I have heard this advice multiple times but I don’t think it works well. I think this way you severely overestimate your budget.

If something costs 1 hour or work, it seems like one eight of a day. In your brain, you could think that you can make 8 of those expenses a day.

In reality, you are probably working from 9 to lunch break to pay rent. Then another couple of hours to pay taxes. And one hour to pay insurances. You are left with one or two hours of time when you are working to earn money you can dispose of freely. And part of it should go to savings for your old age.

So effectively the LPT is ok if you think of an expense in terms of time and then you ALSO know how many minutes you are working for fun money per day, but at that point why don’t you just learn how to do your budget in dollars and get an estimate of your weekly budget for shopping/ dining out/ entertainment, etc.?

Maybe it takes some effort, but it seems to a good investment of your time.