth saving a day or two for a product? Could you go to the store and get the product right now for less than the fastest shipping option?

Next time you outsource a task, think about how you are spending the free time you bought yourself. Are you using it wisely or wasting it? Did you schedule your oil change to be done while you are at work? Are you studying or reading while on public transit?

When you put value on your time, you remind yourself that your time is profitable. Consider where to focus your time, and what will yield the biggest return on investment. Cut out the small, worthless activities that leach your time.

By reminding yourself daily, you will remain focused on your goals and aspirations, which will help you to get more work done in less time. Efficiency comes with practice, and the more efficient you become, the more time you have to focus on other tasks or to spend on yourself.

It Is Okay To Say "No" To Tasks That Do Not Benefit You And Are Not Worth Your Time
 

If you say yes to everything, you will become overwhelmed with projects, and your time will be drained. Take time to consider what is most important to you. Pick tasks wisely based on your goals, and focus solely on these instead of bouncing around trying to balance multiple tasks and activities. Everyone needs downtime. Know that your downtime is time you banked and saved by focusing on what is important.

Of course you can. Once you have accomplished your tasks for the day, you can invest your free time into other ventures like taking extra classes to further your education, learning a new hobby or skill, starting a side hustle, investing in stocks, flipping items from local buy-and-sell pages, or just taking some time to yourself to relax and recharge. After all, everyone needs a break every now and then.

Looking for a way to make your focused time more effective? Read our article on the Pomodoro Technique.

Summary:

While we can't change the number of hours in a day, we can most definitely choose how we want to spend them. So next time you find yourself questioning if what you are doing is worth your time, remember this article. You'll have the answer.