I'm sure you've heard the expression "time is money", or some of its derivatives, but you really thought about how true statement that really is? I think after you read this, you will have a better appreciation as much as you earn your money and ultimately what you spend that money.
Think about it, because we are working stiffs who have to go every day and earn our money, you are essentially trading our time (eight or however many hours you work on a given day) to pay for a day. So, when you spend that money, you're trading your time (pieces of his life) for what you are buying.
To put things in perspective, let's take a hypothetical person – Ralph, who makes about $ 25 per hour – and see how much of his time he is giving up to do some running of the factory shopping.
After all taxes, health insurance, etc., are taken out of your paycheck, Ralph is the net salary is $ 16 per hour. All in all, this is not too bad and probably is representative many of you who are reading this article.
Consider some typical shopping Ralph becomes relatively frequent and without much thought:
- Starbucks Coffee Grande – $ 4
- Lunch at Subway – $ 8
- New DVD – $ 20
- Gas Tank – $ 30
- HappyHour with co-workers – $ 40
Now, let's look at these purchases and mundane in terms of how long Ralph had to give up to get the money to make these purchases:
- Starbucks Coffee Large – 15 minutes
- Lunch at Subway – 30 minutes
- New DVD – 1 hour 15 minutes
- Gas Tank minutes – 1 hours and 37
- Feliz minutes hours with co-workers – 2 hours and 30
When you break these mundane as shopping for your life that you're giving up to take the money, which puts things in a completely different perspective. When Ralph buying Starbucks coffee, he's given up 15 minutes of your life to be able to make that purchase. While 15 minutes may not seem like much, he created over the years.
Now, let's look at what some big purchases will cost Ralph in terms of time and money:
- New video game system – U.S. $ 400, which equals 25 hours or about 1 day
- Plasma TV – $ 2,000, which equates to 125 hours, or about 5 days
- New mid-level car – $ 18,000, which equates to 1125 hours, or about 47 days
When looking to spend money this way, certainly seems like Ralph is giving a lot of time in order to make these purchases. If you told me I had to give up to 5 days of my life in order to buy a new plasma TV, I guess I would think twice about it.
But why not have directly to do this, no one thinks of shopping in these terms. People say, "Oh, it's only money," this is true, no big deal. However, if they thought what they were giving up – your time – in order to get that money, maybe they will deal with money differently.
Do not get me wrong, I'm not saying you should not spend their money or occasionally splurge on themselves. After all, what is the point of having money if you never do anything with it? That said, I think if you realize what you are giving to make those purchases that you will be a little more careful with their money.
Please visit Saving Without A Budget for more money saving tips like this. Saving money is easy, I’ll show you how.
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