Can you afford minced Garlic?
I read this article when it was originally published and thought It may be useful in objectively deciding if a chore or task was worth doing or hiring. Sometimes other things to consider could the job be bundled with other task for regular labourer, housekeeper, gardener? Is there a more efficient design or system to eliminate the task? I feed my chickens out of our compost piles not 100% but if times became tough that could be more of the task.
Whose Chore is it, Anyway? – How Much Is Your Time Worth? The Economics of Garlic - Jane Spencer
Hourly RATE Salary after Taxes = less 15% GST for work done at home
1.What is you real time wage? 2-4 weeks take home after taxes? _______________
2.How Many hours do you typically work in 4 weeks ? _______________
3.Divide 1 by 2 This is your Real Time Wage ________ _______
4.How much would it cost to hire someone to do this task? _______________
5.How much time would you save in hours by hiring someone else to do this job? _______________
6.What are the cost associated with doing this job yourself? (supplies, fuel etc..) _______________
7.Multiple 3 by 5 _______________
8.Add 6 to 7 This is the total cost of doing the task yourself _______________
OUTCOME: If 8 < 4 there is a strong financial case for doing the job yourself. IF 8 >4 there is a strong financial case for hiring someone else to do the work.
PSYCHOLOGICAL BENEFIT
Rank 1 Disagree to 5 strongly Agree
I enjoy this task? -Psyc Benefit 1 2 3 4 5
I cold do this task as well as the person I would hire? -Skill Premium 1 2 3 4 5
If I do this task myself, I will not miss out on other activities? -Opportunity Cost 1 2 3 4 5
I do this task myself I will get other benefits like exercise or self-confidence? -Indirect Reward 1 2 3 4 5
POINTS TOTAL ____
4-8 Points: high cost outsource if affordable. 9-12 let financial calculations dictate choice. 13-20 great psychological benefit do it yourself.