Time is the simplest thing - what is the cost of leisure time

First and basic rule: our personal time is scarce resource.

I realized that I'm playing in one of online games way too long- it took me about half an hour per day. Despite of fact that at the beginning it was really fun and now its sort of social experiment with gaming background, it's just leisure time. Everybody needs some relax but I felt guilt for not using my time in more productive way.

I've quickly calculated my often used average wage per working hour and applied that to time saved by dropping some of my leisure time. That's the coarse result that says something about earning more money instead of spending time in other unproductive way. But reality is more complicated than that simple model. There are other factors that should be also considered:

• conversion of free time into work time is a must (what if freed time will be used in another way?)
• extra costs of additional work
• demand for our work services (supply and demand effect) could change our price
• costs of shortened leisure time (too much work without rest could cause bad results, like burnout)
• effect on life goals

As a result, limited time forced me into thinking about balancing life activities. Sometimes money is not enough to sacrifice more personal time for work.

What are your way of dealing with that kind of situations? What is your time worth? Any tips for balancing work, leisure, family time?