How Much Is Your Time Worth?

Do you place a monetary value on your time?  The answer here has to be “Of Course!” Obviously if your boss didn’t come up with your paycheck, you might give the employer a little bit of time to get with the program.  Eventually though, you would go elsewhere.  For money is what makes the world go ’round, we have to have a certain amount of it, no matter how wonderful a person we are. 

That said, how do you value the time you choose to donate to volunteer activities?  Maybe you only gave a moment, but how much was that moment worth?  Do you know off the top of your head?  Could you answer the question in less than, oh say ten minutes?

Strange question maybe, but one I have to ask of volunteers who work with our program.  Many volunteer programs receive grants or other funding that require the organization to match a percentage amount in donations of time or goods.  Goods are somewhat easy to get in donations, but the general public doesn’t give materials in large amounts.  Therefore, time is actually worth more to the organization. 

Example:Would it be easier for you financially to hand me $100 worth of copy paper, or easier to volunteer a little time here and there over the month.  Maybe that answer depends on your financial status, but then again with the price of gas and the economy right now, maybe not so much!     

 When a person works with us/for us in some capacity we have to fill out a form for that month, logging hours or parts of (you know the saying every minute counts!) and place a dollar figure on that donated time, which the individual has to sign.  This has become the least favorite part of my job!  It doesn’t matter seem to matter whether the individual is a doctor, lawyer, plumber or housewife (yes, I know there’s a joke there, but I won’t go for it, we’re being serious) they all react with embarassement and consistently undervalue the time. 

What? Did I say lawyers who undervalue their time?  Yes I know this is unheard of but trust me I’ve seen it happen with my own eyes.    Not a pretty sight when you actually need them to charge for every microsecond!  Because time does add up, every penny counts, old sayings that are applicable here.  Even when I explain why I need them to do this they are very uncomfortable.  The question is why?

Is it for the same reason many people have difficulty asking the boss for a raise?  Is it because they chose to give the time and one shouldn’t ask the price of a gift?  I suppose it can seem impolite to ask someone to put a price tag on a gift, but many freely state the amount, or at least loudly hint what it might be worth.  The same individual would easily give a ballpark figure on what supplies are worth, but are speechless when asked what their time was worth.

Maybe the question here is do you place a dollar figure on your effort?  Certainly the two are different things.  Some tasks are effortless for me, but would be difficult for others and vice versa.  That shouldn’t mean their effort was worth less to me, or mine to them.  In fact the opposite holds true in my mind. 

If you choose to give of your time/effort, should that not be worth more than your hourly pay?  In my experience, those who volunteer usually put a great amount of effort and caring into what they do for others. While doing so, they are giving up other activities to volunteer.  Sometimes really pressing and necessary duties, like cleaning out the garage!  Now having a good reason to avoid cleaning the garage are worth quite a bit I would think! 

How much is that extra work hour in the day, that hour less of sleep, that hour which was given instead of used in the movies, worth?  Post a comment, I’m keenly interested in knowing how you value your time.