Several months ago I have written article about: how much time do we have throughout our lives. On my example, I showed how much time throughout our lives we spend on work, hobbies and finally how much time will be wasted. Of course, there were placed my personal data, but I suspect, that statistically most people may have a similar profile. Naturally, in the calculator attached to the post, you can include your own data. So let’s count how much cost hour of your life?
At this link you will find an article (with a calculator) about: how much time we spend on individual activities throughout our whole lives.
Following this idea, one should ask himself a question, that most people probably ask themselves again: how much does an hour of my work cost? Another question is: how much each hour of my life actually costs. Knowing this value, you can estimate how much cost, of course for a given person, activities, that theoretically cannot be valued. I think about activities such as pointless watching TV, playing computer games etc. You will learn, how much your time costs during a trip to the mountains, commuting to work or after lunch. So find out how much cost hour of your life?
Again and again: time is money
Knowing the cost of each hour you take, in a different context, implies a series of calculations. There will be an entry on Economic Theory of Decision shortly, which will give some clues as to whether and how much cheaper things should be sought. This is not the subject of the current post. As I mentioned in one of the previous entries, time is money.
Read the article on the dependence of time on money and vice versa
Time is a resource that disappears irretrievably and cannot be recovered. The other side is money, which, however, unlike time, can be earned and increased. The proposed method of pricing one hour of time is in a sense only a contractual matter. It is difficult to talk about time in this point. We weigh the hours spent on a family trip differently, than the hours spent mindlessly watching TV, although both of these activities can be considered a way to rest.
I would like to draw your attention to a fact at this point. It is a simple to say, that time is a priceless good. Have you noticed the fact, that we value it more and more over the years. The reason is, that we discover that we have less and less of time and cannot get it back. I once heard a story of an 80-year-old man talking to his son in this context. He told him, that you still have a lot of time, you can only walk and I don’t have so much and that’s why I have to run. I assume that this example is a good illustration of the context of the passing time at different ages. The following calculations of your hour of time therefore only take the form of a model, a simplification of reality.
What is the model by which we calculate the price of our hour. We all earn money, each in a different way or at least we should. Within a month, we receive a certain amount of money for our work. If we divide this amount by the number of hours worked, we will get the wages we get for one hour of our work. Everything is clear so far. Count how much cost hour of your life.
What if we took all the money we earn in a year and divided it by the total number of hours in a year. The exact result is the cost of our hour of living. I am deliberately talking about year-to-year calculations as months are often not equal, while the annual cycle gives a more objective picture.
If we remove the time we spend on sleep from the whole year – let’s assume that it is 8 hours a day, then we can calculate how much an hour of our life costs, excluding sleep.
You probably know your income. Enter the annual amount of your income in the attached calculator and you will receive answers to the above questions.
In the calculator (in the blue cell) you enter the amount you earn during the month (netto). For simplicity, I am talking about the net amount, i.e. as much as you get on hand.
This means that you earn 14,82 EUR per hour. Each hour of your life costs 3,42 EUR, and if you are awake then it is 5,14 EUR. How much is an hour of time, of your time – you already know.
Pic 1. Screen from calculator
We know how much is an hour of your time worth – what next?
I already know the value of my hour of time and what to do next? You already know how much an hour of your life costs – in different variants. What’s next? Now you can count how much it costs to watch TV for 2 hours a day. Suppose you watch daily. So you get a specific amount. If an hour costs 5 EUR. This year you accept a loss of 365 days * 2hors * 5 EUR – you get 3650 EUR. A lot, unfortunately.
You can estimate how much you would have earned, if you were earning that money during this time, not losing it.
The above calculation is to make you realize how much time does cost. In opposite way I wouldn’t calculate. Rather, it is impossible to earn money in every free moment. The calculation is rather to show you how much time wasted costs you, and thus motivate you to act to stop the waste of time. How to increase the amount of time? This question is asked by most busy people who are short of time.
How to increase the amount of time.
This question is asked by many people. However, there is something else you can do, just stop wasting time. Of course if you have money you can have more time. It is not so simple. But you can try. Usually reach people don’t have much time either. You can also work more efficiently to have more free time.
The above calculations are of course in the nature of certain mechanisms or models. After all, knowing the cost of your hour will surely give you some perspective on your life and the money you are earning. In addition, the awareness that if you spend 2 hours in front of the TV, you will “waste”, for example 10 EUR, will certainly give you the incentive not to do it or at least limit it.
Summarizing – how much cost hour of your life
Actually, I don’t want to add anything else. How much is an hour of time. Please analyze the calculator after entering the value of your monthly income. I suspect you will probably be surprised how much an hour of your life (not work) costs. Greetings.
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Below there are some my other posts, that I invite you to read: