Your Money or Your Time?

To save one, you often have to spend the other. (And you never seem to have enough of either, do you?) Here’s how to make the right call.

Go DIY? Or Hire a Guy?

So which is the way you should go?  Ask yourself these four questions before you make any time vs. money decision.

1. Can I realistically pull off this project? Be honest. Is it safe or prudent for you to tackle the job yourself? Will it be difficult or relatively easy to learn any new required skills?

2. What kind of time commitment is really involved? Gauge how many hours the project will take from start to finish. Before embarking on that kitchen renovation (or any other DIY project) yourself, ask a contractor for his time estimate, then assume that if you do the project, it will take you twice as long.

3. How much will this task cost to complete myself? Now it’s time for a little math. Even with a DIY project, you still have two expenses: your time―the worksheet So What's My Time Worth, Anyway? will help you calculate your hourly rate―and any materials you need to buy.

4. How much will I enjoy the process? This question is critical. “It may make no logical sense to do something yourself,” says Dan Ariely. “But if you have a good time gardening, painting, or whatever the project is, it may be worthwhile anyway.” In contrast, if you think you’ll be pulling out your hair midway through repairing a pant hem, dialing up that pro is the way to go.