How Much Is Your Time Worth?
When you’re all done crunching your numbers multiply your rate by the hours you think it will take to clean your whole house, or fix that leaky faucet yourself.
When you call up your local maid service or handyman, see how their rates compare to yours.
Income
Your monthly income (after taxes) _____
Add up all monthly costs associated with working
Commuting _____
Clothing _____
Dry Cleaning _____
Unreimbursed business meals _____
Childcare _____
Subscriptions _____
Other _____
Total Work Expenses _______
Real Monthly Income (subtract Total Work Expenses from Income) _____
Hours
Calculate number of hours your work in a month (40 hours/week X 4 weeks = 160 hours) _____
Calculate the number of hours you spend commuting (round-trip daily commute X 20 days) _____
Calculate any additional hours you spend each month on work (reading, continuing education, business travel) _____
Total Work Hours _______
To figure our your hourly wage, divide your Real Monthly Income by Total Work Hours.
Now input your magic number…my valuable time is worth $ _____
This little formula will be a handy justification tool the next time you want to relax at the beach on a Sunday afternoon.
