Renovate, Redecorate and Restorate – Go!
Good morning friends. This summer I am planning to start renovating my very first own apartment which I bought last year. Now when construction of the house is almost done I am frantically trying to save every possible dollar for my future dream design.
Saving your money up for renovation, restoration or redecorating can seem time-consuming – and it is. But don’t become disheartened by how long it may be taking you to save up on one big blowout – there are some things that you can spend your money on now to help in the long run.
Figure out how much you need to save
It’s always best to go save over the set figure you have in your head – that way you can be prepared for any extra spends that may crop up. Work out a saving plan that suits you best; there are some really good examples online of saving tips and which bank accounts work best for higher interest rates if it’s a long-term save. Only put away each month how much you can afford to live without; don’t scrimp on your standard of living just to get to a goal quicker if it will impact your quality of life. Simply set out a longer time span to get everything sorted.
Stick to your saving regime
If you’ve started a savings plan, stick to it. Any deviation will see you fall short of your target before the time specified. Don’t think that other stuff is more important (unless it truly is…) if it is just a fad or something that won’t materialise that you are investing in.Think of this plan as like paying off a mortgage; if you miss a payment, you will face a penalty. It’s obviously not as serious as that, but if you get into the mindset that it is then you will be well on your way towards your financial goal.
Look for other options
If you aren’t sure that you can stick to a savings plan, or it will take longer than is viable to you (e.g. you may want to renovate a house sooner rather than later to move into it), you can look at getting a loan or going on finance to borrow money to get you started. Second charge loans can be a great option for you to look into if you are wanting to do construction work like an extension or a conservatory; we don’t all have the cash lying around spare in order to get what we want and when we want it. Make sure that you can afford the monthly repayments on a long-term basis before you commit to anything.
Buy items that are on offer
If something is on offer that you would be using during your project, use money out of your budget to snap it up. That way you are at least putting it towards good use rather than spending on other things. It is an investment towards something the future rather than a waste of money on something that isn’t related at all.
Get ahead with anything that you may forget later
If something is on your mind but you know it will slip from memory later, like an idea or a concept that can be put towards what you are doing – especially in redecorating terms, as it may not be available when you want it if following a certain style of trend – either pop it onto a mood board for later consideration or buy it while you can. Again, take it out of your budget as it is something that will be used towards your end goal. It’s better to know that you have everything ready than having a big panic at the end and forgetting what you initially wanted, and specific bits that can make the whole room come together.
Pay in advance
If you are hiring in help to get the work done, you can pay in installments in advance to alleviate the burden and financial stress of having to get a lump sum together to pay. You can also pay as you go – this is often preferred unless you know the tradesperson well in advance. Set it out over time and relate it to the amount of money that you are setting aside to get the work done completely. You may even find that you have more cash left over at the end if you aren’t taking the money directly out of your savings; little bits here and there do add up, but they’ll be adding up for the benefit of you and what you are about to achieve rather than anybody else.
In summary: set yourself a target, work towards it, get the materials and do the job. Easy peasy.
