When it comes to the value of time or money, we’re often asked which is more important. But your answer might depend on certain circumstances. For instance, is it different during the holidays?
The Value of Time and Money: Which is Worth More?
Many people value their time more than their money. However, when time gets tight, they are willing to spend more to make up for it. Therefore, people frequently find themselves overspending during the holidays. For example, you know you won’t have time to attend a particular holiday party, so you send an expensive gift in your stead. Does that really represent your ideal values for the season?
On the other hand, sometimes it does make sense to spend extra money, especially if it saves you time. For example, you might not typically hire a housecleaner. However, it might be worth the cost to make your house nice while you enjoy other holiday activities.
The question of time or money isn’t always easy to answer. However, getting in touch with yourself about the issue can really help you make the most of the holiday season.
Where Do You Want to Spend Your Time?
The most important thing to ask yourself is how you want to spend your time during the holidays. Where do you want to be? Furthermore, what do you want to be doing? Even more so, who do you want to be with? After all, the holidays are about people. Some of the ways that people like to spend their time during the holidays include:
- Gathering with family and friends
- Enjoying holiday traditions such as tree lighting events
- Attending religious services
- Giving back to the community through volunteering
- Taking downtime and solitude for self-care and rest
Spending Money in Order to Spend Time
Once you know how you want to spend your time, you can budget your money towards making those things happen. For example, you can buy a plane ticket to see your family. Alternatively, you can buy tickets to a favorite holiday play.
As aforementioned, there are some instances where it makes sense to spend more money than usual precisely because it will save you time. If spending money opens up free time then it can allow you to make the most of your holidays. For example, you might pay for catering so that you don’t have to do cooking that you don’t enjoy. Then you can spend that time with your family instead of in the kitchen.
Saving Money, Investing Time
In addition to making those purchases, think about ways that you can reduce the cost of those experiences. For example, you might find a free annual holiday event instead of one that costs money. Or perhaps your family can all pitch in on the cost of one big tree, rather than getting trees for every individual household. Secret Santa gift exchanges are less costly than buying a present for every person in a group. There are many little tricks you can use to reduce the cost of the holidays. As you do, emphasize the joy of the time that you have together.
- Would You Rather Have More Time or Money?
- Guide to Frugal Entertainment
- Four Things People Forget when Budgeting