A little over a year ago, I conducted a simple experiment. The essence of it was simple and you can read my rules here.
The Life Energy Experiment
The experiment invites you to consider how much ‘life energy’ (or time in paid work) you have to devote to pay for something you want to buy?
As Henry David Thoreau put it, “The cost of a thing is the amount of one’s life which is required to be exchanged for it, immediately or in the long term.”
As a rule of thumb, I used my gross hourly rate, but if you were going to be 100% accurate, you’d use your net hourly rate (less the cost of getting to work and other work-related costs such as clothing). That really focuses the mind.
Imagine your gross hourly rate is £10 per hour (for easy maths) and you work a standard 7.5 hour day. I know that’s a simple way to view this, but let’s take it as an example. You can work out your own figures.
See how much of your life you’d have to devote to earning the money needed just to buy the following things:
- Take-out pizza from Domino’s – £9.99 = 1 hour of your working day and just moments to consume!
- New (full-price) coat from Zara – £99.99 = 10 hours of effort (so more than the average working day)
- Your family’s weekly shop from mid-range supermarket – £120 = 12 hours of paid work (or 1.6 days’ effort)
- A tank of fuel for a small car – £39.50 = 4 hours of work or half a day in the office! I know that I could get a monthly pass for the bus for just £5 more….
What about things you don’t really need?
Once you’ve started viewing your expenditure through the lens of the Life Energy Experiment, you might hesitate a little as your finger lingers over the ‘Buy it Now’ button.
You might look for ways to achieve the same goals (or to get what you’d like) in other ways:
- Buying second-hand
- Finding a substitute
Think about the Life Energy Experiment
So, think about the Life Energy Experiment as you go about your Christmas shopping this year.
For me, it’s definitely changed the way I view how I shop and what I choose to buy. And, as Amy from More Time Than Money says, there are times when you look at something and can simply proclaim, “This can stay money!”
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