How Many Hours of Work Will It Take To Buy That?
Filed under Debt Management
If you buy something and don’t think about what it costs you, you will spend money needlessly. Of course you might already understand what the price tag means but have you thought about how much work you’ll have to do to pay for it?
If you break it down into dollars, cents and hours and minutes, it can change your way of thinking and spending. If something costs $100.00 and you make $10 an hour, you have to work more than a day to pay for it. If this is something you blow at a restaurant for dinner, out at a night at the movies or at a nightclub, you might suddenly think twice about whether or not it’s worthwhile.
If you consider the fact that you pay tax on your income as well, that puts things into even more perspective. Thinking about spending in dollars and time can help you save more money and make fewer impulse purchases. If you teach this to your children, it will also help them truly understand the value of money.
If you’re trying to reduce your debt, you might feel like you can no longer have any fun. Because you’re on a strict budget and not allowed to frivolously spend, you’ll need some fun and cheap ideas.
- Search your town’s website for free events. Believe it or not, they’re out there.
- Take up exercise. It can be entertaining, free and healthy
- Rent movies instead of buying them – better yet, borrow them from the library.
- Rediscover the library!
- Buy coupon books for discounts on local attractions
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