We all have different perspectives on managing our money. One common approach to curbing wasteful spending is to think about each purchase in relation to the work done to earn it. Before buying an expensive new gadget or a trendy pair of shoes, a person first stops to reflect on how many hours of work were needed to earn that much money.

While this may be an effective way to break a bad habit of impulse buying, I believe it creates more problems in the long term by conditioning the subconscious mind both to see work in a negative light and to see scarcity rather than abundance. When we measure everything in small increments of time and money, weighing one against the other, we’re left feeling as if we never have enough of either.

Psychologists doing research in this area have found that when people look upon their work in terms of how much they’re paid by the hour, they are more likely to feel that they don’t have time to get everything done in their personal lives. Business owners and salaried professionals actually spend more time at work than hourly employees, on average; but they often feel that they have more free time.

Some of that is because they have enough money to buy their way out of time-consuming chores, such as by hiring a maid instead of having to clean the house themselves. However, I’m inclined to think that much of it really is just a matter of belief. Because business owners look upon their work in terms of challenges and accomplishments, rather than hours, their work doesn’t feel like it deprives them of personal time.

In contrast, when people avoid making impulsive purchases by reminding themselves how many hours of work they did to earn the money, this necessarily implies their job took time away from other things they would rather have been doing. Too much of that attitude builds a wage-slave mentality in which work is seen as a misery to be endured for the required number of hours, all for the sake of buying one’s carefully rationed rewards when each paycheck arrives.

One of the reasons wealthy people don’t think like that is because wages are not their only source of income. Maybe they’re working 60 or 70 hours a week to build up the business, but they have investment accounts earning a good return. They probably also have a substantial amount of equity in real estate and other assets. So when they go out and buy things, the cost is only a small percentage of their total wealth. They don’t see it as chunks of time sucked out of their lives in exchange for wages.

Most of us aren’t wealthy enough to make withdrawals from investment accounts and go on shopping sprees whenever we feel like it. We need to put reasonable constraints on our buying habits, while going about it in a way that won’t leave us feeling deprived of time, money, material goods, or some combination thereof.

I believe the key word in that last sentence is “habits.” We live in a very complicated society, and we navigate its complexities every day by relying on whatever routines we’ve developed. When these routines become unproductive or harmful, then they need to be modified by substituting another habit that works better.

We’re all familiar with the need to change our routines in the context of managing our weight. Those of us who have full-time sedentary jobs can’t eat as much as when we were teenagers, unless we want to spend large amounts of time at the gym. Many people avoid eating too much by reminding themselves of how many hours they’ll have to run on the treadmill to make up for all the calories in that fried chicken and biscuits. This is exactly the same trade-off that is often used to curb impulse buying—time vs. overeating, time vs. overspending, measured in calories and cash respectively.

I’ve found that a more effective way to avoid gluttony (of both the food variety and the consumer goods variety) has been to replace an overindulgent habit with a moderate one. It’s basically an “out of sight, out of mind” approach. I don’t often think about eating fried chicken and biscuits since I started regularly buying baked chicken and salad instead. If a particular store or website seems like it’s getting too much of my money, I change my routine so that I’m not visiting it.

And on the time side of the equation, I don’t force myself to do workouts that I dislike. There are plenty of ways to get exercise that are more fun and are just as effective. If a workout routine is so unpleasant that the thought of doing more of it stops a person from overeating, then the person isn’t likely to be motivated to do enough to get results. Same goes for jobs. Anyone who feels stuck 40 hours a week doing a crummy job probably isn’t performing well enough to earn much money there. It makes more sense to change jobs. Granted, the economy isn’t at its best right now; but as time passes, more opportunities come along.

Although it may sometimes feel like a struggle to control time, spending, and food, this doesn’t mean we should obsess about rationing them. Looking at it from another perspective, we have an unlimited supply of time because there is always more of it as long as we’re alive. As time goes by, there are plenty of things we can do with it. What’s needed is to choose wisely from among the vast possibilities available in today’s world, picking those that are well suited to form enjoyable, lasting habits.

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