Ask the Mountie

How does one balance time and money - is there a formula?

I am continually faced with the notion that time is money and that decisions about how to spend my time should be based on some relationship between the 2.
For example, some tend to drop their laundry off and pay to have it laundered thus spending more money and less time leaving them with less money and more time.
Others spend more time and less money at the laundromat thus leaving them with more money and less time.

How does one balance time and money - is there a formula? And the dirty clothes example is just that - so please don’t say - wear dirty clothes or buy new ones.


Dear Daisy

In order to make this calculation you need to first figure out what your time is worth. Some tasks can make your hourly rate increase dramatically, others can make you drop your price a little, but nevertheless - you need to know what you’re charging.

To use your example, let’s say you charge $300 per hour plus expenses to do the laundry, thusly it would follow that taking your dirty washing to the Launderette, feeding a few dollars in to the machine, would not only save you a fortune, but also leave you with more free time.
- A winner in both accounts.

Yours Truly

Mr Mountie

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