Wed 6 May 2009
Our MoreBusiness.com site today released the Time is Money Calculator, a free tool that allows anyone to enter their current salary and the price of a product they want to buy to calculate how many work hours it would take them to purchase it.
The calculator factors in your tax bracket depending on your salary, so that you will get a more accurate calculation. A combination of your federal tax and an average state tax percentage is used to properly gauge the number of hours you need to work in order to make the purchase.
This new resource is designed to help people put their purchases in perspective so they can budget their time and money better. For example, if you make an annual salary of $30,000 and you want to buy a pair of designer shoes that cost $500, it would take you over 44 hours of work - more than a full work week - to purchase those shoes. Is it worth it?
A price tag that reads '44 hours of your time' instead of '$500' drives home what that purchase means to you. The Time is Money Calculator helps you decide if it is really worth your time and money.
After calculating the number of hours you need to work to buy your item, users can click to a variety of articles on creating a personal budget, strategies to save money, and ways to make more money. Different article recommendations are shown based on the salary entered.
You can also share this calculator with others by posting it on your website or by linking to it from your Facebook page.
Share this calculator with your friends.