Deciding how you value your time can help you make decisions. But how do you really know what your time is worth?
It’s partly a hypothetical question, because you don’t always get to choose how much money you’ll make or how much free time you’ll have.
And it’s partly a practical question, because sometimes you do get to choose. Life is all about making choices, some of which are exclusive and limit us from other opportunities.
A free tool guides you to your own answer of “How much is your time worth” in both hypothetical and practical scenarios. Here’s what it promises:
You’ve probably heard the saying “time is money.” It’s a popular line for a reason—it’s true. This tool will help you understand how much money your time is worth to you.
The online tool asks you to answer a series of questions about different scenarios, including how much you’d want to be paid to take on an additional task, and how much you’d pay to avoid waiting in line.
I just went through the questions myself and found the results interesting. For example, one of the results it returned for me read as follows:
“It’s possible that you’re more reluctant than you should be to spend money in order to free up time — for instance, by paying for time-saving services or purchasing time-saving devices.”
This is totally true. I’ve tried to get better at this recently, but I know that I have a tendency to be overly frugal when it comes to paying for time-saving services.
As the instructions in the tool state:
You will not always find it useful to put a monetary value on your time. If you’re on a relaxing beach vacation, for instance, you probably don’t want to think in these terms. But many of life’s decisions require you to trade money for time or vice versa. For these situations, it’s very useful to know the specific value you place on your time.
Note: the tool asks for your email address after you answer a few questions, but you can leave it blank and still see your results.
So, how much is your time worth? Did you learn anything?