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What's Worth More: Time or Money?

If you're spending time to save money, you may be spending more than you bargained for.

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This story appears in the July 2000 issue of HomeOfficeMag.com.

No one wants to waste time or money, yet in your quest to save money, you may be wasting time, or vice versa. Before you rush to save money, evaluate what your time is worth.

  • If you have a choice between returning to your office after a few days out of town or staying over a Saturday night to get a cheaper air fare, decide if you would you be more productive spending that time in your office, rather than out of town. A Saturday night stay may save you money initially, yet those extra days may cost you money in the long run. Also, don't forget to add in hotel and meal costs.
  • Is it better to pay someone to do a task for you than for you to do it yourself? Whether you use a temporary help service, hire a part-time employee or use a subcontractor, determine how much time and money you'll save by hiring someone to handle routine tasks. Although you'll have to train someone initially, consider that a future time-saving investment that will yield more money for you in the long-run.

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