Episode 154: Should you do your own repairs or hire someone else? In this episode of the Where Our Money Went series we’re talking about basic handy skills, opportunity cost, and free tool lending programs.
Learning Some Basic Handy Skills
If you own a car or a home, it’s always worth it to learn some basic maintenance skills. Knowing how to change your oil and brake pads can save you hundreds of dollars each year in mechanic costs. Being able to change the o-ring or flapper on your toilet will save you hundreds in hiring a plumber.
Take some time to learn about basic skills— or use your social skills to make a friend who has them!
Use Tool Lending Programs
Most people don’t know that many auto parts shops have lending programs. Kevin heads to Advanced Auto, pays a deposit, and borrows the tools he needs for free. Kevin also purchases parts online using the Honey app to get up to 25% off what he would pay usually.
Measuring Your Opportunity Cost
When thinking about handling your repairs yourself, it’s worth evaluating the opportunity cost. For smaller repetitive jobs, you’ll likely save money by handling it yourself. Basic skills will go a long way, and you’ll become more efficient with time.
Don’t forget to consider the time of day when you’ll be doing these repairs. It’s not costing you working hours if you’re scheduling it in your downtime.
You can also streamline your approach by being more efficient and intentional. Kevin, for example, picks up his parts when he’s driving by to do something else.
Disclaimer: Kevin and Sean are not professional financial advisors. Do not take any advice they give without first speaking with a professional and performing your own due diligence.This post may include affiliate links.