Many adults are working long hours to provide needs and wants for their families without taking the time to stop and think about what they are doing and why they are doing it.
It is the same for all ages, young or old, with or without children - people are often
working hard and feeling stressed because of the pressure they are putting on themselves.
Ask yourself two questions before you buy anything. How many hours do I have to work to pay for this? Do I really need it? The details below are based on earnings after tax - $11 an hour, $15 an hour, $17 an hour and $22 an hour.
Food, $180: 16hr 22min, 12hr, 10hr 35min, 8hr 11min
Clothing, $20: 1hr 49min, 1hr 20min, 1hr 11min, 55min
Housing, $240: 21hr 49min, 16hr, 14hr 7min, 10hr 55min
Car payment, $50: 4hr 33min, 3hr 20min, 2hr 56min, 2hr 16min
Petrol, $40: 3hr 38min, 2hr 40min, 2hr 21min, 1hr 49min
Power, $35: 3hr 11min, 2hr 20min, 2hr 4min, 1hr 35min
Hours of work required per week: 51.36hr, 37.67hr, 33.24hr, 25.68hr
Take note of how many less hours a week you have to work if you earn a higher dollar rate per hour.
Now let's look at some bigger items that you might buy for yourself.
Car, $23,000: 2090hr 55min, 1533hr 20min, 1352hr 56min, 1045hr
Car, $6500: 590hr 55min, 433hr 20min, 382hr 21min, 295hr
Big TV, $3520: 320hr, 234hr 40min, 207hr 4min, 160hr
Computer, $2400: 218hr 11min, 160hr, 141hr 11min, 109hr
Stereo, $1750: 159hr 5min, 116hr 40min, 102hr 56min, 79hr
Lounge suite, $840: 76hr 22min, 56hr, 49hr 25min, 38hr
Sylvia Bowden is the author of the book Parents: How to Stop Your Kids From Going Broke!, written to help parents teach their children money and life skills. Her book is available from some Paper Plus stores and her website is www.silbo.co.nz
