Tips for saving towards a home renovation

Posted on 19 OCT

1. Start off by shopping around for quotes, make sure you have a clear understanding of what you want to achieve and how much you need to save up by setting up a budget. Get comparative quotes, shop around and research how much of the work you can possibly do yourself without compromising the quality of your project. When making decisions on choosing the right contractors to do the work, I strongly recommend that you choose wisely, rather consider reputation than only looking at price. Ask around, friends and family will gladly recommend good tradesman/contractors and you will have better peace of mind during the project, knowing that you can trust your contractor

2. Based on the total price you have established by choosing your contractor, consider your timeline, and communicate this through to them. Allow some contingency within your set price as well, to ensure you are prepared for any unforeseen expenses that almost definitely will creep up during the planned renovations

3. Start putting aside regular weekly payments, based on the amount required for the project, across the timeline you have given yourself and the amount you can comfortably afford to put aside. Once you get into this habit of setting money aside, you will naturally reconsider and cut down any unnecessary spending. Keep your plan front of mind, maybe put a picture of your new kitchen/bathroom/deck on the fridge to keep you motivated to set as much as you can aside to get that new reno done quicker!

4. Keep track of your savings, as you see the $$ grow, you will be surprised at what suddenly becomes more affordable. Perhaps by saving a week or two longer, you will be able to get that special feature you did not think will fit into your budget. This may be a slightly more expensive fixture, or a smarter looking splashback, who knows?

5. START – do not delay, once you have your plan in place, start saving immediately and do not put it off for later.