Okay, I just finished painting in our new house today and I found myself asking this question “is it worth the time?” I ask it, because while I was doing this backbreaking work… I kept wondering what it would cost to pay someone else to paint.
I have often taken the approach that if I can do it, I should. Why pay someone to do something I am capable of doing? I certainly have to pay enough to others to do the things I am not able to do – like fixing my car or the leaky toilet. Certain repairs are beyond my ability, so I don’t hesitate to pay someone else to do the work.
However, what about the things that we can do? Should we do them, and save money? On the other hand, should we pay someone else to do it and save ourselves the time? This question pondered me as I loaded up the paint and slapped it on the wall.
A few important details to consider, when you are also faced with this question are:
1. How much is your time worth? Start first by thinking about how much you make at your job. If you are doing something like painting, are you taking time off work to do it? Would you make more at your job, or would it cost you more to pay someone?
2. In addition to how much is your time worth, you should also ask how much time would the job take you vs. the person you hire. If it will take you all day to clean house, but only a few hours for a housecleaning company – then it is more than just their hourly rate compared to yours.
3. Do you enjoy the work? Do you love to paint but hate to clean house? Does the thought of a day under your car thrill you? However, you hate to mow the lawn? If the chore is something you enjoy, there is an inherent benefit to doing it vs. paying to have it done. It also means that you may save enough money on the chore you like to pay to have someone do the chore you hate.