When it comes to trying to cut expenses and save money, doing it yourself, DIY, is often one of the first suggestions. A recent survey by JPMorgan Chase has found that more people are going to be trying to doing it themselves more often in 2013.
The DIY numbers
In 2012, many people are planning on trying to do a lot more things at home; 46 percent of people surveyed are planning on working out on their own, compared to 28 percent who plan on paying a health club. Only 22 percent of people plan on pampering themselves with spa or salon visits, compared to 59 percent who plan on pampering themselves at home. And 29 percent of people plan on cooking a meal at home to celebrate a special occasion instead of going out to a restaurant.
In addition to cutting expenses on everyday indulgences, many people are trying to get a better hold on their finances. More than 55 percent of people plan on taking advantage of online coupons, while more than 40 percent plan on using online group deals. Managing finances better is definitely an age-old goal for most people, but many are trying to use new resources in order to do so. The do-it-yourself factor of finances has always been there, but many new online resources and tools are making it even easier.
Knowing when not to DIY
There are times that the time, money and effort it takes to do it yourself might make doing it yourself more expensive. Time and equipment are often two of the most expensive factors in DIY projects. Time is a resource that must be metered out carefully, and if a project is going to be more stressful than it is worth, then it is OK to pay someone else to do it.
Specialty equipment that you may or may not use again could be even more expensive. Carefully research what you plan on doing and what it will cost, then add 10 percent for the unexpected expenses that usually pop up with DIY projects. If you know that you are not good at something, be willing to pay someone else to do it right. There are also a certain number of products that are much less expensive to replace rather than repair.
The outlook for businesses
For businesses, this trend toward DIY means a few big things. Only 7 percent of the survey respondents planned on shopping at local boutique or specialty stores. With more customers looking for ways to do things at home and indulge not-too-often, businesses will need to market carefully and build themselves as the resource for what customers hope to do, not just the location to go when they want to spend money.