How do I balance my time and money? This is a dilemma most people face every day. Should you mow the lawn yourself or hire someone to do it? Do you want to make dinner or order takeout? Choices, choices, choices. When it comes to making the decision, it all comes down to whether you value your time or money in that particular situation at that particular moment.
Some days, money will matter more. Other days, it’s worth paying a little extra to have more time. You just have to find your own balance in life. What’s important to you? There’s really no wrong answer. However, deciding now which one is more important will help you when it comes time to make the hard decisions later.
Some of the hard decisions you may encounter are whether to focus more on your career or your family. While focusing on your career will likely grant you more opportunities to grow intellectually and financially, you may have to miss out on some important milestones with your family. The ideal situation is to find a career where you don’t have to worry about finances, yet you can enjoy enough flexibility to spend quality time with family. But, those jobs are often few and far in between.
So, you’re faced with the decision to save one and spend the other. Yet, you never even seem to have enough of either of them, really. You just have to do your best to make the right call for you and your particular circumstances. Today you may want to save money and spend your time and tomorrow you might feel otherwise inclined.
Here are a few ways to help you decide if your time is more important or your money:
1. Make a pros and cons list
If you’re really struggling to decide what you should do, make a pros and cons list. Is it worthwhile to have more free time to spend with family and enjoy hobbies or are you ok losing your free time in favor of a greater income? Will the extra money saved be worth the time lost? Make a list of what you’ll gain and what you’ll lose concerning your time and money and decide which one is the best option.
2. Ask for help when needed
You don’t have to be a super hero. You can’t save both time and money at the same time. But sometimes you can outsource when you need it. You could send the children to grandma’s house to play while you work or ask a friend to help you with a DIY project so it takes less time. Know your limits and don’t try to stretch yourself too much or you’ll end up losing both time and money.
3. Your decision doesn’t have to be set in stone
If you decide to focus more on your career right now with the hope that you’ll have more time with family later, that’s ok. If you decide to focus more on spending time with your family now so that you can be there during the growing ages, that’s good too. But, if you make your decision and realize that might not actually be the right decision for you at the time, then change it. If you start a project and realize that you’re way too over your head, hire someone to come fix it.
4. You can’t regain what you’ve lost
You can’t rewind time and accept that promotion you turned down or watch your baby take his first step. Once you’ve made a decision about what’s important to you, you can’t regain what you’ve already lost. What will you be kicking yourself more about in the future?
Make the most of your life and figure out how to balance your time and money now so you can make those hard decisions when they come.
“Many people take no care of their money till they come nearly to the end of it, and others do just the same with their time.” – Johann Wolfgang Von Goeth
