Gwen Moran* says sometimes the true cost of doing something yourself is more expensive than paying for some help.
Image: Andrey Popov
Life is full of tolerations that could go away if we just spent some money on them.
But whether you’re cash-strapped or chronically frugal, those expenditures can seem impossible — or, at least, hard to justify.
For example, you know you could convert that spare bedroom into a guest room or office if you could just find a free weekend.
And why pay someone to clean the house when you can do it yourself?
Sometimes, these questions need to be considered in a bigger context, says Harvard Business School Professor Ashley Whillans.
Even when money is scarce, you need to consider an even more important resource: time.
Whillans’ research found that outsourcing tasks you don’t like promotes happiness.
“If you go from doing it not at all to doing it at least a little, that’s going to produce a happiness increase about the equivalent of making $10,000 more of household income per year,” she says.
“So it’s not trivial.”
Assuming you have the means, consider these other costs before you decide whether or not to outsource.
Time cost
When you consider how much of your happiness you sacrifice for work, chores, or other activities, sometimes you realise that something’s got to change.
“We call this the Marie Kondo method of time use,” Whillans says.
“You want to be thinking about maximising positive experiences and minimising negative experiences in your day.”
“That’s what labour economists call maximising your index.”
So, think about the value of your time.
How much would or could you spend to get that time back versus what would you pay to get the help you need to reclaim that time?
Quality of life cost
The impact of tolerating inconveniences or excessive demands takes a toll on your happiness and wellbeing, says Brent Weiss, chief evangelist at Facet Wealth.
“The value of your time comes down to different things,” he says.
“It costs X to do it, so what am I giving up by actually doing that project myself?”
“Is there some other kind of value that it can create by having someone else do it, so I can go focus on things that really are more important and matter most to me?”
If the situation is causing you to suffer or affecting your life or relationships, finding a way to address it may be worth the investment now.
Opportunity cost
What are you giving up to save money?
When you start to think about that question, you may find that frugality is the wrong decision, says George Kroustalis, Senior Vice-President at CAPTRUST.
Let’s say you decline an invitation to a Saturday charity event because that’s the day you cut your lawn.
If you don’t do your lawn, you could actually get fined by the town because of municipal ordinances.
However, you know that there will be some community business leaders at the event who could potentially be great contacts for your career.
Hiring someone to do that chore for you could free up time you use in a way that will pay long-term benefits.
Return on investment
Whillans suggestions looking at the potential return of various expenditures.
For example, a student in one of her classes listened to her theories on the true cost of time and, despite being a student with limited financial resources, he bought a used bike.
Instead of walking to class each day, the bike saved him 10 to 20 minutes each time he commuted, allowing him to take back more of his time.
He also bought an automatic coffee maker that he could program to brew in the morning.
The coffee maker acted as an alarm clock, as well as allowing him to skip the trip to the local coffee shop.
On a larger scale, think about how various upgrades could pay off.
Perhaps an apartment closer to work could save you time and commuting expense, for example.
Offsetting costs
When you spend money to outsource something, you may be saving money elsewhere, so consider those costs when you’re calculating your spend, Whillans advises.
For example, if you think you can’t afford to take an Uber to work once a week, think about the costs associated with driving.
Partial cost
Finally, “all or nothing” isn’t the only option.
Sometimes, you can find ways to use the services you need occasionally to give yourself a break or take advantage of another opportunity.
While Whillans says she likes the feeling of control that comes from day-to-day cleaning, she hates deep cleaning her home and hires a service to do so once a month.
Finding partial options that give you some of your time back can be a great solution, too, she says.
As part of your evaluation, look for other ways to save that will allow you to invest where it matters, she says.
For example, ruthlessly evaluate your current spending and cut out buying things that don’t help you live better.
Finding ways to barter — helping a friend or partner with something they hate to do in exchange for you taking on one of their obligations — can help you get out of tasks that are unpleasant, Weiss suggests.
Prioritising what you want to offload and creating a plan to afford the help you need or want is also a good place to start, Kroustalis says.
* Gwen Moran writes about business, money and other topics. She tweets at @gwenmoran.
This article first appeared at www.fastcompany.com.
