Time

Time is money. So goes the old saying and it is very true. That is why, whenever you think about doing a job yourself, take a moment to figure out how long it will take. I am all for do-it-yourself job, but you need to think first.

For example. Say you have a plumbing problem and you are sure that you can handle the job yourself. Think of the steps involved. Once you diagnose the problem, you have to go get parts. Okay, you head to the hardware store. If, like many, you go to Home Depot, plan on being there a while. I have seldom been there when they have short lines (I have stood in lines at 6 AM). Of course, you also have your travel time. And there is an issue if you need help from a store worker; they are all too often overwhelmed with customers.

Then, of course, you have the time you spend doing the work. Be honest. How good are you at plumbing. Most folks see a job and think, "how easy, no more than a few minutes and I'm done." Well, if you are good at it, true. If you have never done it before, maybe not so true. Now, you have to learn some way and you cannot learn of you don't try, but think about how pressed you are. If you have hours with nothing to do, great. If you are trying to get done in a few minutes so you can make your kid's soccer match, think twice, because if you are not familiar with the job, believe me, it will take more time than you think and the more you rush, the longer it will take.

As a rule of thumb, figure the cost of parts and then place a value on your time. How much is up to you. Let's make up a number, $15/hour, not an outrageous price. Suppose you allow two hours to drive to your store, pick out the parts and wait in line and get home. Then figure and hour to do the job. Now, if the parts come to $25 (remember, I'm just making up reasonable estimates), you are looking at $70. It is possible that you may find a licensed handyman service that will do the job for less (it is unlikely that you will get a real plumber for less) And, remember, I am assuming that the work goes as planned. You never know what unexpected difficulties may arise.

I do not want to discourage ant do-it-yourselfers. I am all for saving money by fixing things yourself, but I do believe it a good idea to make sure you are really saving money. Remember, time is money.