Throughout the pandemic, many of us have spent more time in our homes than ever. As governments around the world urged us to stay home unless absolutely necessary, we’ve grown increasingly familiar with our own four walls and this has given us the chance to decide what we love about our properties and what could do with a little improvement It’s not all too surprising that now restrictions are being lifted, many of us have plenty of home improvement and renovation plans that we want to move ahead with. Of course, renovation tends to come hand in hand with a large price tag, and the pandemic has been hard on many of us financially. So, what can we do to save aside the money that we need for these ventures? Here are a few suggestions that should help you along the way!
Make Sure You’re Starting from a Clean Slate
If you have outstanding debt, it’s pretty important that you begin to clear this before looking at expensive home improvements. Clearing your debt will give you a fresh slate to start from and will ensure that you’re not digging yourself into further debt, or at least paying unnecessary interest, through money you owe. Make monthly payments. Consider balance transfers to low interest or interest-free accounts. Consolidate multiple debts with a low-interest loan so you only need to pay your debt off in one place. These simple steps will help to speed up the process.
If you’re debt-free, it’s time to start saving. There are countless ways to go about this. Here are some to consider.
- Recreate your budget – most of us live life according to a budget. This attributes our spending to the things we need to pay and leaves us with disposable income that we can spend on what we want. Attribute a larger percent of your disposable income to a savings pot that can eventually be used on your renovations.
- Sell old belongings – most of us have items we no longer want or needs. Whether that’s old clothes, U.S. silver coins. Unused appliances or anything else. Sell these and put the money you make into your savings pot. Online platforms make sales easier and can help you to reach a wider audience.
- Take on extra work – if possible, you may want to take on extra work to generate an extra stream of income that you can save. Whether that’s extra hours or overtime at work, a second part-time job, or freelancing, it’s an effective way to save quickly.
- Save on your outgoings – chances are you can reduce your essential outgoings somewhat. Any money you save can be added to your savings pot. Use price comparison sites to look at offers from different energy suppliers, car insurers, home insurers, and other outgoings you may have. Switching to a cheaper provider will free up more of your money to save!
As you can see, saving for your home renovations is possible. You’ll just need to be a little savvy along the way. Hopefully, some of the steps above will help!