3 ways to buy back time and live happier
3 ways to buy back time and live happier
#3—Pay people to do unpleasant tasks for you
Building a fulfilling life means mastering the delicate balance between time and money.
The challenge is that we often trade time to earn money, only to spend that money later to regain more time. Life becomes a continuous cycle of managing these two precious resources.
In an ideal world, we’d have a perfect balance—enough money to spend our time doing what brings us joy. But in reality, the scales tip heavily in favor of money over time. Many people fear running out of money and commit to working 8-10 hours a day for 40 years to avoid that risk. Even then, only a small number feel confident about their financial future.
In this post, I’ll highlight research on the benefits of valuing time over money and share three practical ways to start buying back more time—and happiness.
Research shows that people who value time over money are generally happier. A 2016 study involving over 4,600 participants found that individuals who made choices that saved time, even at a higher cost, reported higher levels of happiness. This trend held true across different income levels and employment statuses.
These "time-focused" individuals also had lower levels of materialism and were less driven by the pursuit of material possessions—traits linked to reduced happiness.
The takeaway is clear:
To live happier, we should find ways to use our money to buy back time.
3 ways to buy back time and live happier
#1—Don’t chase the highest salary possible
The highest-paid people are not happier than you are.
A 2018 paper studied 1.7 million people across 164 countries to determine the income that maximized happiness.
The results surprised me.
The people who needed to make the most money to maximize happiness were college-educated people living in rich countries—who compare their lives to their other college-educated friends who tend to make a lot of money. But even this group only needed to make $115,000 to maximize happiness.
People who make absurd amounts of money tend to have careers that dominate their entire lives.
Think of an Emergency Room doctor who makes more than $115,000 but often has to work 12-hour overnight shifts in a high-pressure environment. Or the great salesperson who gets promoted to manager—because that’s what you are “supposed” to do—makes more money but spends their days doing work they are ill-suited for.
Making the big bucks comes at a price—having no time to enjoy time with family or doing what they enjoy.
Read this article for a detailed breakdown of what income maximizes happiness:
#2—Spend your money on small but frequent indulgences
One of the clearest signs someone is a personal finance hack is when they start shaming you for spending money on things you enjoy—but they deem a waste of money.
The act of meeting a friend for a $6 latte at a nice coffee shop has become the ultimate embodiment of this type of money shaming.
But guess what?
There is a lot of research that suggests that one of the easiest ways to become happier is to treat yourself to small indulgences on a regular basis—especially if it’s an excuse to spend time with friends.
For $6, I get an excuse to get out of the house and hang out with one of my best friends in comfortable chairs while sipping on delicious coffee; I call that a fantastic deal.
For a detailed discussion of how these small “frivolous” purchases can buy happiness, read this article:
#3—Pay people to do unpleasant tasks for you
In my research on money and happiness, this is the best definition of happiness I’ve found:
Happiness means maximizing the amount of time you feel good and minimizing the amount of time you feel bad.
Spending $6 on a regular basis to meet a friend for coffee helps maximize the amount of time you feel good.
You can also use money to minimize the amount of time you feel bad.
I love my home, but I hate being a homeowner. I am not handy, and beyond cutting the grass, I have no desire to maintain my enormous backyard. I’m also a dad and a husband, have a 9-5 job, and run a business.
My free time is precious to me.
Do you think I’d be happier spending my Sundays pulling weeds, cutting grass, trimming the hedges, or going to the beach with my family?
Yes, paying people to do these tasks for me costs money, but if it can fit within your budget, paying people to do tasks that make you miserable is an underrated way to improve how you feel on a day-to-day basis.
For more on this concept and an explanation of why I left the “FIRE movement” behind, read this article.
I want to hear from you
What have been the best strategies that have helped you achieve a greater balance between time and money?
Do you prioritize finding ways to spend a little less time working and a little more time doing what you enjoy?
Let’s talk about it in the comments.
This article is for informational purposes only. It should not be considered Financial or Legal Advice. Not all information will be accurate. Consult a financial professional before making any significant financial decisions.