As I’ve been reflecting a lot on my spending habits recently, I’ve realised a way of thinking about money which is really simple and makes perfect sense to me. I hope it might help somebody else out there too. Instead of just thinking about the cost of something in monetary value, I also think about the time it would take to earn the amount that thing costs. For example, £30 is easy to spend without too much thought, isn’t it? A take away, a trip to the local shop, or a day out somewhere. £30 can be blown in a matter of minutes. But how long does it take to earn? Let’s say you’re lucky enough earn £15 per hour. When you spend that £30, you’re effectively trading 2 hours of your time for that product or thing. Is it worth it? All of a sudden, some of those little purchases seem much less worth the trade off of hours at work. It works equally as well for big purchases too! Of course, a lot of the time it WILL be worth it. I find I’m more willing to spend my hard earned time (money) on ‘experiences’ than ‘stuff’, as that’s what I find adds value to my life. People will find their own value in what’s important to them, and that’s what makes this work in such a range of ways. Some people will enjoy working more than others. Some people will earn more per hour than others. You have to decide what’s worth your time and effort. Just try it: What was the last transaction you made and how much time did it take you to pay for it? Using the time method, does it feel worth it? Does it make you think differently? #spendinghabits #spendingawareness #timeawareness #financialawareness #spendingtime #thinkaboutmoney #thinkingdifferentlyaboutmoney #moneymentality #savingmoneytips #valuetime #familyfinances (at Norfolk) https://www.instagram.com/p/CZElJMJhG7o/?utm_medium=tumblr
