Money Monday: Time vs Money, Which is more important?

Imagine for a moment that you are having your yearly review with your boss, and she presents you with this scenario.

Employee, you are doing a great job. I am so impressed with all you have done and all you have accomplished this year. As you know, this next year is going to be even busier, and we have a lot of projects coming down the pipe, and we are running a lean staff right now, and have no plans to hire more people. 

In recoginization for all you have done, you will be able to choose one of two options. I can either give you a 5% raise, or I can give you a 5% increase in time off to use as you choose. 

What would you do?

We are all busy. We all have too much to do, and too little time to accomplish it all. For most of us, the work day is jam packed with to do lists and meetings. Our mornings are filled with workouts, emails, and preparing for the day. Our lunch hours are spent running errands and making personal calls. Our evenings are spent doing homework, making dinner, and trying to find a few moments to zone out and wind down from the day. The weekends are filled with grocery store runs, social obligations, soccer games, and catching up on chores. 

All of this begs the question: When is it time to pay someone else to do the things we no longer have time for?

In our America today, what is more important, time or money? When is it time to pay someone to do things that we can do, but no longer have the time to do them?

At what point do you hire the kid down the street to mow your lawn? Is it time to ask your neighbors cleaning lady to stop by once a week and do the laundry and clean the house for a few hours?

If you didn't have to clean, or do the yard, or cook dinner a few nights a week, what would that free you up to do? Would it allow you spend more time with your kids?  Could you sit down and write the great American novel? 

What would you do if you had more time? 

Let's say our employee above makes $60,000 a year. On average, that comes to around $30.00 per hour. The kid down the street will mow your yard for $40.00 a week. That means you will give that kid the money it took for you to earn in 1 hour and 20 minutes of your day, once a week. 

Would you do it? Is $40.00 a week worth an extra hour a week of free time? 

For me, at this point in my life, the answer is no. I always feel like I can be more efficient so that I can accomplish more. I will often look for ways to work smarter, rather than harder. I can cook, do laundry, water the grass, talk on the phone, and put up the groceries all at the same time. 

I believe  I could do something better with those dollars than spend them on a service I could do myself. 

But, there is a downside to multitasking, nothing gets my full attention. I miss key moments in conversation, the rice gets slightly overcooked, and the lawn may be a little too saturated. Am I OK with those things, yes I am, because I don't have a desire to be perfect. The desire to fit it all in is stronger. 

Tell me: What is more important to you, time or money?