When is Convenience Worth Your Money?

When is Convenience Worth Your Money - picture of alarm clock next to money and hands on desk

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Happy Valentine’s Day from Club Thrifty! The following is a guest post from our friend Harry at Your Personal Finance Pro. If you are interested in guest posting at Club Thrifty, please see our guest posting guidelines.

I was on my way to a wine/cheese party the other night and my assignment was to bring meat and cheese. I wasn’t in a rush when I got to the store but I had just gotten off work and my brain was already shutting down. I had an hour before the party and all I wanted to do was relax on the couch before heading off to the party.

When I was at the grocery store, I literally stood there for five minutes trying to decide between two options. The most convenient option was a nice package of pre-cut meat and cheeses (also the most expensive). My other option was to buy a hunk of salami, a block of cheese, and cut it up myself for around the same price (but feed more people). In the time I spent thinking about which option to get, I probably could have cut up the cheese and salami but it made me wonder about how to put a price on convenience.

If there’s a small convenience store right down the street from your house and a large grocery chain about 5 mins. further, what convenience rate are you willing to pay? Let’s say a gallon of milk costs $3 at the grocery store: $3 x your convenience rate = Price you’re willing to pay. If a gallon of milk is the same price, I’ll definitely choose the closer option but the convenience premium will often make the price more.

Time is Only Valuable if You Make it Valuable

If I sat around all day on a Saturday and then went to the store and bought prepackaged food, that would be a waste of my money. By wasting the day, I’ve forced myself to spend more since I didn’t effectively utilize my time. On the other hand, if you’ve been working all day and you head to the grocery store to pick up dinner supplies, it’s a lot easier to grab the pre-made shish kabobs instead of dicing up everything yourself, right?

I love to cook, so I’m faced with this dilemma all the time. Generally though the convenience factor is pretty high on these types of products. When I shop for groceries, I always compare the cost per weight($/oz). Most grocery stores actually list this cost per weight on the labels anyways so it makes comparing products very easy. If the convenience rate is ever 2 or higher, I almost always go with the less convenient option. I haven’t got to the point where my time is too valuable to chop up a couple veggies but maybe someday I will be there.

Don’t Sacrifice Quality

If you’re comparing the exact same product, then all you have to worry about is your time and money. But when you start comparing products of different quality it gets a little more complicated. I know they don’t call it convenience food but that’s what fast food really is. Buying a hamburger at McDonald’s is a lot more convenient (and cheaper) than making one yourself, but you could not pay me enough to eat a McDonald’s hamburger. I would much rather go to the store and buy ground beef and buns and make the burgers myself.

In fact, I’ll usually make a couple extra and freeze them (along with a couple buns). That way, the next time I need burgers I can add a little cheese and I’m done. Like Emeril would say, “BAM,” you’ve got a great meal in almost no time.

Readers, do you constantly find yourself going with the more convenient option? If so, what do you with the time you save? Do you spend it wisely or just watch TV like I do (sometimes)?

About the author: Harry writes for Your Personal Finance Pro where he discusses everything from upgrading the RAM on your Apple laptop to investing in I bonds. Harry works full time as an aerospace engineer in San Diego and started his blog in January of 2012.

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42 Comments

  1. I tend to prefer convenience. I like cooking, so not in the kitchen. But I hate most forms of manual labor, so I’ll happily pay someone else to do it for me. One day I’m going to hire a maid, because while I love having a clean apartment, I loath wasting my time to clean it.

    1. Yea I totally agree. I don’t see the point in changing my own oil or washing my own car when I can take it somewhere and they’ll do a much better job and it’s usually pretty cheap. I get car washes for $7 plus tip and my oil for $30!

  2. I definitely agree – paying for convenience is definitely okay as long as you’re not sitting around watching tv then run out of time and have to pay for convenience.

    1. Yea it’s ok to have a little downtime here and there but convenience often costs a lot of money haha. I’m usually motivated by my cheapness to go out and do things.

  3. I try to spend my time wisely, but I often get caught watching a rerun of some TV program or in the depths of YouTube watching some bizarre video.
    I think we all need a bit of down time otherwise you would go bonkers.

    1. Good point Glen. You’re allowed to have some fun once in a while. That’s for sure, it’s also amazing what a little planning can do for your wallet.

  4. I tend to go for convenience, but not all the time. The one area we generally do not is when it’s in regards to food…like your McD’s comparison. Sure, if it meant me living I might get something there, but it’s highly unlikely.

    1. I think food is one of the biggest areas where convenience can cost you a lot of money. I generally try to make a few lunches while I’m cooking when I have everything out. Clean everything all at once, etc. Seems to save a lot of time to do it all at once rather than making one lunch every night before work.

      1. I’m terrible with convenience when it comes to food. If it’s the end of the week and we’ve run out of stuff, I often get takeaway food and put off grocery shopping till the next day…

        I’m super stringent about making my own lunches though – such a money saver. I tend to do it in batches, maybe twice a week.

  5. I almost always do a price comparison (cost per ounce, cost per pound). Shrimp platters, in my opinion are a huge ripoff. 2 lbs of shrimp is about $10 at the seafood market. A shrimp platter at the grocery store is almost $20! Talk about a convenience charge..

    1. Nice, I definitely do the same. I always find myself comparing sizes and prices. The other thing you have to consider is will you actually use what you buy? I hate going to Costco sometimes because I buy all this stuff I wouldnt normally needbor eat.

  6. I recently went to buy a fruit tray right before a meeting and balked at the price! I settled on bread, baby carrots and a thing of hummus… it cost about the same amount but I got WAY more food and actually ate the leftovers for lunch the next day. Sometimes we have to settle for convenience and it is wickedly expensive.

    1. Ah fruit trays are the worst haha. There are definitely times when you haven’t planned ahead or were just too lazy to go and do something ahead of time and you have to pay for the convenience. It’s usually so painful though to pay $10 for a fruit tray that I could have made myself for $3-$4 that I’ll remember the next time 🙂

  7. I have quite a lot of free time so don’t care too much about doing things myself. When the price is high, I almost always do it,like last year my accountant wanted $500 to do my tax return in Brazil and I did it myself in 4 hours in spite of my crappy Portuguese. If it is a few cents, I only do it is I enjoy doing it, like cooking, otherwise I pay for the convenience and don’t worry too much about optimizing the time saved.

    1. If you have the time, then it’s basically like paying yourself 🙂 There are some things I’d pay for but taxes is one of those things I have a tough time paying for. If I knew it would save me money by hiring an accountant, I’d do it, but since I don’t I won’t.

  8. I’m probably a 70%/30% split where it’s price/convenience, since chopping up vegetables/making dinner is cathartic after a hectic day of work (70%), but sometimes I get home late so having a ready package of chopped vegetables is handy (30%). Most fast food is gross and I don’t like resorting to that, though an occasional In-N-Out burger is hard to resist!

    1. Very true. Sometimes after a long hard day of work, I’d rather just pick up dinner or get something pre-made that I can just throw in the oven or on the grill. I try to cook enough for two dinners though(for me and my fiance, so 4 total) so that I only have to cook 1-2 times a night. My fiance cooks 1-2 times a night so we generally get pretty good meals and don’t have to spend every night cooking. I’m off of In N Out and I’m all about burger lounge now 🙂 yum

  9. A little planning goes a long way to avoid convenience. I sure you knew you were going to the party before that day. You could have prepared something that may have taken an additional 5-10 minutes and save a few dollars. Last minute decisions are usually more expensive.

    1. Yea I definitely waited last minute to do my shopping for this party. I easily could have gone the day before and picked up a bunch of stuff. That’s the price I had to pay for not planning ahead.

  10. I do love convenience, but I will usually pay more for quality when it comes to food. There are cases where I will gladly pay a few extra dollars to make my life easier and I don’t feel bad about it. Great post Harry!

    1. I also like to compare the cost of buying quality items at the grocery store vs eating out. If I skip one day going out to lunch, then maybe it makes sense to buy some nice bread and deli meat. It will be more expensive than a PB&J but tastes a helluva lot better and it’s cheaper than eating lunch out.

  11. We just had a situation where we had to choose between convenience and money saving: We had some pretty spendy car repairs to do. Hubby could’ve figured it out and done them himself, and we would’ve saved about $250, but it would’ve taken him twice as long to fix as it did my mechanic brother, so we hired my brother, and spent the day skating with the kids and having hot cocoa afterwards. The stress it would’ve caused Rick to do it himself and the family time he would’ve lost was worth every bit of the money we spent. Sometimes there are important reaasons for not getting a good deal. Thanks for the great post!

    1. Haha what the heck, your brother charged you?! That’s messed up but yea if it’s something like that that you’ll only do once in a blue moon it’s probably not even worth it to waste your time learning how to do it and then doing it.

  12. These says I always value price over convenience. I feel like for the most part, convenience has made Americans lazy and fat. If I have to walk a few more minutes to save a dollar, ill do it because its good for my wallet and my health.

    1. That’s a good point, there’s a reason it’s called fast food. You know what I absolutely hate? Curbside pick-up at restaurants. I mean you’re already ordering out, are you really too lazy to walk in the restaurant and get your food? I live in Cali btw so maybe this might come in handy somewhere where it snowed..

  13. I used to always go for convenience, but have realized how much it saves on food to go the other route. Usually the quality and nutrition is better also. I can’t say I’m above a deli tray here and there, but I do try to avoid the cost of convenience foods if I can.

    1. I know what you mean, it’s definitely ok to be lazy once in a while but most of the time it pays off to plan ahead and do things yourself.

  14. Well I think I do a little of both sometimes. It really just depends on the situation. Sometimes it is worth it to pay for convenience. We all need that break.

    1. Yea I agree, there are times when it pays to do it yourself and sometimes you gotta go for the convenience.

  15. I love convenience and will choose it most of the time, however when it comes to quality I won’t sacrifice. Cooking at home takes more time, but the quality of the food you can make (organic, grass fed meats, etc.) is much better than what you can buy.

    1. The other good thing about cooking at home is you know what you’re putting into your body, you know all the ingredients you’re using. I think eating good meals keeps us happy and healthy and that will save us money in the long run too.

  16. It’s a delicate, personal balance. In regards to your McDonald’s example, I agree wholeheartedly! On the flip side, I pay someone to clean my home. Yes, I am capable of doing it myself and it certainly would be cheaper. But I do it so that I can instead spend my time with my daughters and husband. So I pay for that convenience gladly because the time with my family is far more valuable to me, although I know others might have a different approach, which I respect. This works for us. Great post!

    1. I like your reasoning, makes a lot of sense to me. Cleaning isn’t something you really do for your family or with your family. But cooking definitely impacts their health and well-being in a big way.

  17. The one that always kills me is paying for cut up fruit like watermelon or apples. Seriously…and at 3 or 4 times the price. I’m not so busy that I can’t cut up a few apples. Great article.

    1. Haha yea that is probably the best example. I mean especially with something like apples! It’s so easy or you can buy one of those little metal slicers for a couple bucks. I could understand if it was something like mangoes or pineapples that’s impossible to peel. 🙂

  18. Certain things just make sense to buy (to me). Sure I could peel carrots and cut them into chunks, but when I can buy a bag of baby carrots for $1.50 ready to go I’m going to buy them pre-peeled. Particularly for cooking (which I don’t really like and am not very good at), I’d rather pay for a little convenience rotisserie chicken comes to mind and make the rest of the meal (sides, salad etc.) myself.

    1. True, carrots are definitely one of those things where it’s worth it to buy them already peeled and cut up. But I guess it depends on the person where that line ends and you start doing things yourselves. I can never bring myself to buy pre-made shish kabobs because they’re so much more expensive than doing it yourself.

  19. Although I do a lot more cooking now, I have to admit, I still don’t like it so much. I work most evenings teaching fitness classes and it’s right above a grocery store, so after a hard workout, I can’t help but sometimes get ready made food. It’s just so much easier. I don’t have that much energy to do prep work and cook, when my muscles are like jell-o.

    I plop myself in front of the tv and shut my mind off with the time saved. 🙂

    1. That’s tough if you work nights. I coach two times a week from 7-9 pm so it’s nearly impossible to cook on these nights. Luckily, I have an awesome fiancee who will cook for me on those nights. Good idea? 🙂

  20. A couple of years ago I was all about making things easiest as possible, and thus using a lot of money because things were more convenient. I made a drastic turnabout, and changed my ways completely. I always go to the cheapest store, and I would never make myself buy something that`s prepared such as already diced fruit or whatever. When did using 30 min in the kitchen to prepare food become such a “time-waste”? I find it just reasonable to spend some time in the kitchen, knowing I`d be preparing a healthy and cheap meal, where I know all the ingredients. I think it`s silly to make things too convenient, as I feel it`s important do develop some basic skills in the kitchen. I always have time to peel those carrots, or chop those mushrooms.

    1. I think that’s smart, it’s really not that hard to cook and I like watching tv while I cook so I kill two birds with one stone there 🙂 Plus, things always taste better when you cook them yourself.

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