Which do you value more: time or money? I got into a discussion the other day regarding the decisions that many of us make on a daily basis, effectively choosing between time and money.
For example, freelancers and other entrepreneurs oftentimes work much longer hours than their conventional 9-to-5 counterparts, because we are always “on the clock.” We can work before breakfast, through our lunch breaks, and well past dinnertime. I have personally made the choice of trading dollars for hours, perhaps sacrificing a little in income so that I can gain more leisure time and sustain some semblance of sanity.
These kinds of decisions reach much further than the vocational realm. In looking at how you approach your life each day, do you find that you place greater value on your time or on your money? Let’s consider a few illustrative examples to investigate this notion further.
Lining Up for “Cheap” Gas
Whether you sip with a Toyota Yaris or burn through with a Nissan GT-R, you may be mindful of the price you pay at the pump. This is why it may be prudent to keep an eye on the price of gas, filling up when those numbers are at their lowest. That said, is it still worth it to line up when the price is particularly low?
It never ceases to amaze me when I see cars lined up around the block, waiting to enter the gas station just because fuel prices have dropped a few cents on the litre (or on the gallon, if you prefer). Aside from wasting gas by idling in line, these people are also spending an inordinate length of time just waiting. For me, it would make more sense to come back another day, even if the price is a few cents more. On a full tank, that price difference will only represent a couple of dollars in savings. Time wins for me.
Cooking at Home or Eating Out
It takes time to cook your meals at home. You need to shop at the grocery store, selecting the right ingredients and finding fresh produce. You need to do some prep work, chopping onions and trimming fat. You need to do the actual cooking itself, flipping frying pans and grilling the meat. All things considered, cooking can be quite a time-consuming endeavor, but the practice also represents substantial savings over the alternative.
When you eat at a restaurant, the experience is much more convenient. You pick up the menu, choose you meal, and dine away. The trouble, of course, is that your wallet can suffer (and possibly your health as well, depending on what you eat).
For me, this is a balance. I eat the vast majority of my meals at home, partly for the monetary savings, partly for the health benefits, but I do indulge in the outside meal from time to time as well. I typically eat out for 2-3 meals each week, in stark contrast to a certain panda killer who seems to eat out every day.
Bargain Hunting and Coupon Clipping
You don’t want to pay full retail for everything, do you? At the same time, how far are you willing to go to score the best bargain? I’m known to flip through the weekly flyers and peruse the RedFlagDeals forums in search of the best deals, but only when I know that I am shopping for something in particular. I also clip coupons for smaller savings along the way.
The search for deals can take up a fair amount of time, because you end up poking around on far too many websites in search of the most attractive price. This time could be spent doing something else that actually generates more money than you are saving. For instance, instead of searching for an hour only to save $5 off a video game, you could have spent that time doing something work-related for more money or researching a more affordable insurance policy.
Another great example is shopping on Black Friday or Boxing Day. The crowds can be massive and the process maddening, but you may be able to save a fair chunk of change on that new HDTV. Would you prefer to avoid the malls and make money online at home or will you brave the masses to “earn” those well-deserved savings?
The Most Important Non-Renewable Resource
At the end of the day, you will always have another opportunity to make more money. There can be another working day, another investment opportunity, or another monetized website that can be launched. Money is renewable and can be replenished. By contrast, it is literally impossible to save time. You will never get back the few minutes you just spent reading this post. Time is our most valued and most valuable non-renewable resource so, more often than not, I will choose to prioritize my time over my money. How about you?
I’ve been doing a lot of things to save money.
I use a web site called FloridaStateGasPrices.com to look for the best prices in my area.
I don’t go out to eat, I use coupons and read the Wednesday Publix ad for the buy one get one free which is a great deal on at least 2 items a week.
I get meals that are 30 minute meals or ones that are Crock Pot meals that take 1o minutes to prepare and 10 hours to cook.
It’s hard, I look for every deal I can. I even barter computer work for services or goods I need.
In these recessionary times where we do not have enough productive time and disposable income, the practice of barter trade is making a comeback and gaining in popularity.
Yep, I got a good bottle of wine and 6 really good cigars for 2 hours work on a DVR remote access for a store.
Can you polish off that bottle of wine by yourself? You must be tipsy after those 2 hours. lol
Needless to say the store was a liquor store. The wine was for a family get together and the cigars for my father in laws birthday.
I’m diabetic, so I can’t drink.
Lining up is one of my biggest peeves. I avoid lining up for anything, regardless of what it is.
As do I, but sometimes it’s unavoidable. As was the case today when I went to get groceries and ended up waiting in line for 20 minutes at Sobeys. I had no choice, I needed to get food and couldn’t do it any other time. If you find a solution to this problem, let me know. 🙂
Here’s the solution for you Chris.
No more queuing!
I wonder if I can find a kid willing to work for $5 to do that for me? lol
Great post here, Michael. I especially like the bit about people lining up for gas. Similarly, it amazes me how people will drive across town for .03 cents on the dollar savings. By the time you drive all the way there and back, you may break even! Yet, these same people have no issues paying an extra .50 cents for a slice of cheese at a burger joint.
I’ll drive the 2 miles to other station that I have the card with for the 3 cents, but I won’t go more than that. As you say it’s not cost effective.
On weekends here, most of the gas stations offer 7 cents off per litre Fri, Sat and Sun. During the week you can usually find coupons in the newspaper for 3.5 cents off.
The coupon thing is tough. Most people don’t realize that they end up spending more money after clipping coupons. Look at the store shelves; often times the store brand of a certain product costs less than the name brand (even when you have a coupon for the name brand). We also tend to cut coupons for things we don’t really need because “it’s a good deal.”
I find you’re right about freelancers working longer hours – I certainly do the same. But I do value my “time” more than I did before – and I am more sensitive than ever before to other people attempting to waste my time!
You really have to look at what you really want to buy and the deals that you can get. The best deal we get each week is the buy 1 get 1 free at Publix. They always have something that we need on that deal. This week I was able to get 4 64oz Juicy Juice for the price of 2. That will keep my 4 year old daughter in juice for 2 or 3 weeks.
Tonight buy 1 get 1 free was for Pop Tarts. Got 6 boxes for $.7.17 vs $14.34. That will last the wife and daughter for 2 weeks and I was able to get 1.5 lbs of fish for dinner with savings.
I used to be addicted to Pop Tarts when I was younger, but the dentist contributed that to my cavities, so I had to stop eating them. My new favorite snack is a bagel with raspberry jam. 🙂
Definitely a great post. This is something that I am constantly trying to balance as a freelancer. I really value my time a lot more than I value money. But I also realize that I need money to pay my bills and sometimes investing a little bit of time now translates to more money later and thus more options for freeing up time later. (The example I’m thinking of is investing time now to create passive income revenue to create time later.) Good points on how all of these little things add up in relation to this issue.
I love cooking, so I only eat out if I’m out with friends. Plus, the better you get at cooking, the faster certain things will go.
What I like about cooking is just taking whatever is in the fridge and pantry and making whatever I can out of it. Some of my best meals have come from “Pot Luck”