Two years ago, I felt stressed all the time. My son and I were busy with school, work, and community activities. On weekends and holidays, instead of making fun memories, we tidied the house and ran errands.
Finally, tired of choosing between my son and a clean house with a full pantry, I made a new choice — I started paying others to do what I was perfectly capable of doing myself.
I began outsourcing parts of my life.
Does it make sense to DIY?
The idea behind do-it-yourself (DIY) projects is to save money, pointed out J.R. Duren, a reporter with consumer review website HighYa. But is it really worth it to save money in exchange for your time?
After spending 10 hours attempting a DIY car fix, Duren finally took it to the dealership — where it took only two hours.
“It cost more than the DIY job, but only in dollars,” Duren said, expressing regret that he could never get the wasted time back. “The time you save will be much more valuable.”
You potentially could make more money with side hustles and by picking up extra shifts at work. However, once your time is spent, you can’t get it back.
In 2016, according to the U.S. Bureau of Labor Statistics, the average American spent almost two hours on household activities and more time on other chores that are ideal for outsourcing.
Duren recommended that people weigh the time it takes to complete a task and figure out if it’s worth saving the money.
I decided that getting back three hours of my life each week was worth the $20 per hour I paid my cleaning lady. Grocery delivery and yard care also are worth the cost to me. Now, my son and I have fun together, and I have some hours freed up to focus on work that pays me much more than I spend on outsourcing various aspects of my life.
4 things to consider when deciding what to outsource
As you decide whether the don’t-do-it-yourself (DDIY) approach is the right one for a task, here are four things to consider:
My decision to start paying others had more to do with convenience and flexibility than anything else. Grocery shopping, yard work, and housework were the items that took up a lot of my time each week — without offering much in the way of satisfaction.
I hired workers to take care of the house and signed up for HelloFresh, a meal-planning service. My son and I still do laundry and make our assigned meals together, following the recipes that come with the delivered groceries.
Now, I have more time and energy for things that matter the most to me. And the house is always clean, the yard always neat, and the refrigerator full of healthy ingredients for the next meal.
As much as you’d like to outsource some chores in your life, it’s not always practical, pointed out John Rampton, a serial entrepreneur.
“While it’s nice to get that time back, you do have to weigh the monetary cost,” said Rampton, who is the founder and CEO of Due, a company that offers time-saving invoicing tools aimed at freelancers and small businesses. “You might not be able to outsource all the things all at once.”
Instead, he suggested listing out the tasks most eligible for DDIY. Research the cost to outsource them. Once you have that information, Rampton said, you can choose one item that you can afford to pay someone else to do immediately.
“Once you see what you can do with the extra time you’ve just bought yourself, you’ll look for ways to afford to outsource the next task on your list,” Rampton said. “Look for ways to save money each day, use part of the time to make extra money, and pay attention to the feelings you have now that you can spend more time with loved ones.”
In some cases, DDIY is more about your ability to do the job — and do it right.
Most people can change the oil in their cars if they have the time and desire, Duren explained. However, when his own vehicle experienced a more complicated problem in a hard-to-reach spot, all the YouTube tutorials in the world couldn’t help him.
“If you don’t have the confidence or experience to handle something, go to the experts,” said Duren.
Some of the tasks that might require a professional touch include:
- Complicated car repairs
- Electrical issues
- Large-scale plumbing projects
- Landscaping and building projects that require specialized equipment
- Some legal services
- Complex tax issues
- Health remedies for some problems
Before you embark on a DIY experience, make sure you do have the tools and knowledge necessary to complete the endeavor.
“It might take you one or two hours to change your own oil,” Rampton said. “But take it to a Jiffy Lube or Grease Monkey, and it’s done in 30 minutes.”
I can relate to that. It costs me about $45 to have someone else change my oil. But with my freelance and consulting work, I can make more than $100 an hour. Even if I could change my oil in an hour, it would be the equivalent of costing me at least $55.
Rampton said some things might take you more time to do, just because you don’t have the practice. Preparing your tax return might take you twice as long as it would for an experienced accountant, and putting in a sprinkler system might take you a week when professional landscapers might have it done in a day or two.
“Unless you really enjoy an activity or can’t afford to outsource it, why would you waste your time doing it?” Rampton said.
Make a plan to outsource something today
Don’t be like me, waiting until you’re almost at your wit’s end to start outsourcing errands. Instead, take a look at some of your daily and weekly chores, and weigh the costs and savings. Figure out if there’s even one thing you can take off your plate.
“If you can afford it, pick something to outsource right now,” said Rampton. “And if you really can’t afford it, make a plan to reduce expenses or make more money so that you can eventually buy yourself more time.”
Interested in refinancing student loans?Here are the top 6 lenders of 2019!
|Lender||Variable APR||Eligible Degrees|
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1 Important Disclosures for SoFi.
2 Important Disclosures for Earnest.
To qualify, you must be a U.S. citizen or possess a 10-year (non-conditional) Permanent Resident Card, reside in a state Earnest lends in, and satisfy our minimum eligibility criteria. You may find more information on loan eligibility here: https://www.earnest.com/eligibility. Not all applicants will be approved for a loan, and not all applicants will qualify for the lowest rate. Approval and interest rate depend on the review of a complete application.
Earnest fixed rate loan rates range from 3.89% APR (with Auto Pay) to 7.89% APR (with Auto Pay). Variable rate loan rates range from 2.50% APR (with Auto Pay) to 7.27% APR (with Auto Pay). For variable rate loans, although the interest rate will vary after you are approved, the interest rate will never exceed 8.95% for loan terms 10 years or less. For loan terms of 10 years to 15 years, the interest rate will never exceed 9.95%. For loan terms over 15 years, the interest rate will never exceed 11.95% (the maximum rates for these loans). Earnest variable interest rate loans are based on a publicly available index, the one month London Interbank Offered Rate (LIBOR). Your rate will be calculated each month by adding a margin between 1.82% and 5.50% to the one month LIBOR. The rate will not increase more than once per month. Earnest rate ranges are current as of April 17, 2019, and are subject to change based on market conditions and borrower eligibility.
Auto Pay discount: If you make monthly principal and interest payments by an automatic, monthly deduction from a savings or checking account, your rate will be reduced by one quarter of one percent (0.25%) for so long as you continue to make automatic, electronic monthly payments. This benefit is suspended during periods of deferment and forbearance.
The information provided on this page is updated as of 04/17/2019. Earnest reserves the right to change, pause, or terminate product offerings at any time without notice. Earnest loans are originated by Earnest Operations LLC. California Finance Lender License 6054788. NMLS # 1204917. Earnest Operations LLC is located at 302 2nd Street, Suite 401N, San Francisco, CA 94107. Terms and Conditions apply. Visit https://www.earnest.com/terms-of-service, email us at firstname.lastname@example.org, or call 888-601-2801 for more information on our student loan refinance product.
© 2018 Earnest LLC. All rights reserved. Earnest LLC and its subsidiaries, including Earnest Operations LLC, are not sponsored by or agencies of the United States of America.
3 Important Disclosures for Laurel Road.
Laurel Road Disclosures
However, if the borrower chooses to make monthly payments automatically by electronic funds transfer (EFT) from a bank account, the fixed rate will decrease by 0.25%, and will increase back up to the regular fixed interest rate described in the preceding paragraph if the borrower stops making (or we stop accepting) monthly payments automatically by EFT from the designated borrower’s bank account.
However, if the borrower chooses to make monthly payments automatically by electronic funds transfer (EFT) from a bank account, the variable rate will decrease by 0.25%, and will increase back up to the regular variable interest rate described in the preceding paragraph if the borrower stops making (or we stop accepting) monthly payments automatically by EFT from the designated borrower’s bank account.
All credit products are subject to credit approval.
Laurel Road began originating student loans in 2013 and has since helped thousands of professionals with undergraduate and postgraduate degrees consolidate and refinance more than $4 billion in federal and private school loans. Laurel Road also offers a suite of online graduate school loan products and personal loans that help simplify lending through customized technology and personalized service. In April 2019, Laurel Road was acquired by KeyBank, one of the nation’s largest bank-based financial services companies. Laurel Road is a brand of KeyBank National Association offering online lending products in all 50 U.S. states, Washington, D.C., and Puerto Rico. All loans are provided by KeyBank National Association, a nationally chartered bank. Member FDIC. For more information, visit www.laurelroad.com.
4 Important Disclosures for LendKey.
Refinancing via LendKey.com is only available for applicants with qualified private education loans from an eligible institution. Loans that were used for exam preparation classes, including, but not limited to, loans for LSAT, MCAT, GMAT, and GRE preparation, are not eligible for refinancing with a lender via LendKey.com. If you currently have any of these exam preparation loans, you should not include them in an application to refinance your student loans on this website. Applicants must be either U.S. citizens or Permanent Residents in an eligible state to qualify for a loan. Certain membership requirements (including the opening of a share account and any applicable association fees in connection with membership) may apply in the event that an applicant wishes to accept a loan offer from a credit union lender. Lenders participating on LendKey.com reserve the right to modify or discontinue the products, terms, and benefits offered on this website at any time without notice. LendKey Technologies, Inc. is not affiliated with, nor does it endorse, any educational institution.
5 Important Disclosures for CommonBond.
Offered terms are subject to change. Loans are offered by CommonBond Lending, LLC (NMLS # 1175900). If you are approved for a loan, the interest rate offered will depend on your credit profile, your application, the loan term selected and will be within the ranges of rates shown.
All Annual Percentage Rates (APRs) displayed assume borrowers enroll in auto pay and account for the 0.25% reduction in interest rate. All variable rates are based on a 1-month LIBOR assumption of 2.49% effective March 10, 2019.
6 Important Disclosures for Citizens Bank.
Citizens Bank Disclosures
|2.50% – 7.27%1||Undergrad & Graduate|
|2.50% – 7.12%3||Undergrad & Graduate|
|2.53% – 8.79%4||Undergrad & Graduate|
|2.50% – 6.65%2||Undergrad & Graduate|
|2.55% – 7.12%5||Undergrad & Graduate|
|3.00% – 9.74%6||Undergrad & Graduate|