Cost of Saving

Worked examples / Saving money

Do it yourself, not hire someone

A job quoted at $1,500 in labour. Doing it takes three weekends and $250 of tools, with a 1 in 5 chance of paying $1,200 to have it put right.

Worth it, barely

You come out $410 ahead.

You save$1,500the price difference
It costs you$1,090extras, time and risk
Put in your own numbers

This is a worked example with illustrative figures, not data about any real person or company. Change any of them in the calculator and the answer changes with them.

How this answer was worked out

You save$1,500
Extras$250
Your time30 hours x $20.00 = $600
Risk, on average20% x $1,200 = $240
Total cost$1,090
Net$1,500 - $1,090 = $410
Cost per $1 saved$0.73
Break-even value of an hour$33.67
Break-even chance of it going wrong54%

Every formula is written out on the formulas page.

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