ABSTRACTAccounting for time is defined as putting a price on time. Researchers have demonstrated that accounting for time reduces the time individuals spend on others; however, its association with monetary donations has not been examined. We hypothesized that accounting for time will activate a utility mindset that would affect one’s allocation of time and money. In Study 1, the mediating effect of utility mindsets on the relationship between accounting for time and prosocial behavior was examined. In Study 2, we examined the effect of accounting for time on time spent helping and donating money, and the moderating role of material values on the relationship between accounting for time and prosocial behavior. Results showed that accounting for time activated a mindset of utility maximization that, in turn, reduced participants’ prosocial behavior; moreover, materialism moderated the effect of accounting for time on prosocial behavior.