One of the single best a-ha moments of Living with Less for me, is the value of time.
Time equals Money. Money equals Time. The most valuable possession we own is our time. How we choose to spend our time results in the story that makes up our life.
Every dollar in your bank account is representative of the precious time you spent earning it. Wasting your money is wasting your precious time.
Calculate your hourly rate after tax (you don’t have much choice on the tax component of your income, so the after tax calculation is important). Let’s say you’re after-tax hourly rate is $17. For every $17 you spend, you are spending one hour of your life.
If you want something for $170, and you don’t have $170, you are enslaving the future-you to work your boring nine-to-five another 10 hours of your life.
Is that $170 dress really worth 10 hours of your life? How many times will you wear that dress and is that a fair trade-off for 10 hours?
Counting your money in the equation of time will help make your purchasing choices much more mindful and intentional.