When measuring the equation of time vs money, it doesn’t require you to be a mathematical genius. More importantly, the answer is certainly not a ‘one size fits all’ but narrowing down time spent.
Time and money both play a large role in our life, and the priority depends on many factors such as valuing time.
You may want more freedom, stronger relationships, to build a better world, or simply be wealthier to enjoy the luxuries in life.
But at some point, you may ask yourself the question “Is my time investment worth the value?”.
To understand the, money vs time contingency you must weigh up the following:
- The value of the money you earn to spend time
- The value of the time you spend to earn money
The value of money
As living beings, it’s natural to feel like you ‘want more’ from your time value. We are bred as learners.
Gaining money is harder than gaining time, you must make more compromises and use your limited time to learn new skills.
There is nothing wrong with buying the things you want or need, but they should be within your budget. A good rule of thumb is if you can afford to buy it twice over then it’s within your means. The key to spend control is to stop impulse buying & don’t let those flashy adverts tempt you. Take the time to really consider if your purchase will bring enough balance between happiness and saving for your future before flashing the cash.
“A good rule of thumb is if you can afford to buy it twice over then it’s within your means”
We can’t change time, but we can change money. We base our decisions on our bank balance, and we can also predict the future (to an extent) based on forecasting our approximate earnings, salaries, capital, dividends & more.
Time doesn’t have power, but with money you have more control over the luxuries in life. It might be planning to move home or buying a new car. Either way, naturally we have more power & can make more informed decisions.
The value of time
The value of time is precise. You have 60 minutes in an hour, 24 hours in a day and there is no guarantee of what will happen tomorrow. Allocating extra time for certain projects requires this exact precision.
We have limited time; it is in short supply. Money can be earned without limitations, but time cannot be earnt. Time is precious and cannot be replenished.
Although time cannot be earned, real-time value can appeal to those who know how to invest in it. When you invest your time into education, you gain more skills. You can buy training courses, but you need to put in the time it takes to complete them.
The most important aspect of time is making memories. There are so many occasions that money cannot replace an experience that you have missed. What about going to your child’s graduation, visiting a good friend, or even the small things in life like sitting around the table with your family to eat a Sunday dinner? Those things in life are simply irreplaceable.
“Time is more valuable than money. You can get more money, but you cannot get more time.”
So, how can you solve the dilemma of Time vs Money?
Undoubtedly, there is a balance.
You may have little money but enjoy spending time with the kids, or you may have lots of money and enjoy going on regular holidays.
Both are important based on our individual perspectives. If you are focused on building memories and relationships, then time is probably more important to you. On the other hand, if you are dreaming of a better life by enjoying the luxuries, then money might be the way to go.
If you are still unsure, don’t be afraid to experiment by balancing your equal time vs. money and exploring what makes you happier.
How can Compleat Software help you save time and money?
At Compleat we simplify the way you buy and pay.
How do we do it? By using the power of technology to create time and save money.
We remove tedious tasks by automating your invoices and purchase orders. Remember, every invoice or purchase order your team doesn't have to handle is time saved.
We don’t stop there, we also let you know when you are overpaying on your purchases. Yep, that’s right, we automate the entire purchasing process. From start, to finish.
Do you want more time to invest in what really matters to YOU?
We want a better life for us, and for you. Say goodbye to lost orders and invoices. Say goodbye to maverick spend.