Time is Money, and Money is Time
“I don’t understand why you think making dinner at home is going to save much money,” said my son as we stood in the kitchen. “Time is money, and money is time.”
I told him that we’re going to pay off the mortgage, and then money really will be time. That’s because getting the mortgage paid off will make it possible for us to live on very little. When your expenses are very low, you don’t need a large income — which means it would be possible to work fewer hours. And doing that would sure free up hours each week where we can do whatever we want.
But my son wasn’t convinced that we couldn’t do something more useful with that those 30 minutes than make supper. Nevertheless, that’s what we’re going to do.
(Says the person who regularly spends $200-$300 a month eating out 4-5+ times per week.)
But thanks to some recent clarity of purpose, I’m committed.
We’ve made dinner at home (or eaten leftovers from the previous day) for a huge number of meals since we’ve gotten back from New Zealand.
We are still doing a little bit of eating out, but it’s planned in advance and not the default or go-to option.
I feel really good about the change, and we’ve already been able to send extra money from our joint account to our mortgage — money that we would previously have just wasted.
Of course, my son is right that time is money, and money is time. I’ve spent a whole lot less time driving to restaurants and eating than it’s “cost” us to prepare some meals. And that’s a few hundred bucks less that I have to earn each month to put toward the mortgage.
What could you do with extra hours and cash each month? Are there areas where you could easily gain some of each? Maybe by implementing some passive income ideas?