Let’s face it… we can’t do it all! As much as you and I think we can load up our plates with managing our careers and running a household… we aren’t a bionic breed and must stop once in awhile. With each decision we are making there are opportunity costs. The thing we end up not choosing or doing is our opportunity cost. Here are a few examples:
Career or raising your baby: A HUGE decision every women faces. If you decide to raise your baby, you may lose your position within the company and chances are in this tough economy, landing a job with the same pay and seniority will be difficult. If you do choose to go back to work, the time lost with spending time with your baby and paying a sitter is your opportunity cost. Decisions. Decisions.
Shopping. There are a few of us out there that want the best deal in town and will shop around until we get it. When you evaluate how much to “shop around” you should consider the opportunity costs.
For example, Bloomingdales and Nordstrom Rack are carrying the same Freepeople blouse you’ve been dying to get. You can drive to Bloomingdales which is 5 minutes from your house and get the blouse full price, or you can drive to Nordstrom Rack and get the same blouse for 25% less but it is 30 minutes from your house. What to do?! Depending on how you value your time, some might consider driving 30 minutes to get the discount on the blouse. The opportunity cost of driving to Nordstrom Rack is what you’re giving up if you decide to buy the blouse at Bloomingdales for full price.
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