When you DIY to save money, you earn an hourly wage. Sometimes that wage is amazing and proves the activity was definitely worth your time. Sometimes the wage is so low it actually cost you more to DIY than it would have to buy it done. It’s an easy formula to figure it out.
1. A = How much it would cost hire or buy it done
2. X=How much time it takes you to do it yourself
3. B=How much the supplies and tools cost you (I don’t count the tools that I already have on hand or would use again in the future.)
4. Y=How much you saved by doing it yourself. A – B = Y
5. X/ Y= your hourly wage
Reader Example:
Rebecca’s husband’s truck needed repair. The garage estimated $1500-1800 for the job.
He spent $226 and 2 hours to do the work himself, including necessary tools.
He saved $1274-1574 by doing the repair himself.
His hourly wage was $509.60-$629.60
If his hourly wage was less than that on his regular job, it was worth it do the repair himself…In this case it definitely was.
That was a pretty extreme (but real) example.
What about little things like making homemade tortillas? You can read about that here.
Are any of you willing to share an hourly wage you earned recently by DIYing?