Your time is your most valuable resource you have. It is your own “productivity currency” of which you only have a limited supply and must ration carefully. However, sometimes we are faced with situations in which we must quite literally put a dollar amount on what our time is worth. If we always sacrifice money to save time, we’ll end up broke. If we always sacrifice time to save money, we’ll end up not accomplishing our goals. Finding the balance is key.
This year, when I went to renew my parking pass for ASU, I was faced with two options:
1. Purchase a cheap pass for a couple hundred bucks in a remote lot and take the free tram to campus.
2. Pay an additional $600 for a pass in the lot right outside my office.
My gut reaction? Buy the expensive pass. I had the luxury of having that money in savings already, and I felt that my time was too valuable to spend sitting on a tram every day. I wanted the convenience of being able to waltz right from my car into the building at any time of day.
Then I stopped to weigh the value of the pass versus the convenience of the pass in terms of “dollars per hour.”
Dollars Per Hour
I actually only needed the pass about three days a week. The tram takes about 15 minutes each way. I calculated that if I didn’t buy the expensive pass, I’d be saving $12.50 for every hour I spent on the tram. Now I had a decision to make:
If someone approached me on the street and said, “Hey, I have a part time job for you. It only requires 90 minutes a week, and I’ll pay you $12.50 an hour. All you have to do is sit in an air conditioned space and do nothing” I’d have a hard time saying no.
I ended up buying the cheap pass. I now appreciate the mandatory “break” I get in my day while being shuttled from place to place. I can even use the time to check my email or flip through the newspaper.
By looking at the situation in terms of dollars per hour, I was able to weigh convenience, time, and money to come to a rational decision. How much is your time worth?
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Photo Credit: Phaitoon, Emily Schwartz