WHY DIY IS NOT ALWAYS THE BEST OPTION TO SAVE MONEY

DIY has become extremely popular over the years and is often encouraged by many when referring to saving money. But can DIY actually be harmful to your finances? Absolutely! DIY or Do it yourself can be great if you know what you are doing or have a lot of extra free time. However in some cases it could actually harm your financial situation. Do you know how to tell whether you should go the DIY route or hire someone else? Let me explain to you why I believe not everyone should attempt to do it yourself.

You are not an expert in everything.... There are some situations where do it yourself can just be a bad idea and could even hurt you financially in the future. Situations such as this would include doing your own taxes, your own bookkeeping, car maintenance and repairs, repairing your own appliances and household heating and cooling systems, etc. Sure sometimes it is totally fine and acceptable to do any of these things and yet the more complicated the situation, the more I believe you need to consult a professional. The reason I say this is simple, we do not know everything and there are professionals who have been well-trained to do these things. There are often important things in a lot of these situations that if missed or done wrong could end up costing us a lot more in the long run.

How much is your time worth?..... This may not be what you expected and yet it is very important. Time is money and to be honest some people make a lot more per hour than others do. If you have a busy schedule and a higher paying job it may help to consider this concept. Why would you take time off of work to do repairs around your home just to save a few bucks? Especially when you could hire someone at half of your current salary, to do it for you professionally?  Why not pay someone else in these situations who may know way more than you about HVAC (heating, ventilation and air conditioning) repair to properly fix and repair that troublesome furnace? This not only saves you time and money, but the repair will be done better by a professional. In certain situations some parts may actually be covered by a warranty when installed by a company, which can save you a lot of money if something goes wrong down the road.

What are you sacrificing in your life to spend time on this project?.... Another thing to consider unrelated to finance is that DIY can also take away valuable time from those you love your family, friends. It also can take away from a good work life balance which is extremely important to maintain in life. A poor work life balance will make it harder to give your job and family the best version of you and can leave you burnt out quickly.I believe whenever you take time off of work it should really be spent with family and friends or relaxing and enjoying your life. We do not get enough time off as it is to really enjoy our lives and in my opinion that in itself is  priceless.Do it yourself can be a great way to save money in certain situations, but sometimes it is not always the best option. Many people find it very rewarding and even at times fun to fix things themselves. There is absolutely nothing wrong with doing these things yourself, unless it can potentially cause more problems down the road due to it not being done correctly. I do encourage you to take into consideration a few things before you determine if doing that repair is right for you. First I want you to consider is the money saved worth both the hassle and time involved? Second I want you to consider if it is truly the smart thing to do? When I ask if it is the smart thing to do I am referring to whether or not you know enough to do the repair properly and in a small enough time span that it does not consume all of your extra time. Many wealthy people employ others to do things for them to both save time and to make sure it is done with the most expertise. Honestly many wealthy people are wealthy for a reason, because they work hard in their lives at what they are good at and they make smart financial decisions.So before you decide whether to start that next project, take some time to consider these things and make a decision on whether you really should DIY this time.