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Time Is Money. Where Are You Spending Yours?

Time Is Money. Where Are You Spending Yours?

Like so many other commodities, time is fixed. We get 24 hours daily–no more, no less. As a result, our time has great value, both figuratively and literally. That’s why the old-fashioned “time is money” remains an accurate adage even in the 21st century.

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In other words, every minute of time wasted could cost you dearly. Maybe you won’t feel the loss immediately, but you’ll feel it eventually. For instance, the 2021 U.S. Bureau of Labor Statistics’ American Time Use Survey shows that women spend around 2.4 hours daily on domestic chores. Using the current federal minimum wage of $7.25 per hour adds to about $6,351 each year.

This doesn’t mean that you should stop doing housework, of course. However, it does reveal the underlying importance of being a little greedy with your time. After all, you only have a limited amount of minutes available. So the stingier you are with those minutes, the more likely you’ll be to feel like your time was well spent.

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You can shave off time anywhere you like from your calendar. So if you’re looking for places to start saving some big bucks (in time), try slicing a few minutes off in the areas of transportation, healthcare, shopping, food preparation, and entertainment.

Transportation: Minimizing drives, commutes, and more

Life may be called a highway, but you don’t want to spend too much time on actual roads. Time is quite literally money in the case of driving — since gas prices are soaring and are not expected to decline in 2022, per Wall Street Journal reporting. Consequently, you’ll improve your wallet in both tangible and perceived ways by minimizing drive and commute time.

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What are some solutions for jumping into your car less frequently? A popular answer is to travel to your…

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