We’ve all heard people say “what’s your time worth?” But not many of us have a clear definitive answer and are unaware of what exactly it costs. I did some calculations about all of my expenses and split them over per day, per week, and per month. Included in these expenses was everything from food to car insurance.
After compiling all of my numbers, I found that I had a daily cost of $51.26, a monthly cost of $1559.29, and a yearly cost of $18,711.43. These numbers seem overwhelming at first, but reasonable after you consider all that they pay for. I’m a full time student with only a little bit of yearly income. My parents are paying the difference until I graduate. After factoring in all of my income, my daily cost that my parents pay drops to $39.16.
If I were to be on my own, my salary would have to be roughly 1.3 times my yearly cost (to include taxes). I would have to earn $24,324.86 a year. Once I graduate, I plan on getting a job in engineering and expect to earn around $60,000 to $80,000 a year. This seems quite large compared to my current yearly expenses, but it doesn’t factor in other costs like car payments and a family.