Where the head goes, the body follows, is a saying in martial arts that means if you can physically direct an opponent’s head you will gain control over their entire body.  And so is the case with your head and your money and time.    

In experiments conducted by Jeffery Pfeffer of Stanford and Sanford DeVoe of University of Toronto, adults were instructed to multiply the number of hours they usually worked each week by the number of weeks they worked in a year then divide their annual earnings by the total number of hours indicated.  They were told it represented what they earn per hour.  Engaging in this simple calculation significantly decreased subsequent willingness to volunteer their time.  The same was not true for participants asked to calculate a general other’s hourly earnings rather than their own. 

Taking a different spin on time and money, researchers Wendy Liu of UCLA and Jennifer Aaker of UC Berkeley asked individuals to donate money to the American Lung Cancer Foundation.  For some, this question was prefaced by another:  How much time would you like to donate…?  Money pledged was significantly greater for the ones that were primed to first think about their time. 

A common theme emerges from these separate studies.  Activation of the ‘economic self’ makes one more careful (or even stingy) with how they spend their time and money.  Further, we slip in and out of this mindset without conscious decision.  Calculating your own hourly earnings turns you into an economic evaluator that sees time as money.  Focusing on your own free time triggers a more emotional (less economically calculative) mindset.

This information offers obvious usefulness for managers, fundraisers, marketers and such that seek to influence the behavior of others.  But I suggest it also provides self-insight for maintaining balance in your life.  Depending on where your head unconsciously resides, you may find yourself consistently unwilling to ‘waste’ a minute or dollar, or consistently too willing to ‘squander’ your time or money.  Direct your head’s focus and you will control your balance.