Save money by remembering time does not equal money

What small tips and tricks have you found that made a difference in your personal finance life? What great article did you just read? Found a great blog?

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Sonja
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Re: Save money by remembering time does not equal money

Postby Sonja » Fri Jan 27, 2012 2:20 am

But if you look at it this way, then all convenience is overpriced. Why have a car at all? Why have a house? Why not eat dry bread all the time?

Then again, I do not support the concept that you should be working to maximize your net value. What do I care about net value? I'm working to maximize my net fun over my lifetime. So that means saving enough to have fun later and spending enough to have fun now. Spending on freetime also increases my fun now, so it is worth my money.

What else is net worth good for?

DoingHomework
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Re: Save money by remembering time does not equal money

Postby DoingHomework » Fri Jan 27, 2012 1:32 pm

Sonja wrote:But if you look at it this way, then all convenience is overpriced. Why have a car at all? Why have a house? Why not eat dry bread all the time?

Then again, I do not support the concept that you should be working to maximize your net value. What do I care about net value? I'm working to maximize my net fun over my lifetime. So that means saving enough to have fun later and spending enough to have fun now. Spending on freetime also increases my fun now, so it is worth my money.

What else is net worth good for?


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Savarel
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Re: Save money by remembering time does not equal money

Postby Savarel » Fri Jan 27, 2012 4:04 pm

Its not just a matter of how much is your time worth. It also matter what you have, and dont have.

If you have an abundance of time, but not money, then $2.50 for 15 minutes is a no-brainer. Supply and demand there, you have time, you need money. $2.50 is currently the best price you can get for the next 15 minutes, so you take it.

If you had lots of money, but earned by working extremely hard and being very busy, then paying $2.50 to shave 15 minutes of driving time would also be a no-brainer. You need more free time, not more money. Since time is often difficult to simply purchase, the toll would be a great oppurtunity to actually *buy* time.

By saying people tend to overvalue their time, you assume that most people have a greater abundance of time than they do money. Thats certainly true for some people, but most people who have little money also have little free time. Why? Because they dont make enough per hour and thus need to work longer hours. Ironically, its these same people who would benefit the most from saving both time AND money via taking or not taking the toll road. As you make more money per hour, then suddenly you should be gaining both more free time AND more money, making the toll road dillemna trivial.

cheesekewrls
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Re: Save money by remembering time does not equal money

Postby cheesekewrls » Thu Mar 01, 2012 9:10 am

I agree with, Savarel. Sometimes, you have to spend more time, in order to save money. That's how it goes often. Just like what I'm doing when I'm going home from work. I walk from my office to my house (which is 14km away from my office) to save a couple of bucks. What my point is, always be practical in spending your money. Being streetwise isn't enough. Making wise decisions in spending your cash is the best way to double or triple it.

FifteenYearPlan
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Re: Save money by remembering time does not equal money

Postby FifteenYearPlan » Tue Oct 30, 2012 8:02 am

Really, everything everyone stated is valid, depending on your point of view.

As Savarel so aptly stated, it is simply a matter of your own personal needs, your situation, etc.

There really is no correct answer to the question of whether time is more valuable than money and vice versa. Therefore, the statement of lancer is correct sometimes but can never be qualified as an absolute fact all the time.


This "debate" is a really good one though, it was able to show both sides of the equation, so to speak. :)

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Justus
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Re: Save money by remembering time does not equal money

Postby Justus » Sun Nov 04, 2012 1:53 am

I'd pay $5 a day to spend an extra 30 minutes with my family while I can enjoy them and their company. For me, the whole point of making money is so that I can enjoy it with them.

unplugged71
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Re: Save money by remembering time does not equal money

Postby unplugged71 » Tue Dec 18, 2012 8:02 am

When I used to have a job that I commuted to that had the option of toll vs no-toll, I took the no-toll route. Why? I saved $14.xx per day for an hour extra commute, but I spent it learning a language (Spanish). That extra language landed me a better paying job elsewhere.

Some people like the time to themselves while commuting. Whatever it is, you choose to do it to provide a benefit.

iDude
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Re: Save money by remembering time does not equal money

Postby iDude » Tue Jan 15, 2013 2:51 pm

DoingHomework wrote:
Sonja wrote:But if you look at it this way, then all convenience is overpriced. Why have a car at all? Why have a house? Why not eat dry bread all the time?

Then again, I do not support the concept that you should be working to maximize your net value. What do I care about net value? I'm working to maximize my net fun over my lifetime. So that means saving enough to have fun later and spending enough to have fun now. Spending on freetime also increases my fun now, so it is worth my money.

What else is net worth good for?


I like you!


Ditto. With your permission Sonja, I'm going to adopt the 'lifetime net fun' concept. :rock:

My wife and I happen to fall on the "have more money than time" side of the equation. $5/day for an "extra" 30min not spent driving (I don't tend to make good use of my driving time, because I dislike being distracted from the actual driving) is an easy 'yes' decision for me, but I certainly recognize how it might not be for others. I've got a friend who has a side business buying things at yard sales and then selling them for profit on Ebay. She makes much of the couple hundred bucks a month she makes, but it seems to take several hours each weekend, so in the end is making no more than $6.25 an hour, and probably less given gas, the fact that she gets her husband to help her, etc etc.

Justus
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Re: Save money by remembering time does not equal money

Postby Justus » Mon Jan 28, 2013 3:24 am

iDude wrote:I've got a friend who has a side business buying things at yard sales and then selling them for profit on Ebay. She makes much of the couple hundred bucks a month she makes, but it seems to take several hours each weekend, so in the end is making no more than $6.25 an hour, and probably less given gas, the fact that she gets her husband to help her, etc etc.


I have a friend like this, but this is something she and her husband enjoy to do together and if they make a little extra cash, too, well, that's just a bonus.

Mario
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Re: Save money by remembering time does not equal money

Postby Mario » Tue Feb 12, 2013 1:38 pm

Glad to see the point was made early on that time equals money and that all this example proves is that to the OP, it equals less than $10 per hour :)
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Re: Save money by remembering time does not equal money

Postby danthecashbackman » Thu Mar 27, 2014 11:04 am

My opinion: Time is the only resource that you cannot (re)generate. Tic-tic-tic, it's gone! GONE! Forever! No coming back. You own that resource, you do what you think best of it. In a way, time IS money - In fact, time is priceless. Maybe it is not obvious to the young and savvy adult but it starts showing its value at around 40, just a figure, different for some :) .
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VinTek
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Re: Save money by remembering time does not equal money

Postby VinTek » Mon Mar 31, 2014 7:42 am

Hmmmm...methinks that someone is trying to up his post count by putting in a separate post for each point of a 30-point article. Interestingly enough, the posts don't even add any original content. They're just a cut-and-paste of the points in the original article.

bpgui
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Re: Save money by remembering time does not equal money

Postby bpgui » Mon Mar 31, 2014 2:42 pm

VinTek wrote:Hmmmm...methinks that someone is trying to up his post count by putting in a separate post for each point of a 30-point article. Interestingly enough, the posts don't even add any original content. They're just a cut-and-paste of the points in the original article.
His post count just dropped dramatically

johnt78
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Re: Save money by remembering time does not equal money

Postby johnt78 » Tue Aug 12, 2014 12:01 am

My personal plan:
1)we always lived on one income whether married or not
2)Whether single or not I kept my recurring monthly bills to 3 : rent/electric/phone (annual bills i.e life/home insurance not incl.)
I just got regional phone/internet combination which is not much higher than my previous basic phone plan.
My former boss asked me for my mobile number and when I told her that it's against my current 3 bill rule she was kinda confused for a moment LOL. I do think that mobile phones are very handy(it's hard to find a working pay phone) but I don't need one at the moment.

VinTek
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Re: Save money by remembering time does not equal money

Postby VinTek » Tue Aug 12, 2014 7:20 am

johnt78 wrote:My personal plan:
1)we always lived on one income whether married or not
2)Whether single or not I kept my recurring monthly bills to 3 : rent/electric/phone (annual bills i.e life/home insurance not incl.)
I just got regional phone/internet combination which is not much higher than my previous basic phone plan.
My former boss asked me for my mobile number and when I told her that it's against my current 3 bill rule she was kinda confused for a moment LOL. I do think that mobile phones are very handy(it's hard to find a working pay phone) but I don't need one at the moment.

I'm confused. How does this relate to the subject of time equaling money?

Also note that this thread has been dormant for over a year, except for a post from a spammer and a couple of responses to it. Let's try not to revive dead threads. That's usually frowned upon here.


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