Have you ever thought of measuring the cost of something based on the number of hours you needed to work to purchase it? It can be incredibly disappointing, but sometimes it’s a great measure to see whether something is really worth it.
Let’s assume using the minimum daily wage (in NCR) of Php 465 (8 hour work day), now let’s play….
1 week of SM Groceries: cost Php 1,000 = labor 17 hours and 12 minutes
Victoria’s Secret Perfume: cost Php 920 = labor 15 hours and 49 minutes
Jollibee’s 1-pc Chicken Joy Meal: cost Php 79 = labor 1 hour and 29 minutes
Apple Iphone 6 16GB: cost Php 35,000 = labor 602 hours and 19 minutes
Jeepney Ride: cost Php 7.50 = labor 8 minutes
Smart Prepaid Card: cost Php 300 = labor 5 hours and 10 minutes
Note: If you work 8-hours a day on weekdays, you have approximately 200 hours a month. Of that 200 hours, how much time do you spend for your future (aka emergency savings, retirement, etc.) At least 20 hours? 5 hours? or none? Just something to think about.
Does looking at your purchases in this way make you rethink any of your spending choices?
Share your cost vs. labor stats in the comments below.