It is interesting to note that besides spending a huge amount of money on buying a property, another sum is needed to be saved on renovations so that you can construct the ideal home for your family. Renovation cost is also high these days and care has to be taken to ensure that money is readily available to be spent on interior designs and renovations. And by ‘paying yourself first’ we mean establish an automatic withdrawal on payday for a certain amount of money from your chequing account into your new savings account. This way you are not relying on your schedule and memory to put money aside into your savings account periodically to help pay for those home improvement projects you want to get done.
Just as you have your mortgage paid directly from your bank account, by having funds automatically transferred to a new or existing savings account in no time you will be amazed home much money you have saved. Over a short period of time you will not miss the money you have automatically transferred to your savings account and will find yourself adjusting your frivolous spending as the money won’t be in your main day-to-day chequing account.
And, while it might not seem like a lot, savings accounts tend to provide you with at least some interest to add to your savings compared to chequing accounts which frequently provide no interest on its balances. Unless you are independently wealthy, you cannot spend money on anything you want, especially on home improvement or renovation projects which can be costly and full of unexpected surprises.
Make a list of all the different small and large ways you would like to improve your home. New flooring? New garden and trees? New windows? New roof? Custom kitchen? Custom deck or patio out back? The list of possible ways to improve your home are endless … or so its seems. So, make a list of how you want to renovate or improve your home over the next 12 months. Make another list of improvement projects you want to see completed over the next two to three years; over the next 5 years. For each item put a realistic estimate of how much each will cost. Go out and obtain estimates if this will help.
Then prioritize those initiatives you want to get done first. This will help guide you on how much money you need to save over the next year, the next two three years and the next five years. Unless you know how much you need to save for your high priority projects, how will you know when you get there …. how will you know when you have saved enough? Savings accounts help you save money for small and medium sized home improvement projects. What about your large expensive home reno projects such as new windows, a new roof, and more?
Such costly expenditures can take quite a while to save. Where you have long range home improvement plans, consider periodically taking money out of your savings account and locking it away in a fixed rate cash isa. These longer term savings vehicles provide more interest than savings accounts to help you reach your target savings goal for your home renovation project faster. The rate will not go down, hence the term ‘fixed rate’, so you know how much interest you will earn over the term. And, by locking away your savings in these longer term savings accounts you will not be tempted to use it for something other than your high priority long term savings goals.
Any journey starts with the first step. Start now. Work on your plan, on your prioritizing efforts this weekend. Then take action to start saving more of your money to have your goals met sooner. Once you get started, especially with an automatic savings plan, you will be surprised how soon you will have saved money to start your high priority home improvement projects.
Whether you are looking to sell your home or just looking to enhance the decorative layout, a simple makeover can make a big difference. Your main goal is to complete your home’s makeover while saving a little money in the process. You can do the job yourself or hire someone else to do the job for you. Here are a few tips that you can consider when it comes to doing a makeover on your home.
One way to make your home stand out is installing new windows. You can give your home a unique decor with the installation of a Champion bay window. Although bay windows can be installed anywhere in the home, the best places would probably be the kitchen or living room. Bow windows are other choices that you can consider. However, when it comes to installing windows in a home, it is better to hire a professional to do the job for you.
Aside from bay and bow windows, you can also place garden windows within your home. Garden windows are excellent for those who like a little greenery in their home’s decor. You can place your plants next to the garden window so that they can get sufficient sunlight during the day. Light fixtures are other alternatives that you can consider for your home’s makeover. You have a wide variety of lights that you can choose from for your home, such as recessed lighting, sconces and ceiling lights.
If you are on a tight budget, you can still give your home a makeover. A simple paint job can accentuate your home’s layout the way you have always wanted. You can begin in your living room, and then make your way through the rest of your home. Make sure to get a sense of your home’s layout before you begin to paint your home. By doing this, you are certain to get the perfect color that can complement your home’s decor.