The cost in time

Time is the one thing money can’t buy. And everyday we ‘sell’ our time in exchange for money. And then convert that money to possessions and experiences.

So money is just the middle man. What is really purchasing those possessions / experiences / basic necessities – is our time.

Similar to a previous post – when I looked at what it would cost me in time to pay off my debt – here are some figures on the cost of things in time in a job that’s paying, lets say, $20.00 per hour. If I spent:

  • $1000 per year on coffee, that’s: 50 hours
  • $15,6000 (my old rental cost!) a year on rent: 780 hours
  • $2000 a year on takeaway :100 hours
  • $1500 a year on alcohol: 52.5 hours
  • $5000 on a holiday: 250 hours

I find it so interesting to see the cost in terms of time rather than money. I think it really helps me focus on what I should (literally) be spending my time on! What are the things most important to me.

Every minute I live, I can never get back.

My employer pays me for every hour of my time.

I can never go back to my boss and say ‘hey, can I get back the last 5 years of my time cos I’ve just realised I haven’t acquired or experienced with it things that really were important to me’

Spend your time wisely 😉

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6 thoughts on “The cost in time

  1. Leah says:

    I really like this concept of understanding spending and debt. I’ve always known ‘time is money’ but I’ve never really broken it down and thought about how much time my lifestyle actually costs. Thanks! I know this is going to be really helpful – especially to curb my impulse shopping tendencies!

    • Thanks for your comment Leah, yes, it is a bit of a different way to think about our spending habits, but I think it can help to think in terms of cost of time.

      Doesn’t mean you can’t have those little treats, I think it means for me that the longer term goal (which is, once Im debt free, to travel) is where I should be channeling most of my time /cash. Because that’s where my hearts at 🙂 oh, and it is in coffee too haha

  2. JustCuz says:

    That is an interesting take on it. It really makes you think. I’m not a coffee drinker but I wonder how many hours i work for my Coca Cola’s 🙂

    • ha, that’s it! Everyone has the little vice that burns a hole in their pocket 🙂 mine is coffee. Thinking about how we spend our time to spend our money is really important. Thanks for checking out the Debt Breakup 🙂

  3. Crazynoiia says:

    This is awesome! Looking at how many hours/weeks you have to work for an item… I’m sure several large ticket items on my wish list will go unpurchased once I do this!!!!

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