Money Management vs. Time Management

The old adage "Time is money" is very, very true.

We trade time for money every time we go to work and every time we purchase a service, for example: 

I don't want to clean my house. That's fine, but my house still needs to be cleaned (it really does) and if I'm not going to do it then who will? Well I can trade someone money for house cleaning (their time) which the market has placed a value of $50*. I make $10 per hour so it costs me 5 hours of time to have someone else clean my house. Assuming I don't need the money for something else (hey, look, a flying pig) is it worth 5 hours of my time to have someone else clean my house?

Can I clean my own house in less than 5 hours? Yes. If I clean my own house I will be effectively making more money than I do at work? Yes. It is more efficient for me to clean my own house, so I probably shouldn't pay someone to clean it. 

But the math doesn't always come out, like here:

Bread, the kind that we prefer costs $2 per loaf. The cost of the ingredients for the bread is about 70 cents per loaf, certainly a savings but I have not paid for my time yet. It takes about two hours of work (not counting rising time) to make a batch of bread. If I make $10 per hour and make two loaves of bread in a batch I am running a loss of $17.40. This doesn't mean I never make bread (I love to make bread) but I don't do it and tell myself its cheaper than buying it at the store. 

This is what I'm thinking of when I'm trying to budget my time/money. I believe that it is possible to live a very happy lifestyle with very little money and efficient time management. 

*All amounts are approximate I have no idea what the market value on house cleaning is.