Use Money to Buy a “happier Time”
Would you spend $ 40 to save time?
According to Harvard Business School professor and behaviorist Ashley Willans, this can be a good idea, especially if you’re spending money buying time that makes you happy.
“In general, people for whom time is more important than money live happier lives,” Willans said in a recent interview with Gretchen Rubin of The Happiness Project . “It is important to note that the benefits of choosing time over money apply to both the wealthy and the less affluent. Even spending as little as $ 40 on time savings can dramatically increase happiness and reduce stress. ”
However, you shouldn’t give up a pair of twenties to get a few minutes that you just waste. If you’re going to spend money to free up time, Whillans wants you to:
Benjamin Franklin wrote Time is Money. My personal mantra is playing on this familiar quote: “If time is money, then money can buy a happier time.”
What is a “happier time”? This could be time with family or friends. This can be time spent reading a good book or walking with a loved one. You probably know where you would like to spend your extra time and how much you would pay to get access to it.
In the Harvard Business Review IdeaCast, Willans also suggested spending money not only to buy happier time, but also to buy less unfortunate time:
My research really focuses on using money to get rid of negative experiences. So, subtract the negative minutes from our day, subtract the time we spend in traffic, subtract the extra working hours when we just spin our wheels, and we actually have to go home subtracting cleaning.
Would you spend $ 40 to avoid getting stuck in traffic? Good question.
Willans notes that this method only works if you’re already making enough money to meet your basic needs – and I would argue that it only really works if you’re making enough money to feel financially secure. However, we all make a compromise between time and money, often without thinking critically about what we are doing.
So, if you find you want to spend some money to save some time, ask yourself if you are buying a “happier time” – and that should make it easier to decide if the purchase is worth it.