This question can sometimes be a difficult one depending on what you are looking to do.  Considering to diy or hire help can apply to a wide array of topics, such as tax preparation, home repair, car repair, computer upgrade, website SEO, buy or build yourself, buying insurance, and many more topics.  Today’s modern and connected world makes checking things out a lot simpler. No longer do you have to rely simply on the words of wisdom dispensed in your local pub. Online blogs and forums can be a wealth of information for the novice or the expert in a range of fields – Diyblog.net for those home improvement issues; for making your pennies go further; even pokerblog.com to help would be gambling wizards achieve greater success at the poker table!

You should always first think "can I do this myself" and "what are the consequences if I make a mistake"?  Rest assured if you are able to do things yourself, you will certainly save money.  Of course this is all dependent if you do it correctly the first or sometimes second attempt.  Take for instance refinishing your basement.  You spent days and weeks finishing the basement and you are ready to host the big Superbowl party only to find out that you failed to evaluate how water resistant your basement was.  The game will not be rained out, but your basement party will be.  Now you're looking at a very costly repair to the basement and the time and money you spent on drywall, pool table, etc..  Here are some suggestions to think about when debating to diy or hire out.

• Think about the "what if" scenario.  What if I did this incorrectly, can I fix it or will I have to hire someone to fix my blunder.  The resulting blunder may ultimately be more costly than to have hired someone in the first place.  And how much will the mistake cost me?
• Research.  And then after that, do more research.  The more prepared you are, the better you can make informed decisions. 
• Ask your friends for help or referrals.
• Look on the Internet.
• Write down on paper the costs associated with diy v. hire.  It is good practice to plan on making a mistake, so factor in approximately 10-15% more on the diy side.
• Be patient and take your time.  Don't make quick decisions.
• If a company offers free estimates or quotes, take advantage to evaluate all possible scenarios.
• Before you jump into something because you think it's simple and nothing could possibly go wrong, take a step back and think through it.  You may have missed a small detail that could be costly.

Only use the money you have, but don't put yourself in a pinch.  If you don't have the money, don't do it.  If you build a deck and as a result poor little Timmy will have to go without his asthma medications for only a month, it's probably not the best time to build a deck.  If you must use a loan or cc, try to only use this method if it's an emergency.

Am I hiring merely on convenience because I don't want to put in any sweat equity?

Bottom line, you will come to many points in your life where you will be faced with this decision.  You should always think "can I do this myself"?  If you do more things yourself, odds are that you will be better prepared if the same situation would arise.  And you will be more knowledgeable of the thinking process to help you in your next situation.