Opportunity Cost

Opportunity cost is what you give up to get something else you want. For example I wanted to lose a significant amount of weight in 2011. Some of the things I gave up to have this result were money, time, sleep, and a few things harder to categorize. I changed what and when I ate, but I definitely did not give up eating.

In January 2011, I started tracking what I weighed every day, because a spreadsheet made it easy and because you pay attention to what you measure. It's also easy to stand on a scale and harder to haul out a tape measure and measure body parts. Having had little success in prior years, I had the modest goal of losing 10 pounds by May 1. I got on the treadmill a few times a week, more walking than running. By the end of April I had lost 8 pounds. Some friends invited me to the Zumba fitness class they attend (Chakaboom Fitness in Franconia, VA  www.chakaboomfitness.com), and I went on May 2. I loved it, and was hooked immediately, even before I realized how effective it was. Digression for statistics here: I lost 8 pounds January-April, and another 25 pounds from May-August, in time for my 40-year high school reunion. September-December I lost (and gained back some of) 10 pounds (Thanksgiving and Christmas are high calorie, but predictable and recoverable). OK, that is the context for the discussion of opportunity cost that comes next.

The "opportunity" to lose weight and get more fit cost money, both spent and not earned. Not only was I paying for Zumba dancing classes — and Kangoo jumps, and toning once they were offered — I was also losing income by taking time off work to attend classes. At the beginning I went three hours a week, outside of work hours; by August I was attending every class they offered. They added more classes and in early November I attended 13 classes in one week.  (The instructors gave me a gift certificate for more classes to mark the accomplishment.) To do this, I rescheduled my part-time work around my fitness schedule, going in as early as 6 AM some days, and staying late others. I was giving up some sleep to keep the income from getting too low.

In addition to sleep, there are other uses of time that became opportunity cost for choosing the fitness first. What each person chooses to give up depends on how they spend their time otherwise. I gave up reading for pleasure almost entirely, reading fewer than five fiction books in 2011, and reading had been my best escape in 2010. I cut down on the number of dinners eaten with my family, because evening classes are at the time we usually eat. We had family dinner two nights a week (no classes offered those nights), and that worked for us. Missing dinner was also a great way to eat less, because I had a snack before class instead and nothing after class. Another activity I gave up was trying to keep up with my new blog. I am choosing not to give that up in 2012, so here I am, writing.

Time and money are not the only considerations in evaluating opportunity cost. The phrase "guilty pleasure" comes to mind here. I absolutely love my fitness classes, and occasionally do feel guilty for what I am skipping to attend them. I sent my daughter to pick up the neighbors at the airport so I would not have to miss class. I sent my husband to retrieve the same daughter at college so I could attend classes. I stalled on decorating for Christmas to attend classes. There's more, but you don't need the whole list to get the point. There's a way to decrease this guilt. You need to "own" your choice. You need to consciously acknowledge that you've looked over the trade-offs and actively made your choice, accepting both the upside and the downside as your choice.

Owning my choice has also helped with food choices. It's easier to pass up cookies and pastries at work when I remember my goal. It's easier to stop at a smaller portion and not take second helpings. Timing is involved too, when I choose to take more than one fitness class a day and still work part-time and still keep my household functional. A smaller meal about an hour and a half before Zumba dancing works best for me, and slightly longer before a Kangoo jumps class. I'm sure I'll have more to say about food choices in a later blog, but I don't want my readers sitting still too long reading this, so I'll stop here for now.

In short, think this week about what you want and what you are willing to give up to have it. That's your opportunity cost. Then choose to live with your choice, or modify it and try again. Have a great week!