Jakarta has been flooded with Cashback all the Fintech would race to get us to top up our account by giving us higher and higher %-age of cashback.
Some would go on a queue for hour to get 1 piece of chicken. Is it worth your time?
There is a simple way to decide whether to go ahead an queue or to pass it.
The formula would be 1 hour = 25.000 Rupiah.
How did we get this number?
Assume min salary per month at 4 mill IDR divide with 160 hour (20 Day X 8 Hour/Day) we would then get every hour valued at 25.000 Rupiah.
So if we are queuing for a piece of chicken that has value of 20.000 Rupiah don’t bother to queue as you are technically losing 5000 Rupiah each time you queue.
Can this be applied to other part of our live?
We can use it to compare between taking the Busway or an online Cab. If Busway costs you 3500 Rupiah and if you take online cab you would pay 14.000 Rupiah and you would safe 1 hour of transportation time. Go ahead use the online cab as it is lower then your minimal threshold of 25.000 Rupiah per hour.
Other example if we need to go to one place that costs us 30.000 rupiah by taking online cab or safe the money by hitchhiking with someone in the office but we will need to wait for another 3 hour until close of business. Which one would we choose? Am sure you can get the drift by now.
You can adjust to your earnings as you may see fit.
Above are only suggestion and application may vary between each individuals.