Have you ever wondered how much your money would have been worth in a different time? Well, now you can find out with this handy calculator! This is basically an inflation calculator. It is really incredible to watch the differences in what money could buy at different times.
The years you can put in the range go between 1913 and 2007 and you can set it for any amount of money. Above the calculator, there are two links that will lead you to information on the CPI (Consumer Price Index) for the calculator’s database. If you scroll down past the calculator, you will find some examples on how to use the calculator. It also gives you a good idea on how to correlate the information to different topics.
So, for example, I put in the year 1950, the amount of $50.00 and then the year 2000. I wanted to see how much money had changed over a period of 50 years. The results were that a service or product that cost $50 in 1950 would have cost $357.26 in the year 2000. That’s seven times as much as it would have cost in 1950! That’s just crazy and very shocking to me.
Now, the only other thing I can think of to tell you that you might need to know is to click the Reset button to clear the calculator when you want to put in new figures. Pretty simple, right?
I had a lot of fun comparing prices between things I own (like my computer, videos, magazines, books, etc.) to what they might have cost in the past. I really loved the movie theater ticket example provided by the Web site as well.
Check it out!
http://woodrow.mpls.frb.fed.us/research/data/us/calc/
~ Amanda