Canadian Finance Blog

Posted: 06 Oct 2010 02:00 AM PDT

Ever since I was a little kid, I was always interested in building small things. Besides the usual Lego suspects, I also enjoyed making model planes and cars, piecing together little kits, and pretending that I knew how to build a tree fort. Even when I was a teenager, I was (and still am) very interested in building my own computer, or generally tinkering around with electronics. Luckily, learning how to do it yourself is one of the best ways to save money. Here’s just a couple of examples of how one can save money using their DIY skills.

Food

By far the easiest way to save the most money, making your own meals can save you hundreds of dollars each month. If you think about it, restaurants are trying to make a profit by selling food, so not only are you paying a markup for the meal itself, but you’re also paying for the convenience of it being made for you, being served to you, building rent, server’s salaries, seat rental, and clean up costs. You can try to make the most of your money by avoiding the highest marked up meals (see: menu hacks), but you can save the most by making the exact same meal at home.

Even better, if you have the time and space for it you should try making your own snacks, deserts, cookies, chips, french fries, and all those other small foods that you don’t normally think about making at home. Recently my wife has been making her own bread, granola, and granola bars by following a few simple recipes off the internet. These are things that we are going to be eating every day anyways, so we might as well save a few dollars by making them ourselves. As a side benefit, the food that we make will be healthier than the store bought variety as there is no need for adding extra sugar or preservatives.

Clothing

Do you sew your own clothes? While making a pair of well fitting jeans might be a stretch for those of us that are more likely to stab ourselves with needles, getting into knitting can net yourself a toque or a scarf for the upcoming winter. It’s a very inexpensive hobby, and I know a number of people who knit while doing other tasks, like watching TV or going to class (yes, I knew a number of knitters in my college class). Over time, that skill can develop into something that would make good Christmas gifts, and if you’re really adventurous, you could even wind up making your own sweaters.

Car Maintenance

This one is definitely more difficult to get into, but legions of car owners swear by doing simple car maintenance themselves. Something like rebuilding an engine should be left to the professionals, but changing your oil or replacing a headlamp should definitely be a doable weekend project for just about anyone.

If you have no idea where to start, find a friend that does know what they are doing and ask for their help. The next time that they need to change their oil, ask if you can bring your car over and do it alongside them. That way, you can get hands on experience while having a veteran eye oversee things to ensure that you don’t make too big of a mess.

Do you have any great money saving DIY projects? What are they?

Do You DIY? originally appeared on Canadian Finance Blog on October 6, 2010.