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When I was in my early 20s at a prestigious university in Nigeria studying Finance, ‘time management’ was one of those phrases which seemed to be on everyone’s lips, from lecturers to students. 

The phrase Time value of money refers to the fact that a naira in hand today is worth more than a naira promised at some time in the future. One reason for this is that you could earn interest while you waited. So, a naira today would grow to more than a naira later.


Of course, the reality is that you can’t manage time.  You can’t order it to stop, go slower, or speed up.  What you can do is use your time more effectively.  That’s an ongoing battle for anyone leading a busy life.

There are a lot of written items about the time value of money (the idea that money available at present is worth more than the same amount in the future due to its potential earning capacity), and a fair amount about the money value of time, which in economic terms can be described as opportunity cost – the value of your time, and therefore the cost of you doing something yourself compared to the cost of outsourcing it – but there’s more than economics at play here.  The value of the time we have regained by taking on a cleaner extends way beyond its monetary value.

By investing time, we can earn money which is important in today’s world.

In our personal lives there are always things we do from habit rather than necessity, and if we stopped doing them the only outcome would be having more time to spend on the things we want to be doing.

In our personal lives, we want to spend as much time as we can do the things we like with the people we value most in our lives.  However, we often hang on to things we don’t like doing rather than delegating them to someone else.

Money gives us choices.  After satisfying our need for food, clothing, and shelter, we can choose how we allocate our discretionary expenditures.

I choose to spend some of the money I work hard to earn on buying time – it’s the most valuable asset there is.

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Written by Oladayo Tinuoye

Finance and Settlement Officer, Tongston Group

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