This opportunity cost template is a fun tool you can use to calculate the opportunity cost of purchase. This tool shows you how much something would cost you if you included all the factors to buy it. In other words, it shows you the true economic cost of your purchase. For example, buying pizza also includes taken to travel to the store and the gas to get there. If you enjoyed using this template, consider checking out some of CFI's other templates!
This opportunity cost template calculates how much something would cost per day. Additionally, you can input the number of times you buy it per day, and how many days per week you buy it. Using these two items, this calculator can show you the cost per day, week, month, and year of your purchase.
Although this opportunity cost template shows you the cost, we hope it doesn't prevent you from making the purchases you want. However, you could use this template to show a younger sibling the true cost of their purchases.
Example of Using this Template
In the preview above, we evaluate the opportunity cost of getting pizza for the family. The price of two pizzas is $40. However, once you factor in travel costs and time expended, it becomes $64.50. If you were to buy pizza twice a week, you would be spending:
- $129 per week
- $516 per month
- $6,708 per year
You can use this template and this information to convince your family to both eat healthier and save money. Imagine what you could do with $6,708 extra every single year.
Included in this opportunity cost template is also a slider to help you decide how happy your purchase makes you. For example, if pizza made you very happy, perhaps the purchase would be worth the money. However, if it only made you feel neutral, you would have better things to spend money on.
Finally, there is a section for a conclusion that hammers down the point made by the calculator. Based on how it makes you feel, is this purchase worth it?
