If you had the choice, would you rather more time or more money?
If you’re like most people, you’d probably say ‘both’.
But balancing time and financial commitments can be a challenge, especially when you’re juggling work, study, healthcare and/or family commitments.
Life can be complicated.
The truth is, if you have both time and money these days, you are rich indeed.
And if you’re wondering which of the two to choose when it comes to the crunch? The winner (at least according to the research) is time.
A 2019 study[1] suggests that prioritising time over money may not only shape our major life decisions, but also subsequently our wellbeing. Spending money on experiences, buying time, and investing in others has been shown to contribute to greater levels of life satisfaction. Conversely, persistently prioritising money over time may actually negatively impact happiness.
One way you can practise valuing time over money is to focus on activities that are intrinsically rewarding. They’re the kinds of activities with a small ‘p’ purpose.
Smaller p purposes are everyday sources of meaning. Things like engaging in a favourite hobby, helping others, mastering a skill, enjoying nature, or brightening someone’s day with an act of kindness or friendly conversation. These micro-purposes make life rich in the moment and can help you feel accomplished without the pressure of having to uphold a grand vision or ambitious life purpose.
An added benefit of small p purposes is that they don’t need to cost you a lot of time or money.
So, where possible, look for small p purposes in your daily life. Notice how they make you feel.
The reduction in stress alone may offer more clarity about your money and your values.
Money may not be the ultimate answer to happiness, but having your finances in order can help to ease stress and create opportunities and time for the things that matter. It’s about finding the sweet spot.
If you need help, book in to see a financial adviser at Align Financial. Call (02) 9913 9995.
[1]Whillans A, Macchia L, Dunn E. Valuing time over money predicts happiness after a major life transition: A preregistered longitudinal study of graduating students. Sci Adv. 2019 Sep 18; 5(9) https://pmc.ncbi.nlm.nih.gov/articles/PMC6750911/#R2
