Are you like many consumers today that don’t know whether they are spending their money wisely? It’s something that people around the country are taking a harder look at. With the economy not nearly as strong as it used to be, people are pushing everything out of every penny. It’s unfortunate, but it’s our reality today.
But what about a way to help you make the right choices when it comes to anything related to money? Making the right choices means that you are balancing your income with your happiness and the value you put on things. Let’s explain in a much easier way.
Basically, a way to approach whether you should spend your money or time on something is by considering what your income is, especially by the hour. Say for example, you want to sell a bunch of used DVDs you have, but it’s going to take probably 3 or 4 hours to sell them on your own. But you don’t know whether it’s worth going to the trouble.
So, here’s one way you can think through whether you should spend the time to sell those DVDs. If you think you’ll end up getting $40 for your used DVDs and it will take 4 hours total time, you are essentially making $10 an hour for your time. But, say you make $15 an hour at your job or even more at any side-work you might do. You have the potential to make at least $60 in those 4 hours. You’re better off selling the box to a pawnshop or used DVD store for $20-$30 if the whole process only takes 30 minutes or an hour.
The same way of thinking works in reverse too. If it takes you 4 hours to do your cleaning it would be like paying someone $60 to clean your house. Say a cleaner shows up and offers to clean your house for a $40-$50 range. If your 4 hours of free time is worth more to you than the cost of a cleaner, choose the cleaner. You’ll be making a decision that ultimately makes you happier.
Thinking like this is an easy way to help a consumer figure out if spending their money or their time is worth it!Back To All Consumer Resources