I’ve never seen this question as a header in a financial blog. Maybe its because cutting your grass is extremely boring. Or maybe it has seemingly nothing to do with personal finance. Whatever the reason you’re probably wondering why I would open with lawn care(which I have nothing against btw). What’s so important about lawn care?
To be honest, I could have chosen a host of other reoccurring costs most people expend on a regular basis. The point is to use it as an example.
There are three general angles of thought when it comes to money. The first, and probably the most common is that of indifference. “It’s just $5,” people tell themselves. “I deserve this cheeseburger.”
The second perspective is that of scarcity. A lot of extreme savers live this reality. This mentality makes me think of Ebenezer Scrooge. It’s the though process that says, “I need to save as much as possible so that someday I can have a big pile of money.” This mentality values dollar cost over time cost.
For example if you decide to cut your grass instead of having someone else do it. While it might cost $70 to have someone mow your lawn it could free up a couple hours of your time. What if you value your time more than $35 per hour. In that case you’re probably better off paying someone else to mow the lawn.
The third and most logical view is that money is to be spent with priority. You have to know what you value and then spend your money accordingly. This view is the most wholistic because it not only recognizes the dollar costs of buying something but the time costs that you could be saving or losing depending on which option choose.
My point isn’t that you should hire people to do everything for you. On the contrary, my point is to weigh the costs of your decisions and factor in more than just the price tag. Sometimes paying someone to mow your grass might just make sense.