The LIFE Project aims to estimate the long-term costs of preserving digital materials by developing a lifecycle cost model. The LIFE Model breaks down the preservation lifecycle into acquisition, ingest, metadata, access, storage, and preservation costs. It can calculate preservation costs over various time periods like 5, 10, or 100 years. The LIFE 2 Project will expand and validate the original LIFE Model through additional case studies and work on digitization costs and primary data preservation. The LIFE Model helps organizations, libraries, archives, and funders better plan and budget for long-term digital preservation.