Know how many hours you have to work to pay for things

Know how many hours you have to work for a want or need
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 – they are often working hard and feeling stressed because of the pressure they are putting on themselves by buying wants not needs.

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? Use the graph below to help you decide

		Amount earned per hour after tax
	Cost per week	$11.00	$15.00	$17.00	$22.00
Food	$180.00	16 hr 22 min	12 hr 00 min	10 hr 35 min	08 hr 11 min
Clothing	$20.00	01 hr 49 min	01 hr 20 min	01 hr 11 min	00 hr 55 min
Housing	$240.00	21 hr 49 min	16 hr 00 min	14 hr 07 min	10 hr 55 min
Car Payment	$50.00	04 hr 33 min	03 hr 20 min	02 hr 56 min	02 hr 16 min
Petrol	$40.00	03 hr 38 min	02 hr 40 min	02 hr 21 min	01 hr 49 min
Power	$35.00	03 hr 11 min	02 hr 20 min	02 hr 04 min	01 hr 35 min
Hours work required per week		51.36 Hrs	37.67 Hrs	33.24 Hrs	25.68 Hrs
Take note of how many less hours per week you have to work if you earn a higher dollar rate per hour

Now lets look at some bigger items that you might buy for yourself

		Amount earned per hour after tax
		$11.00	$15.00	$17.00	$22.00
		Number of hours of work needed to pay for things
Car	$23,000.00	2090 hr 55 min	1533 hr 20 min	1352 hr 56 min	1045 hr
Car	$6,500.00	590 hr 55 min	433 hr 20 min	382 hr 21 min	295 hr
Big TV	$3,520.00	320 hr 00 min	234 hr 40 min	207 hr 04 min	160 hr
Computer	$2,400.00	218 hr 11 min	160 hr 00 min	141 hr 11 min	109 hr
Stereo	$1,750.00	159 hr 05 min	116 hr 40 min	102 hr 56 min	79 hr
Lounge Suite	$840.00	76 hr 22 min	56 hr 00 min	49 hr 25 min	38 hr

Silbo Systems, conduct money lessons for parents together with their children in small groups. For information contact us