Curb Your Spending By Translating Money Into Time

It's easy to spend your hard-earned money in an instant, but it doesn't take an instant to earn. If you find yourself buying things you may not need, and doing it too easily, you may have an easier time curbing that habit by translating the money you're spending into hours worked.Photo by Shutterstock.

This tip comes from Rob Bennet of finance site Passion Saving, and it's a pretty simple trick you can play on your own mind. Let's say you make $10 an hour and want to buy a $400 television. (Yes, $10 an hour is lower than the Australian minimum wage, but we're trying to keep the maths simple.)

Instead of seeing the television as $400, look at it as 40 hours of work. That television costs an entire week of your time, and that's not even considering taxes. More realistically, you're probably looking at 50 hours of work or more. Instead of asking yourself if you want to spend $400 on a television, ask whether or not you want to spend 50 hours of your life. When you consider how much time that is, that money might be a bit harder to part with.

Ten Unconventional Saving Money Tips [Passion Saving]


    Some great tips (or should I really say, reminders) in that article. Brings it into perspective if you can get past the first tip without choking on your morning coffee. :)

    I use this mindset too. However, I also don't forget to factor in tax. So, if I get paid a ginormous $20/hour, assume good as 50% tax, and therefore I'm back to your$10/hr!!

    It's interesting, isn't there also a rule of thumb for the expected outlay for an engagement ring to be around 3months salary? (I'd be (or was) cheap and assume that's the gross salary and head to a good wholesale jeweller for max value there!)

    haha, i do that already! :)

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