Uncommon Cents

When we pay for services, we are often if not always exchanging time for money (although in some cases we are exchanging expertise for money). For instance, if I pay someone to wash my truck, I’m exchanging my money for the time I save by not doing it myself–time I can use in another way.

The question then becomes when is it worthwhile to trade time for money?

It’s a tough question. For someone like me who practices frugality and loves doing things himself, it’s very difficult to find those times. Things like washing the car, changing oil, mowing the lawn, eating out, and working on this blog are all examples of situations in which I could pay others to do the work, but for reasons of frugality, personal development, or enjoyment, I chose to do them myself.

I’m more likely to pay for certain kinds of expertise than I am for time savings. For instance, while I will do lots of my own vehicle maintenance (changing oil and filter, washing, waxing, changing coolant, changing brake pads), I do pay for wheel alignment. While it’s not inconceivable that I could learn how to do this myself (and get the specialized equipment), it’s a task I’m not familiar with, so I’ll give in with my dollars (but even here, I have a lifetime agreement for it with Firestone).

However, if you have things in your life that really require time (say young children), exchanging money for time then may make huge amounts of sense.

When will you trade time for money?

Tags: Budgeting, do it yourself, Frugality, Social aspects, Time management

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