Understanding the monetary value of your time can help put situations into perspective when making decisions. You can look at a situation that is frustrating you and easily put a dollar value on the time you waste each week while dealing with it over and over again. Then you can use this to determine if there is a more cost-effective solution.
In the office, you may notice that people are constantly asking you where items are located in the supply room. You are interrupted multiple times a day, and it is affecting your productivity for the tasks you have on your to-do list.
How much time is wasted each time you are interrupted, including the time it takes you to return your focus to the task at hand? Calculate the cost of that time over the course of the month. Is there a solution?
Is the supply room organized with defined locations for items?
Are there labels on the shelves for people to know where item “homes” are located?
How much time would it take to organize the supply room, and briefly explain the new setup to others? Calculate that cost of that time, and compare it to the wasted time you calculated before.
The cost difference will show you if there is a cost saving in making that improvement at the office.
The same can be done at home if you want to compare the costs, but when it comes to the home you might want to consider other factors other than just the dollars.
Priceless Values and Experiences
When considering the value of your personal time you need to consider other factors within the situation. Factors to consider include the learning experience that someone will gain in doing that task, or the core value it will nurture in the person.
These experiences are most precious commodities and are hard to place a value on time spent.
How you calculate the true value of your time will depend on the factors you are considering. No one can make that decision for you and there isn’t a universal right or wrong. The decision is personal to you and your family.
You will learn over time that determining the true value of your time will be present in every aspect of your life, including how you maintain balance. Time is precious, use it wisely.