Time is money: Spend based on hours worked


We’ve all heard the old adage, Time is Money, but this can be a very valuable tool in how to save money. If you were able to make a paradigm shift on how you spend money, then you’ll be able to save significant money. Looking at this from a time-based perspective will show how much something is really worth. What I mean by this is to look at how many hours it would take you to pay for something, rather than how much the item costs. Often times if we think of something as a single cost then it may not seem so bad. But if we look at it as how long it would take us to work it off, it adds a lot greater value to the purchase.

Example

One example of this would be attending a concert. Concerts, even cheaper ones, will still cost around $30-$100. And let’s say that you make $10 an hour. It would take you 3 to 10 hours of work to pay for this concern. Looking at only the $30 cost it may seem like it’s an okay deal. However, when we look at it the fact that it would take us 3 hours to pay it off, that adds substantial value. we would be much more likely to avoid purchases if we apply a unit of work to it rather than price. We are more likely to restrict ourselves to only concerts of our favorite bands.

The examples of this are endless anything from TVs, clothes, newest gaming systems, etc. But it only works if we are able to change our mindset in how we view about spending money.  The amount of money that can be saved from this would be difficult to calculate, as it will vary with everyone. But as a whole, you may be more restrictive on expenses. Time is money takes on a whole new meaning when we apply it to daily life. This combined with the 52 Week challenge would be a great system for saving money!

 

Do you have any money-saving tips you’d like to share?  Comment down below!