I don't know where else to post this.
At my current job, I get paid 18$/hr (really like 18.34 but it doesn't matter)
I visited the local decaying mall and went in our hot topic that's somehow still afloat and decided not to buy a Gorillaz shirt because it was like 21 bucks
I thought to myself, hmm I have literally no gorillaz merch and would like wearing this t-shirt, it even comes with a free sticker pack how nice, but it's more than an hour of my life I traded for currency, is this shirt worth more than an hour of my life? Would I give away an hour of my life from my total lifespan just for a band t-shirt?
Sure, I have lots of hours left, but I just couldn't justify it. And I think this way about basically everything. It's not just the money I have, it's the amount of hours i've spent. My bank account is more accumulated time i've chosen to sacrifice and less fiat currency waiting to be spent.
If I made more per hour, or simply had an easier job I didn't mind spending my hours at, i'd probably have a lot more stuff I actually like sitting around. Or if I was paid in salary instead. I don't know.
I just really hate what getting paid per hour does to my mental and how it influences my financial thinking. I should feel like it's okay to buy myself things I know I want when I can afford it, but I can never justify the retroactive time cost.
It's easier with things like food, or even games; food I literally need to live, games I know can provide me many hours of enjoyment. Even a movie once in awhile because the price of admission for more than an hour of entertainment feels 'worth it'. Bills I also have no choice on.
But i'm sitting here a day later like, man, I wish I got that t-shirt. I would've really liked that t-shirt. I would've worn it today when I was going out. I would've been happy to have merchandise of a band i've literally been listening to since I was a child. I should've just bought it. Ahhhh, I don't know. I guess i'm just venting.
I can't stop thinking about things 'per hour'
byu/Difficult_Step9372 inpersonalfinance
Posted by Difficult_Step9372
18 Comments
Cost per use is what I do.
Also, have some enjoyment in life. Not everything has to be complicated as you think. What is the point of having excess money if you can’t enjoy life that is within your budget?
Hourly vs salary pay shouldn’t have anything to do with your mentality with spending money. You should have a budget in place that allows you to spend X amount on your wants without worrying about it
Not to a neurotic level, but I believe “how much do I have to work for this” is a good way to filter out spending on things you don’t value. I do think it is important to know and decide what you do value, and therefore be willing to spend your time working to obtain it. For example, if you do really like concerts and going to one puts you in a good mental state for like a week or two, then you can determine it really is worth it for me to work 4 hours for the concert.
Thinking in terms of hours worked for a potential purchase is realistic IMO, it helps you make value judgments.
Nope. Because that’s what it is: hours of your life for goods. It’s also a good metric for when you should just pay for something instead of DIYing it unless you actually want to do it.
I’m old and I work in a professional job, but I still get paid by the hour, and I still make these calculations for goods and services. Especially with services (haircut, massage, restaurant), I think “I make $60/hr, so is this service worth an hour of my time?” I think it’s a perfectly normal way to imagine and plan out your expenses. And as I have fewer and fewer hours left, I find myself saying “fuck it!” more, and just spending the money, especially on experiences (as opposed to things). Buy the shirt if you want it and can afford it.
Life is too short to be going through it like this IMO. As long as you’re being responsible, you can buy things that make you happy here and there without thinking about if it’s “worth” this or that
This is actually a commonly recommended tactic for people who tend to overspend. Thinking about things in terms of how many hours you would have to work to pay for something or in terms of how many hours you’ll use it is a good way to think logically about purchases and evaluate if they’re worth it in a more objective way.
You would love the book Your Money Or Your Life.
This is not a bad way to think about spending because it’s a great perspective. But also it’s important to spend money on things that you will enjoy and cherish. Consider also how often and how long you’ll potentially wear this shirt for. Months? Years? How many days and hours will you enjoy this shirt? There’s room to create another process in your mind where if you know you’ll wear and enjoy this shirt for X amount of time then it’s worth it. But if you also know deep inside that you’ll wear it a handful of times and it’ll likely stay in your closet otherwise, maybe it isn’t worth it.
I’m self employed and still do a similar analysis. How many hours or weeks would I have to bill to pay for this?
I think it’s useful and practical to evaluate purchases and avoid buying things that are really a waste of money.
It’s how I still think after working for 20 years when it comes to small purchases. If I’m not willing to work X amount of hours for something then I’m not buying it. And only if I have the cash to do so.
First, commit to paying yourself a certain amount each month – retirement, savings, debt reduction. Then set aside your needs. And then, do whatever brings you the most joy.
If you find that the shirt does not allow you to meet your commitment, tell yourself that:
“This $18 would be worth $288 in 40 years if I just throw it in the market.” Way more empowering than the small mindset of hours of work.
If you meet your commitments and still find yourself feeling guilty, tell yourself that “I’ve already paid myself this month. There’s nothing to feel guilty about.”
Learning to spend intentionally on things that bring joy is a skill.
Here’s the thing, it is important to not just save your money and get to live a little and sometimes buying small things like a band Tshirt is part of that. However, your interpretation of money is the most accurate. When we work we trade our time (and often more, like your body, especially if it’s physically demanding work) in exchange for money which we the trade for everything we buy.
When you buy that Tshirt it is literally trading your time for your money. I tend to think of buying things this way too. If someone said to you “I will give you this Tshirt I exchange for 1 hour of work”, that’s exactly what’s happening when a $20 price tag is on a shirt (at your pay level).
I personally don’t think that’s bad thing especially for something like a shirt. When it becomes a bad thing is when people do that to the point of it actually being a detriment. As a dumb example, some people may think, “no I wouldn’t work 10 hours just to get a good pair of shoes”. But a cheap pair of shoes may only take 2 hours of work but need to replaced five times sooner. The actual work cost of those two pair of shoes is identical, and often high quality stuff out weighs it. Another example is something not necessary, but may make you more healthy. Which does save you money on the long run. And expensive toothbrush will lead to fewer dental problems than a cheap one as an example (I paid $100 for my toothbrush 7 years ago and replace a $5 head from Costco) I barely even need dental cleanings, I still go because I have insurance that covers it, but if I didn’t, that tooth brush would have saved me $1000 over the years if say I only did one cleaning a year instead of two.
To a large degree I do the same!
One other thing I do is to quantify an item as per a “monthly” thing, not a one-time. So, for instance, if I think about eating dinner out I will pose the scenario of eating that $30 meal every day for a month. Once I see that it would be $1,000/month it gives it much more weight.
Honestly, it’s not a bad way to think about it. If you’re making $12/hr, is a $6 latte or a $15 mixed drink somewhere really worth it? The calculation is different at $40/hr or $100/hr, etc.
A way I think about it is, “if you were given two options, the item or the cash, which one would you choose?”
You chose $21 over the shirt, but there are things that you may choose over the cash (a new pair of running shoes when you need a new pair over $80 cash)
Its a t shirt.
Thinking about the cost of things in terms if your time is a mature way to prevent frivolous spending.