Following a trip to the grocery store, I decided to venture five minutes further to a different store in search of better deals. As someone who appreciates a good bargain, I didn’t mind the additional time spent to find it.
However, this isn’t always the case. Last summer, I chose to forgo a lucrative work project in favor of a relaxing week at the beach. While I rarely turn down such opportunities, the allure of a beautiful week at the Jersey Shore was too tempting to resist.
Although skipping the project may have impacted my bank account negatively, the memories of that sunny week continue to warm me throughout the cold winter months. I find joy in activities that bring absolute bliss, such as swimming in the ocean. Despite my love for such experiences, my everyday life is far from a fairytale, and I have since dedicated myself to work diligently.
A recent study published in Social Psychological and Personality Science revealed that individuals who prioritize time over money tend to be happier. The researchers conducted six studies involving over 4,600 participants, asking them to choose between paying more for a short commute-friendly apartment or saving money on a longer commute. The majority of respondents favored time over money, and this choice was associated with greater overall happiness.
Lead researcher Ashley Whillans from the University of British Columbia noted that factors such as gender and income did not influence individuals’ preferences for time versus money.
What’s the Value?
Upon learning about this study, I pondered further on the implications. Do individuals tend to value time over money as they age and become more financially stable? Are some people aware that money cannot buy happiness, leading them to prioritize time instead? Is our generation more focused on experiences rather than wealth? Can we strike a balance between valuing time and earning a substantial income, or must we make a choice between the two?
While I cannot afford to take extended breaks regularly, I believe that allocating time for enjoyable activities, even if not financially rewarding, is crucial. Moderation is key, ensuring that essential obligations like mortgage payments are met.
With discretionary income, one can free up time by outsourcing tasks like landscaping, as exemplified by a friend who preferred spending quality time with his children rather than tending to the yard. Others may prioritize leisure activities like gardening over different pursuits.
For individuals with limited financial resources, trade-offs can come in various forms. Sacrificing convenience to save money at multiple stores, for instance, is an acceptable trade-off to afford other pleasures like hiring a landscaper. In essence, prioritizing time or money is a personal decision influenced by core values, and this balance may shift over time.
In light of these considerations, prioritizing time over money may lead to greater happiness. Although no definitive answers exist, it is essential to understand what truly brings joy and fulfillment to make informed decisions.
Cherish Your Time
If you aspire to value time more for enhanced happiness, consider adjusting your spending habits. Investing in experiences rather than material possessions, such as opting for convenience or quality in your purchases, can lead to a more fulfilling life.
According to Whillans, it is crucial not only to buy time with money but also to utilize it wisely. Spend time engaging in activities that bring joy, whether it’s relaxing on a beach or socializing with loved ones. Ultimately, the key is to make the most of the time available and optimize it for genuine happiness.
Communicating your time boundaries to others is another effective way to prioritize time. Whether it’s setting limits on work hours or establishing personal time off, being transparent about your availability is essential.
Organizations can also play a role in promoting time prioritization among employees. Measures such as designated “do not disturb” hours or rewarding hard work with additional time off can demonstrate a company’s commitment to its employees’ well-being, empowering individuals to value their time over financial gain.
