I’m often thinking about how to do things more efficiently. I plan to plan my days so that I can make the most of my time. But that doesn’t always go to plan. Even if I’ve made a plan for the day, I usually end up daydreaming and procrastinating for a large portion of the time, thus, ruining the plan.
Opportunity cost is the advantage or disadvantage of making a decision. It is originally an economic term used to evaluate decisions made amid scarce resources. In the context of me planning to plan my day, that scarce resource is time. Time is finite, as there are only 24 hours in a day, therefore making it scarce. How I spend my time each day leads to an opportunity cost. For example, if I decide to focus on work I will get paid for my time and effort. But, if I spend my time watching videos and following random rabbit holes on the web, I’m not going to get any work done and therefore I won’t get paid. From another perspective, instead of working or daydreaming, I could be using my time differently by broadening my horizons and enrolling in a course or going travelling. Thus, opportunity cost.
“Time is finite, as there are only 24 hours in a day, therefore making it scarce.”
Considering a different resource results in the same conundrum. Money, for instance, is also limited. Therefore, if I splurge and book a luxurious holiday, I’ll have less (or no) money left to pay my rent and utilities. But, if I keep working and don’t take a holiday, I wouldn’t get a break and therefore my anxiety and stress levels could go up and I’ll burn out. Looking at it another way again, instead of booking that expensive vacation, I could go on a cheaper trip and put the difference into a savings account or investment of some sort and (hopefully) make some more money. But then, with the money tied up in savings, I wouldn’t be able to spend it and have fun. Again, opportunity cost.
Opportunity cost is everywhere, always judging my every decision whether I like it or not. So, I’ve decided that I’ll continue planning my days while hoping that maybe one day I’ll end up following my plan. But I think I’ll just still end up daydreaming and procrastinating anyway even if I did have a plan to follow. So, I’ve come to the conclusion that I’m going to balance my time between working and procrastinating because it breaks up my workday —and that way I get the best of both worlds.
Well, at least, that’s the plan anyway!