When it comes to being a homeowner, there’s never such a thing as too many renovation projects. Many homes will need to go through at least one renovation during its lifetime and that will come with a hefty price tag.
Long before your renovation begins, you will need to start saving money. But easier said than done, right?
Keep reading for some helpful tips to make that process easier.
1. Make Use of Money Saving Apps
You don’t have to become an extreme couponer to understand how to find good deals. You can use cashback apps that save you money automatically on purchases.
For example, Ibotta gets you cash back when you make purchases on select items. You can buy appliances or tools you need for your renovation and receive a percentage of the money back each time you check out. Use this referral code to save up to $30 on your first purchases on the app.
2. Get in the Frugal Mindset
Many people struggle to save when they find themselves juggling family expenses and life’s unexpected road bumps: the car breaking down, the refrigerator not working, a phone breaking, the list goes on.
When these types of problems come up, hesitate before running to buy a brand-new version of your broken item. Instead, get in the frugal mindset and go into the purchase with the goal to save, not spend.
For example, when it’s time for a new car, consider a used car that can still get the job done and save yourself thousands of dollars. Rather than getting a new replacement refrigerator, check out your hardware store’s scratch and dent section for a fridge with minor cosmetic issues. Dropped your phone and cracked your screen? Research how to replace the screen yourself — it’s easier than you think!
Keeping this frugal mindset in all aspects of your life will help you put away money towards your home renovations very quickly. We recommend painting a picture of your dream renovation in your head at the supermarket, mall, etc.
3. Consider What You Already Have
While a lavish renovation is always preferred, it’s not usually necessary. There is a lot of potential to make small changes to what you already own.
Smaller enhancement projects will save you from having to invest in complete replacements. Here are some examples of simple changes that can make your renovation impactful without breaking the bank:
- Refinishing wood pieces
- Repainting cabinetry
- Changing out your door handles
The tools needed for these changes usually boast smaller price tags. Overall, making these smaller and inexpensive changes in your home will help you save money on your home renovations in the long run.
4. Make A Thoughtful Budget
It’s very easy to think about home renovations and become overwhelmed by the potential cost. Rather than getting carried away by the big picture, break down your costs and create a budget.
Here are some questions to ask yourself when creating your budget:
- What can be repaired? What needs to be completely replaced?
- What can be sold second-hand? What must be thrown in the trash?
- Will I need an expert for this project, or can I do it myself safely?
Once you’re done brainstorming, you may find that there are fewer purchases necessary than you once thought. Knowing an exact number to save up for will make it easier to manage your finances and work towards your renovation realistically.
Start Saving Money Before You Renovate
Using these tips will surely save you money next time your home needs some TLC. Between using apps that will save you some extra cash and just making better use of what you already have, you should be able to fix up your home without breaking the bank. Here’s to your next home renovation!
