Do You Really Save When You Do It Yourself?

Save money with DiY projectsIt’s a big question when you are faced with whether to do something yourself or have it done by someone else. Even beyond being good with your hands, there are times that you can do projects yourself and save money or spend a lot more (once you have added the cost of your time into the equation). The Equifax finance gurus explain in the recent article, “DIY: Make It or Buy It—How to Decide.”
For instance, you can spend a lot on specialized tools or ingredients you don’t normally stock before a project. This becomes a direct cost to the project if it’s not something you’ll be using a lot, in which case the cost would be spread out over multiple uses. The time required to find the right tools for the job also has a cost, as does the amount of time you invest in the project – which might be influenced by how much you enjoy the project or work. Finally, a good question to ask before you start the project is if the overall cost of materials plus cost of your time will end up being cheaper or more expensive than just purchasing it or paying a professional to do the job.
Understanding the total costs for things can lead to you making smarter financial decisions, and the Equifax experts have more wisdom and services, from
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