Saving For Home Improvements

As you know, we have lived in this house for quite some time now and it hasn’t really felt like home. We’ve looked at moving elsewhere (despite loving it here) but its so expensive round our area that we just can’t justify it. However, after some talks with the letting agent we have been told we can make some slight adjustments – as long as we don’t mind paying for it ourselves. Any major problems are something they will fix but anything more aesthetically troublesome we can deal with.

Of course, we won’t be able to undertake all the work straight away, as we quite simply can’t afford it. So I’m definitely going to have to start making cut backs in order to save up and create my dream home.

But, with bills to pay and a family to tend to, saving can be easier said than done! Here are some top tips that I’ve managed to acquire from family, friends and, of course, the good old internet…

How much do you need?

Before you start saving, it’s a good idea to have a target in mind. After all, it’s a lot easier to save if you know exactly how much you need before you can start on your project. Sit down and make a list of everything you need, then calculate the costs involved.

Plan and Budget

Once you know how much you need to save, it’s time to work out, realistically, how long it will take you to do it. Start by working out your monthly income, then your outgoings, and then calculate how much you can afford to set aside each month.

This also provides the perfect opportunity to work out where you can make cut backs and reduce your spending…can you spend less on food each week? Do you really need that weekly haircut? And is there a cheaper way to get from A to B? Remember, every penny counts!

Borrow?

If you want to get your work done quickly, you might want to consider funding some or all of your project through finance such as loans, credit cards, etc. If this is an option for you, before you set your heart on it, it’s worth carrying out a credit check to make sure you will actually be approved for credit (you can do that using a site such as Experian). You should also remember that you will have to pay the money back, usually with interest.

Prioritise

If, once you’ve calculated all of your costs and considered all of your funding options, you realise that it might be a number of years before you can complete your improvements, don’t be demoralised.

Instead, prioritise your projects, setting yourself smaller projects to work towards. So, if you can’t stand that hideous avocado bathroom suite but could quite happily tolerate your kitchen for a couple of years, move the bathroom to the top of the list! If you can see progress, it will spur you on to save more and more.

Of course saving for home improvements means making savings elsewhere – here are 100 top tips to get you started.

We’ve already started making some changes to the garden – it wasn’t something we were happy with so we’ve had the gardener in to sort it out. But what shall we tackle next?

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