In order to make the best financial decisions it is important to understand that money is not everything – it is just as important to budget your time as it is to budget dollars. For example, you may think that performing a certain activity is profitable, but if you take into account the amount of time that you spend in order to earn that income, you may discover that it would make more sense to spend that time doing something else. The old adage that time is money is true, if you could more profitably be performing another task. In many instances it is even more cost effective in the long run to spend money than it is to spend time on something.

Timewerks is an iPhone app that takes this notion and lets you apply it to your everyday life. An onboard stopwatch lets you know how much time you are spending on a specific task. This lets you know where your time is actually going throughout the day, letting you budget your time in a way that was not possible before. It keeps track of the time even while the app is closed.

In addition to this, you can keep track of specific clients or projects using the app. If you are charging by the hour, this is especially useful. Even better, the program lets you send invoices for time spent on a specific project. For even more functionality, it can be linked with a credit card terminal, which allows you to accept a credit card payment using nothing more than your iPhone.

It has never been more important to keep track of where your time is going than today. An app like Timewerks provides you with an advantage when it comes to making rational decisions about how you should be spending your time throughout the work day.

Image: Sorth LLC