Time Is Money

Updated on August 18, 2008.

·Click here to see the calculator below

EVER WONDER HOW MUCH your time is worth? British economics professor Ian Walker, of the University of Warwick, along with the folks at Barclaycard, came up with an equation to help figure it out: the so-called real hourly wage. It adjusts a person's nominal salary for taxes and cost of living.

Once you know your real hourly wage, you can figure out what's a good use of your time and what's not. We built the calculator below to help you do just that.

The results might surprise you. For example, the average working mom (using the national average hourly wage of $19.83, according to the Bureau of Labor Statistics) living in the suburbs is wasting her time cooking dinner for her family instead of picking up a cheaper meal at Boston Market, according to our calculator. It would cost $32.31 worth of her time (including the price of ingredients) to whip up a home-cooked meal, vs. just $25.99 for Boston Market's Meal for Four.

On the other hand, mowing your own lawn seems to be a worthwhile pursuit. While the average lawn might take roughly half an hour to cut, or $14.87 of your time, hiring a neighbor's son would cost roughly $30.

To figure out how much your time is really worth, enter your hourly wage based on your annual income. Then choose your location — suburban, urban or super urban (a very expensive city like New York or San Francisco). The calculator will adjust for taxes and cost of living.

Next, scroll down our list of categories, which range from practical things like cleaning the house to whimsical activities like tanning. One caveat: While we can put a price on your time, you might decide that spending the day staring out at the ocean is priceless.

Value of Your Time Calculator

Updated May 19, 2005.