Value Your Time
Calculate your hourly rate:
If you get paid by the hour, there you have it.
If you’re a salaried worker, divide your salary by your hours worked (2,000 hours is considered standard for a 40 hour job worked 50 weeks a year, so if that’s the case, divide your salary by 2,000).
If you do unpaid labor, look up how much people who get paid to do similar tasks make per hour.
When considering whether to spend money on things that will save you time (e.g., buying time-saving gadgets or outsourcing tasks you don’t enjoy), multiple the time saved by your hourly rate. This is the value of your time. Compare that to the cost of saving this time (i.e. the price of the gadget or service). If the value of your time outweighs the cost of saving it, it probably makes sense to spend the money (thus saving your time for something else).
While the ultimate decision is up to you, this tool can be useful for gaining a new perspective, particularly if you’re the type of person who has trouble spending money in this way.
Source
Nick’s father, Per Enge, who believed that one of the purposes of money was to buy time.