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Time Value of Money Calculator to Calculate Opportunity Costs of Consumables

Calculator Preferences
Consumables Time Value of Money Calculator Sign
Consumables Time Value of Money Calculator

This calculator will calculate the opportunity costs of regularly spending an amount of money on a consumable product or service (perishable, expendable, etc.). Plus, this calculator will also calculate the reduction in opportunity costs that will occur if you switch from a higher priced consumable (name brand) to a lower priced substitute (generic or store brand). The Learn tab includes:

  • What is Time Value of Money (TVM)?
  • Why is understanding TVM so important?
  • The money value of your time.
Learn More

Selected Data Record:

A Data Record is a set of calculator entries that are stored in your web browser's Local Storage. If a Data Record is currently selected in the "Data" tab, this line will list the name you gave to that data record. If no data record is selected, or you have no entries stored for this calculator, the line will display "None".

DataData recordData recordSelected data record: None
Annual ROI:Annual ROI:Expected annual return on investments:Expected annual return on investments:

Expected annual return on investments:

Enter the annual interest rate you expect to earn on your investments. Please enter as a percentage, but without the percent sign (for .06 or 6%, enter 6).

Hourly wage:Hourly wage:Hourly wage:Hourly wage:
Annual salary:
Hours/workday:
Workdays/week:
Hourly wage:

Hourly wage:

Enter your current hourly wage (the money value of your time), but without the dollar sign or any commas. If you earn an annual salary you can expand the description in this row to display a calculator that will help you to estimate your hourly wage.

# of years:Number of years:Years to calculate opportunity costs:Number of years to calculate opportunity costs:

Number of years to calculate opportunity costs:

Enter the number of years to calculate time value of money for. This could either be an arbitrary number of years or it could be the number of years till a significant date is reached (child reaches college age, your retirement age, etc.).

Consumable:Consumable name:Name of consumable product or service:Name of consumable product or service:

Name of consumable product or service:

Enter the name of the consumable good or service you are calculating opportunity costs for. For our purposes, a consumable (expendable) is considered to be a product or service that loses all of its value in a short period of time (1 year or less) and does not come with any ongoing costs of ownership (energy, insurance, storage, maintenance, repairs, etc.).

Purchase frequency:

Purchase frequency:

Enter the number of times you purchase this consumable per the selected time period. For example, if you purchase the consumable each workday and you work 5 days per week, you would enter a 5 and select week as the time period.

Buy cost:Purchase cost:Cost per purchase:Cost per purchase:

Cost per purchase:

Enter the total amount of money you spend each time you purchase the expendable. Be sure to include any other costs that are directly related to the purchase (sales tax, travel expenses, time taken off from work, etc.). Note you can also use this and the above line to calculate the opportunity cost of doing nothing, versus using that time to earn and invest an hourly wage (watching TV versus working a part-time business or job and investing the proceeds).

Sub cost:Substitute cost:Cost of lower priced substitute:Cost of lower priced substitute:

Cost of lower priced substitute:

If this consumable is considered to be an essential, and therefore cannot be eliminated from your spending habits, see if you can find a less expensive substitute and enter the price here. The time value of money calculator will calculate the reduced opportunity costs of switching from the higher priced consumable (name brand) to the lower priced substitute (generic or store brand).

Opportunity Cost
Tap the text for a description of each row result.
ItemCurrentCurrentCurrentCurrentSubs...SubstituteSubstituteSubstituteSavingsSavingsSavingsSavings
Ann cost:Annual cost:Annual cost:Annual cost:

Annual cost:

Based on your entries, this is how much you are spending on purchasing this consumable on an annual basis, along with the annual cost of the substitute and its savings if a substitute purchase cost was entered.

Tot cost:Total cost:Total cost:Total cost:

Total cost:

Based on your entries, this is how much you will spend on purchasing this consumable for the number of years you entered, along with the total cost of the substitute and its savings if a substitute purchase cost was entered.

Lost int:Lost int:Lost interest:Lost interest earnings:

Lost interest earnings:

Based on your entries, this is the interest earnings you will forgo for the entered number of years if you continue to make this purchase instead of investing the purchase costs, along with the lost interest of the substitute and its lost interest savings if a substitute purchase cost was entered.

Opp cost:Fin opp cost:Financial opp cost:Financial opportunity cost:

Financial opportunity cost:

Based on your entries, this is the minimum financial opportunity cost of choosing to spend money on this expendable instead of investing the money, along with the total opportunity cost of the substitute and its opportunity cost savings if a substitute purchase cost was entered.

Please note that if you have high interest debt that could be reduced or paid off with money saved by eliminating this expendable from your spending (or switching to a lower priced substitute), the financial opportunity cost of continuing to purchase this expendable is actually much greater than the minimum displayed.

Lost hrs:Lost hours:Time opp cost:Time opportunity cost:

Time opportunity cost:

Based on your entries, this is the total number of hours you could take off from work if you invested the cost of the consumable rather than purchasing it -- after the entered number of years have passed. If there is something you would rather do with the time you spend at work, then the financial opportunity costs would further lead to personal opportunity costs (good times lost).

If you would like to save the current entries to the secure database, tap or click on the Data tab, select "New Data Record", give the data record a name, then tap or click the Save button. To save changes to previously saved entries, simply tap the Save button. Please select and "Clear" any data records you no longer need.

Feedback AppreciatedFeedback Greatly AppreciatedYour Feedback Would Be Greatly AppreciatedYour Feedback Is Greatly Appreciated
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About

About the Consumables Time Value of Money Calculator

This free online TVM Calculator will calculate the time and financial opportunity costs of spending money for goods and services that lose all of their value within a short period of time -- often referred to as consumables or expendables.

Plus, the time value of money calculator will also calculate the reduction in opportunity costs that will occur if you switch from a higher priced alternative (name brand) to a lower priced alternative (generic or store brand).

Finally, the calculator will also translate the financial opportunity costs into time opportunity costs, as in, how many hours could you take off from work in the future if you invested the money rather than continuing to spend it on the specified consumable.

If you are interested in using a calculator specific to one of the 4 main time value of money concepts, please choose from the following calculators:

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Instructions

How to use the Consumables Time Value of Money Calculator

Step #1:

Enter the percentage return you expect to earn on future investments.

Step #2:

Enter your hourly wage.

Step #3:

Enter the number of years you would like to calculate costs for.

Step #4:

Enter the name of the consumable.

Step #5:

Enter the number of times you purchase the item per selected time period.

Step #6:

Enter purchase price of the consumable, including sales tax.

Step #7:

Enter the cost of a lower priced substitute (generic, store brand, do it yourself).

Step #8:

Click the "Calculate Opportunity Costs" button. This will populate the opportunity cost comparison chart along with a written summary of the results.

Saving Entries:

If your web browser supports Local Storage, you can save your entries to your web browser so won't have to start over on your next visit. Please note that your saved entries can only be retrieved from the same device and web browser you were using when you stored them. If you would like to access your saved entries from any device I invite you to subscribe to the Ad-Free Member Version.

To save your entries to your web browser, click or tap the Data tab in the Help and Tools section (mobile: top right of the main screen), select "New Data Record" from the drop-down menu, enter a name for the data record, and then tap or click the Save button.

To load previously saved entries, click or tap the Data tab and select the saved data record from the drop-down menu. You can then save any changes to your entries by simply clicking the Save button while the data record is selected.

To clear a named set of saved entries, click or tap the Data tab, select the saved data record from the drop-down menu, and then tap or click the Clear button.

Numbers and Decimals:

Only numeric characters (0-9 and decimal points) may be entered in numeric fields. Non-numeric characters (dollar signs, percent signs, commas, etc.) may cause calculation errors. If the field includes a grid icon, tapping the icon will open a popup keypad which will include only the characters allowed in the field. If your device keypad does not include a decimal point, use this popup keypad to enter decimal numbers where applicable.

Popup Tool Tips:

Tap the info (i) icons for a further explanation of each entry field (you can click [X] or outside of the pop-up tool tips to close them). A summary of these explanations, along with any additional term explanations, can also be found under the Terms tab.

Disclaimer:

Since I can't test for every possible combination of numbers, please be sure to double-check the results of this calculator yourself before considering them to be valid. If you do discover an issue with the calculated results, please report the issue using the feedback form located below the calculator.

Scrolling & Shrinking:

In order to scroll the calculator vertically you will need to swipe just outside of the calculator's dark-blue border, or use the window's far right-hand scroll bar, whichever is applicable to your device.

If the top section of the calculator becomes to tall for your viewport, tapping in the "Enter a problem..." field should reset the top section to its original height.

Disclaimer:

The Algebra Calculator is the only calculator on the site that I did not create myself. And since I did not create it, I don't have access to the code for fixing any issues you may be experiencing. So if you are having issues with the calculator, please visit the support page at Mathway.com for assistance.

Glossary

Fields, Terms, and Definitions.

Reset button:

Clicking the "Reset" button will restore the calculator to its default settings.

Pocket Calculator

Calculate any amounts needed to enter into calculator.

 

Data Management

Save and retrieve entries and notes (requires HTML5 compliant web browser).

Calculator Data

Calculator Data:

If you are using the latest version of your web browser software, this feature will allow you to save your calculator entries to your web browser's local storage in between visits. This means the calculator entries can only be recalled with the same device and web browser you were using when you saved them. If you'd like to save data between devices you will need to subscribe to the Ad-Free Member Version.

Save: To save a new set of calculator entries, select "New Data Record" from the dropdown list, enter a nickname for the data record, then click the "Save" button.

Load: To load a previously saved set of calculator entries, simply select the name of the data record from the dropdown list.

Save Changes: To save changes to a set of previously saved calculator entries, be sure the name of the data record is selected, and then click the "Save" button.

Clear: To clear a saved set of entries, be sure the name of the data record is selected, and then click the "Clear" button.

Backup Data
My Notes:
Subscribe to the Cloud level of the Ad-Free Member Version to save your entries and notes to a secure online database, allowing you to access your saved entries from any device or web browser.

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If you would like to use the Save features, please disable ad blocking for this website and refresh the page. Or you can choose to subscribe to the Ad-Free Member Version of the site.

Help and Tools

Help and Tools:

This section, which you can Unstick or Hide in the Calculator Preferences (just above the top of the calculator), contains the following tabs (content too long to fit within bordered frame can be scrolled up and down):

About: Click this tab for an introduction to the calculator.

Instructions: Click this tab for step-by-step instructions for using the calculator.

Terms: Click this tab for a list of the descriptions that are located within each popup help button (info icons).

PCalc: Click this tab for a handy "pocket" calculator you can use when you need to calculate an entry needed for the calculator.

Data: Click this tab to save a set of entries or a note in between visits. Entries and notes will be stored to your web browser's local storage (if supported by your browser of choice), meaning they can only be recalled with the same device and web browser you were using when you saved them. If you'd like to save entries and notes between devices you can do so by subscribing to the Ad-Free Member Version.

 

Favorites

Add or remove this page to/from my favorites.

Adjust Calculator Width:

Move the slider to left and right to adjust the calculator width. Note that the Help and Tools panel will be hidden when the calculator is too wide to fit both on the screen. Moving the slider to the left will bring the instructions and tools panel back into view.

Also note that some calculators will reformat to accommodate the screen size as you make the calculator wider or narrower. If the calculator is narrow, columns of entry rows will be converted to a vertical entry form, whereas a wider calculator will display columns of entry rows, and the entry fields will be smaller in size ... since they will not need to be "thumb friendly".

Show/Hide Popup Keypads:

Select Show or Hide to show or hide the popup keypad icons located next to numeric entry fields. These are generally only needed for mobile devices that don't have decimal points in their numeric keypads. So if you are on a desktop, you may find the calculator to be more user-friendly and less cluttered without them.

Stick/Unstick Tools:

Select Stick or Unstick to stick or unstick the help and tools panel. Selecting "Stick" will keep the panel in view while scrolling the calculator vertically. If you find that annoying, select "Unstick" to keep the panel in a stationary position.

If the tools panel becomes "Unstuck" on its own, try clicking "Unstick" and then "Stick" to re-stick the panel.