Time is Money

We have all heard the maxim that time is money, and there is truth in that saying. Wasted time can really cost you. One example is time spent waiting that could be better spent working to make money.

Since I work at home, and most of my work involves writing and creating artwork, any time spent waiting (or otherwise doing nothing) could be better spent working. In the hour or so that I spend driving to the store, shopping, and waiting in line, I could make ten dollars or more. Doing as much shopping as possible in one trip, saves me time and therefore money. I also bring a notebook along whenever I think I’ll have to wait, so I can work or at least make helpful notes instead of wasting that time.

Most people can relate to the dreaded waiting room at the doctor’s office. Wouldn’t it be great if you could bill the doctor at your hourly wage (or the equivalent of your salary) for all the hours you spend waiting for him or her in a given year? I know I’d be happy when that check arrived!

Time is also an issue when you have a busy schedule and miss the big one-day sale, or when you can’t get a mail in rebate sent in on time. It also matters when it comes to getting to the bank in time to make a deposit before transactions are posted for that day, which may make the difference between keeping your account straight and becoming overdrawn. Getting bills paid on time to avoid late fees is another issue.

While time relates to each of these issues in very different ways, it is clear that time wasted can cost you money. Learning to save time or to use it more effectively can help you make more or spend less.