Frugal Tip: Calculate Value By Time
When I sign one of my children up for an activity, I always calculate the cost per hour (or half hour, or other appropriate demarcation) so I know exactly what I am getting into. I do not eliminate activities immediately just because they have a high cost per hour, but I make sure I understand the value of what I am paying. A price may sound expensive until I realize its cost per hour, or it may sound very cheap until I realize that I’m only paying for 15 minutes of time.
One can do the same thing with their own time. Something may be a lot less expensive to do yourself, but the amount of time it would take you may negate that savings entirely. On the other hand, something may be relatively inexpensive, but it would take you no time at all to just do it yourself.
Which is why I sew the patches on my son’s taekwondo uniform myself, but I pay to have pants professionally hemmed.
This frugal tip is brought to you by paidtwice, who counts the time it takes to wash the blood out from pinpricks as part of her sewing calculations.