With a second child on the way, I’ve been thinking a lot about Ben Franklin’s saying, “Time is money” as I anticipate having a lot less time on my hands. The idea that time equals money carries a simple message: We should—to the best we can—use money to get us more time. And when you do have time, you better not waste it. In my case, that may mean a housecleaner to take care of chores while I work or some extra babysitting to give my husband and I some much-needed adult time.

While the concept makes perfect sense, I’ve been thinking and searching for a link between the two that’s more substantial. That’s how I found myself back reading Happy Money, where Elizabeth Dunn and Michael Norton debunk this way of thinking altogether. 

Read More: Happy Money Book Review

While Dunn and Norton suggest ways that you can save time by using money, they go further into the topic and talk about what we do with the time we’ve “saved.” Here are some takeaways I found valuable: 

Explore the relationship between your time and your money. 

I was first struck by this insight: “Rather than seeing time as a vehicle to get more money, we suggest viewing happier time as an end in itself.” 

It’s easy to think that if you just use your money, you can get more free time. But while money can be used to outsource everyday tasks like grocery shopping, Dunn and Norton’s research suggests that those who can afford to outsource experience more pressure to not “waste” their time. A person might save time not having to clean the house, but then fill up their time answering work emails (guilty!). We play the exhausting game of trying to make every minute count. 

So how can we actually spend money to have a happier time in our lives? One significant example that I’ve seen clients grapple with (and one I’ve grappled with myself) is where we live. Living closer to work (even if you’re working remotely, too) so you can cut back on how much time you spend in the car or on a train opens up time for happier pursuits. It may up your housing costs, especially if you’re in a more urban location, but the time you spend with your family and friends, on a hobby, or even with your pets could be invaluable to your happiness. 

Outsourcing isn’t the answer either if you fill it up with things that don’t increase your happiness. When we use money to save time, it helps us make room for the fun stuff (like thinking about what to write for this blog post!). 

Think About How your Spending will Impact your Time in the Future

Another key insight from Dunn and Norton is how things that seem to bring happiness might consume our time with needless tasks: “Rather than maximizing free time by avoiding any form of commitment, consider instead how today’s purchase will alter how you spend your time tomorrow.” 

This prompt reminds me of when I had an aquarium as a kid. I loved the idea of an aquarium and the exotic-looking fish. With my allowance, I could afford some fish, a tank, and fish food. But I ended up hating the weekly chore of cleaning it out! Not to mention the smells that came with it. 

My childhood mishap may seem like a cute, inconsequential story; but the story contains a valuable lesson: that simple, seemingly easy changes can create unenjoyable work that makes us unhappy. Decisions based on instant gratification (often the cheaper, quicker solutions) aren’t well-thought out or connected to our values, like the huge house you can afford but that requires so much upkeep; the expensive hobby that takes you away from your family; or the pets that require more attention than you can or want to give. 

Framing this insight another way: Do our lifestyles (shopping, travel, cars, high fixed-cost homes, etc.) keep us from more moments of true happiness? Would a simpler lifestyle—and lower income—lead us to be happier with the extra time in our lives? Is it time to reflect on what is truly enough in our lives? 

Examining how time and money are connected to each other and your values is key to making decisions that will increase your happiness. I hope you’ll join me in thinking more about how this may be playing out in your own life! 

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