Time is Money

A Timely Formula
Cooking, cleaning, and doing laundry are tasks that can take up a lot of your time.

But is it worth your time to do them?

Well, now thanks to a new formula created by British economics professor Ian Walker of the University of Warwick, along with some folks at Barclaycard, you can know how valuable your time really is.

How does it work?

W x (100-t)/C
__________ = Value of Your Time
100

You take your hourly wage and multiply it by 100 minus your federal tax bracket.
Then, you divide that by the government's cost of living rating for your community.
And finally, you take that number and divide it by a hundred.
The result equals what Dr. Walker calls your real hourly wage or how valuable one hour of your time really is.

"The next step is to go back into your city of residence and find out what the cost of services is in that particular area," according to Vera Gibbons, Special Correspondent with Kiplinger's Personal Finance Magazine.

To find out the cost of living rating for your area, click here for more details from the American Chamber of Commerce Researchers Association, or ACCRA, the nonprofit organization that compiles cost of living data.

Keep in Mind
The more urban you get, the more it pays to do some of your own chores like cooking. That's because as your cost of living increases, the value of your time decreases.

Do your own calculations
So what pays off for you and what doesn't? To see if your chores are worth YOUR time, click here

Did You Know?
The US Bureau of Labor Statistics lists the average professional worker's salary at $39,600 annually. That breaks down to an hourly wage of $21.09. It also puts the person in the 25% federal tax bracket.
To find out your federal tax bracket, Click here!

Read more smart consumer tips and strategies
from Fox11 Eyewitness News Online

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