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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.

By Lisa Kanarek

Opinions expressed by Entrepreneur contributors are their own.

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

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

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