To Save Time Or Money

I find myself in a dilemma from time to time, having to choose between saving time or money. Take an example where you have to get to somewhere during peak hour, the traffic is crazy and there is so much you still have to accomplish before the day ends. You could save some money by taking a commuter taxi or save some time by taking a faster ride. Both time and money are important aspects and yet you have to weigh the options available to you. When I had just learnt about financial literacy, I would rather waste my time in a commuter taxi trying to save an extra penny. I was thinking more in terms of best practices for financial management. I had been taught to minimize costs and increase savings at all costs and in all situations. I calculated every step and went for the most affordable options. I believed that the more I inconvenienced myself in the name of saving; I was developing valuable life skills and discipline.  I have learnt over time that ‘time is money’ and as much as we can save money, we can only redeem our time. I recently asked a couple of people what they would choose if they have to choose between saving time or money and all the people I interviewed said they would save time instead of money. True financial literacy is having the appropriate skills and knowledge to manage finances appropriately. It makes financial sense to spend a little more so as to save up time to be used on more relevant matters. The choice to save time or money will vary under different circumstances. Sometimes we just need to plan better so as to hit two birds with one stone. If you can plan and schedule better then do it in a way that helps you save both time and money. In the eventuality that you must choose between the two, make a choice that gives you the highest opportunity cost and in most cases it will be time. An example is a friend who was carrying a laptop that basically had all the company information down town. Although he had the option of taking a cab so as to save time and his valuables, he chose to hustle for commuter taxis and in the process lost both the laptop and his wallet to robbers while struggling to get into a taxi at peak hour. At the end of the day, he had saved nothing but actually incurred more loses. So if you have to choose between saving time and money, do it wisely not because you were taught to do so. Noeline kirabo