July 7 2011|08.00 AM UTC

Samantha Eckles

Outsource Your Life

Category: Personal FinanceTags: , , ,


Time is money, but how much is yours worth?

Outsourcing is a great way for you to maximize your productivity by forcing you to examine what exactly you are spending your time and money on. When you decide to outsource certain tasks, you need to figure out a few things, 1) how much is your time worth, 2) what tasks do you need to accomplish and 3) should you do it or pay someone else. When figuring out this last factor, you need to divide your jobs into those that only you can do and those menial tasks that anyone can do but that can still take up a considerable amount of time.

The first thing you need to do is figure out how much is your time worth. Let’s say you run a web site and you make $50 an hour by working on this website. However, with all your time spent working, your house needs a little love. You could either spend 4 hours cleaning the place up yourself or hire a housekeeper for around $25 an hour. Although it may cost you $100 to have your home cleaned by a professional, cleaning it yourself means you are losing $200 worth of your time.

Grocery shopping is another task that you should consider outsourcing. A trip to the grocery store can eat up a good chunk of your day between finding everything, checking-out and getting home. However, if you chose to use Safeway’s delivery service, you can save hours and only spend about $7-$13 more. Think how much you can get done in the time saved.

While home movies are a great way to preserve memories, the ever-changing formats and technology make it difficult to keep up every time you want to take a stroll down memory lane. Converting old film to a DVD can also be extremely time consuming. Consider checking this off your to-do list by outsourcing it to Costco or Walmart for about $20.

A great resource for outsourcing your tasks is TaskRabbit. All you need to do is explain your task and offer what you’d pay for completing this task. “Rabbits” can accept and you get the luxury of outsourcing your time while naming your own price.

Keep in mind though, not everything in your life can be outsourced. There are some things that are better left to you. For instance, working on your website might be something that you would have to train another person to do and they may not have the skills necessary. When considering what to outsource, focus on the menial tasks that you may not enjoy doing anyway and spending your time working on the things you love that require your personal touch.

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