Rethinking “Time is Money”: How and When to Outsource Personal Tasks

What Does “Time is Money” Really Mean?

“Time is money” means that time is a valuable resource, just like money, and should be used wisely. When we first heard it, it was more about using time efficiently and productively to achieve valuable outcomes.

Now, for busy professionals and high-earners, “time is money” often means deciding between spending time or money on something. These days, many people are outsourcing personal tasks to have more time for themselves, their families, and for things they enjoy.

The Opportunity Cost of Time

The phrase “time is money” is rooted in the economic concept of opportunity cost. Every time you spend time on one activity, you are forgoing the opportunity to spend that time on something else. This could be time spent working and earning money, or investing in personal growth, relationships, or leisure.

For example, if you spend an hour watching TV, you might be giving up the opportunity to spend that hour working on a project that could earn you money. Similarly, if you spend your weekend doing household chores, you are giving up the opportunity to spend that time with family and friends or pursuing a hobby.

Value Your Time and Be Conscious of How You Spend It

Life feels busy for a lot of us these days. There are so many ways to spend our time (and money) that it’s easy to fill our days without stopping to reflect on whether that is what’s best for us and our goals.

One way to get back on track is to consider the value of your time. What are the potential earnings, experiences, or benefits you receive when you choose to spend your time on a particular activity? This doesn’t mean that every moment of your day should be spent working or being productive. Leisure time and self-care are valuable too. How you value different activities is up to you.

Many busy professionals are applying the “time is money” principle by outsourcing tasks that they don’t highly value, have time for, or that someone else could do more efficiently. This could include hiring a cleaning service, ordering meal delivery, or using a virtual assistant to handle administrative tasks. By outsourcing, they free up more time to focus on high-value activities that align with their goals and values.

Making the Decision: Outsource or Do It Yourself?

Deciding if and when to outsource something can be a real challenge. For many of us, we learned to do things ourselves because that’s how our parents did them. Or that’s what made sense when we were younger.

But as our lives become more complex and we have access to more resources , the “time is money” equation starts to shift. Many people go from having time but no money, to having less time and more money.

Let’s look at how to evaluate which personal tasks to outsource and which to
do ourselves.

1. Assessing Your Financial Situation

Before deciding to outsource tasks, it’s important to evaluate your budget and financial flexibility. Determine how much you’re willing to spend on outsourcing personal tasks. This will vary depending on your income, expenses, and financial goals.

Next, consider the cost-benefit analysis. Is your time worth more than the cost of outsourcing? For example, if you earn $100 per hour and can outsource a task for $20-50 per hour, it may be worthwhile to outsource and use that extra time for work or other valuable activities.

2. Identifying Enjoyable Versus Tedious Tasks

Make a list of tasks you enjoy and those you find burdensome. This will also help you prioritize which tasks to outsource. Focus on outsourcing tasks that you dislike or find tedious, as these are the ones that likely drain your energy and take up valuable time.

For example, some people loath putting together furniture and will hire someone every time. And others love figuring out what those IKEA drawings mean and they feel accomplished with the result.

3. Identifying Unskilled, Highly Skilled, and Time-Consuming Tasks

In addition to considering task enjoyment, identify tasks that don’t require much of your personal input or skill. These are prime candidates for outsourcing, as you can delegate them to professionals who are better equipped to handle them efficiently.

Also, look for tasks that consume a significant amount of your time and might be keeping you from more meaningful activities. Or items that require skills you need to learn. For example, cleaning your home might take hours or installing bathroom tile might be a skill you would need to learn. Delegating these items could free up valuable time for family, hobbies, or professional development.

4. Create a Time is Money Decision Matrix

To help you decide which tasks to outsource, create a decision matrix using the lists you’ve made. The matrix should consider factors such as:

• Task enjoyment
• Time required
• Cost to outsource
• Potential benefits of outsourcing

By visually organizing this information, you can more easily identify which tasks are the best candidates for outsourcing based on your personal preferences and financial situation.

✓   Continuously Evaluate and Adjust

As you begin to outsource tasks, continually evaluate the impact on your time, finances, and overall well-being. If you find that outsourcing a particular task isn’t providing the benefits you expected, consider adjusting your approach or looking for a different service provider.

Remember, the goal is to create more time for the things that matter most to you, whether that’s focusing on your career, spending time with loved ones, or pursuing personal interests. By strategically outsourcing tasks that drain your time and energy, you can better embrace the “time is money” mindset and live a more fulfilling life.

Maximize Your Time: Common Personal Tasks to Outsource

To help you make a list of tasks you could outsource, we’ve pulled together a few of the top personal tasks that people outsource. We’ve also included some potential benefits of each to help you value them and a few examples of the types of people or services you could hire.

1. Cleaning the House

Keeping your home clean and tidy can be time-consuming, especially if you have a large house or a busy schedule.

Benefits of Outsourcing House Cleaning

• • More time for family and work: With a clean home taken care of you can focus on quality time with loved ones and important work tasks.
  • Consistent results: Professional cleaners have the experience and equipment to ensure your home is thoroughly cleaned every time.
  • Reduced stress: Coming home to a clean house can help reduce stress and improve your overall well-being.

Types of Home Cleaners You Could Hire

• • Regular cleaning services: Schedule weekly or bi-weekly cleanings to maintain a tidy home.
  • Deep cleaning services: For a more thorough clean, opt for a deep cleaning service every few months.
  • Specialized services: Some cleaners offer additional services like window washing, carpet cleaning, or laundry.

2. Yard Maintenance

A beautiful, well-maintained yard can be a source of pride and enjoyment, but it also requires significant time and effort.

Benefits of Outsourcing Yard Maintenance

• • Save time: Yard work can be time-consuming, especially during peak growing seasons. Outsourcing frees up your schedule for other activities.
  • Professional results: Landscaping companies have the knowledge and equipment to keep your yard looking its best.
  • Avoid learning a new skill: Not everyone is born with a green thumb. Learning about different soils, plants, watering, or fertilizer can be tedious and could be better done by a professional.

Types of Lawn Care Services

• • Mowing and edging: Regular lawn mowing and edging keeps your grass looking neat and tidy.
  • Fertilization and weed control: Proper fertilization and weed management promote a healthy, lush lawn.
  • Landscaping: For a complete outdoor transformation, consider hiring a landscaper to design and maintain flower beds, trees, and shrubs.

3. Cooking and Meal Prep

Preparing healthy, delicious meals can be a challenge when you’re short on time. Outsourcing cooking and meal prep allows you to enjoy nutritious food without spending hours in the kitchen.

Benefits of Outsourcing Meal Preparation

• • Healthy eating made easy: With prepared meals, you can maintain a balanced diet even with a busy schedule.
  • Time savings: Outsourcing meal prep can save you hours each week on grocery shopping, cooking, and cleaning.
  • Variety: Personal chefs and meal delivery services offer a wide range of menu options to suit your tastes and dietary needs.

Meal Preparation Options

• • Personal chefs: Hire a personal chef to prepare meals in your home, tailored to your preferences.
  • Meal delivery services: Subscribe to a meal delivery service that provides pre-portioned ingredients and recipes for easy cooking at home.
  • Pre-made meal delivery: For the ultimate convenience, choose a service that delivers fully prepared, ready-to-eat meals.

4. Vetting Service Providers

Before hiring anyone, be sure to properly vet them, especially if they will have access to your home or other prized possessions. Many apps already have a vetting process, but you may want to do your own too.

Here are some practical tips to help you make informed decisions:

• Check reviews and references
• Interview multiple providers
• Clarify expectations
• Ask about insurance and guarantees
• Consider trial periods

Life Hacking: More Tasks and Ideas for Getting Time Back

It’s time to get creative! We live in a gig economy where you can hire people for a variety of tasks, reclaim your time, and make you more efficient. While it’s not outsourcing per se, it’s another lever in the time is money paradigm that you can pull.

You Can Outsource That?

Many people assume that outsourcing is limited to work-related tasks or household chores. However, with the rise of task-hiring platforms, the possibilities for outsourcing personal tasks are endless. “Time is money” means that time is a valuable resource, just like money, and should be used wisely. 

Here are 8 not-so-everyday ideas for tasks you can outsource: 

• Building furniture
• Mounting a TV
• Putting up wallpaper
• Home organization
• Cleaning the gutters
• Standing in line (e.g., at the DMV)
• Running errands (e.g. picking up dry cleaning)
• Event planning (e.g birthday parties, anniversaries)

You may also want to check out apps that will help you hire for specific tasks. Examples of such apps are Rover for dog walking or Instacart for grocery delivery. 

Can AI Help Save You Time?

AI has made significant strides in recent years, and it’s now capable of assisting with a wide range of personal tasks. While some tasks are better suited for human outsourcing, others can be efficiently handled or supported by AI.

Before tackling a personal task, ask yourself, “Could AI help me do this better or faster?” You might be surprised by the creative ways AI can save you time and effort.

Here are some ideas to try:

1. Travel Planning

AI tools can suggest travel destinations and itineraries based on your preferences, budget, and available time. They can also help you find the best deals on flights, accommodations, and activities. For example, AI-powered travel planning tools like Google Trips and TripIt can assist with trip planning and organization.

2. Meal Planning

AI-powered meal planning services can suggest recipes based on your dietary preferences, available ingredients, and cooking skills. They can also generate shopping lists and help you optimize your grocery budget. Services like Yummly offer personalized meal planning solutions.

3. Entertainment Recommendations

AI algorithms can analyze your entertainment preferences and suggest books, movies, TV shows, and music that align with your tastes. This can save you time spent searching for new content and help you discover hidden gems.

4. Planning and Organization

AI-powered tools can help you create schedules, set reminders, and manage your to-do lists. They can also analyze your productivity patterns and suggest improvements to your daily routine. Tools like Todoist and Rescue Time can assist with task management and productivity optimization.

By leveraging the power of AI, you can streamline your personal tasks and free up more time for the things that matter most to you. As AI continues to evolve, it’s worth staying up to date on the latest tools and services that can help you optimize your time and productivity.

Balancing Time and Money for a More Fulfilling Life

While it’s easy to get caught up in the pursuit of financial success, remember that money is a means to an end, not an end in itself. By valuing your time and using it wisely, you can achieve a more balanced, fulfilling life.

At Team Hewins, we work with high-net-worth individuals and couples who want to delegate their wealth management to professionals. Our team of professionals guides our clients through financial decisions and opportunities to help meet their goals. In doing so, we help our clients find peace of mind and confidence in their financial lives.

Schedule a free, 15-minute consultation today.