How to Measure the Value of Your Time? Part 1
You must have heard people say, “Time is Money!” Believe me, it is! Every second of your life is worth some amount of money, and that is why evaluating the cost of your time and what’s worth your time is important. It helps you to know how much you lose every time you waste your time.
Time value calculation is one of the most illuminating calculations you can make to understand the real value of time. You need to measure time value not in general, but in precise terms such as the monetary value of your time, i.e., how many dollars and cents would you be losing by wasting your time? Measuring the monetary value of your time is a calculation you make periodically whenever you feel your living conditions have changed.
In verse 1 of this thread, you will learn how to measure the value of your time. and in verse 2, you will learn the benefits of spending time on what is more valuable!
4 Determinants Of Your Time Value
I have found that the value of time orbits around 4 things:
- How much money do you earn?
- How valuable is your time to you?
- How valuable is money to you?
- How overwhelmed do you feel?
You may find it a bit difficult to measure the value of your time, but really, it’s quite simple. Here is one simple question you can ask yourself to understand what’s worth your time, “how much am I willing to pay to buy back one hour of my life?”
Honestly answering this question will help you understand the value and/or cost of your time. When you calculate how much you are willing to pay to get one hour of your life back, you’ll realize how much you lose when you spend time on unproductive activities or when you put off important tasks for later.
People with different statuses are willing to pay different amounts to buy back an hour of their time. For example, working professionals are willing to pay more for an hour than students. This is because they place more value on their time. However, as the students begin working, or start earning more, they are willing to pay a higher amount for an hour because the value of their time has increased, and consequently, the cost of their time has surged.
How to Save Time?
Task Delegation Time Management
The best way to save time is to spend time on what is more valuable. Use your time wisely by spending time on activities worth your time. Spend your time smarter by delegating the lowest-impact tasks to others.
With a sustainable income, you can delegate some of your tasks to enable you to focus on more challenging and strategic activities that are worth your time. You can build a team of helpers or assistants to whom you delegate some or all of your lowest-impact tasks.
Depending on the value of your time, you can determine what is worth your time, then delegate tasks effectively, even at home. When you do this, you delegate to save time and as well, delegate to save money.
Consider this, after calculating the value of your time, and identifying tasks that are not worth your time, perhaps, tasks that are relatively easy such as shoveling snow, mowing your lawn, and cleaning your house, you can easily delegate them. This will help you save, or as it were, buy more time for yourself. By buying back hours of your life, you are able to invest these hours in productive activities/activities worth your time.
However, buying back time isn’t about doing less. Instead, it’s a time management skill. It’s about working smarter so that you can focus on activities that are more essential, more rewarding, and more meaningful!
You have acquired so much knowledge today on how to calculate the worth of your time in order to save time and money, and what determines the value of your time. But that is not all, in verse 2 of this thread, you’ll learn more about the benefits of delegating tasks that are not worth your time, and the common mistakes people make while delegating tasks!
Also, look forward to learning about more practical ways to evaluate your time value.
Watch out for verse 2!