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The origin of the phrase "Time is money"

Sarah Impey Marketing Director and Consultant

Most of us have heard this phrase before. Maybe even used it once or twice. It means that your time holds the same value as money.

It's a phrase often attributed to Benjamin Franklin. It appeared in his essay "Advice to a Young Tradesman," written in 1748. Inside, Franklin emphasises the importance of hard work, frugality, and efficiency in business.

But turns out, he actually wasn't the first person to say it.

According to QuoteInvestigator, they linked the phase back to a book called "The Free Thinker, from Lady-day to Michaelmas." in 1719, decades before Franklin published his essay. (They don't name who said it. Which is a shame.)

Quote from The Free Thinker, from Lady-day to Michaelmas

The passage says: "Her Husband was a Shoe-maker, and an excellent Crafts-man; but never minded how the Minutes passed. In vain did his Wife inculcate to him, That Time is Money."

It's a great phrase. And we can use it to help us think more critically.

Take shopping, for example. A shirt costs £20 in one store. But you can get it for £10 if you walk 10 minutes to another shop. Sounds like a good deal, right? But now, imagine a £500 TV is on sale for £490 at that same store 10 minutes away. Suddenly, saving £10 doesn’t seem worth the trip.

That’s the Contrast Effect in action (as explained in Rolf Dobelli’s book, The Art of Thinking Clearly). The amount saved is the same, but we see it differently based on what we're buying. If time is money, shouldn’t 10 minutes of our time be worth the same, no matter what we’re spending it on?

A lot of people and businesses fall into this trap. We don’t judge value on its own. Instead, we compare it to whatever options are in front of us. We end up justifying decisions based on comparison rather than objective value.

So next time you hear time is money, ask yourself: Am I really spending it wisely?