A home reno is rarely a simple or inexpensive task. Even a small project can come with hidden costs that make it challenging to finish the job. Most designers and contractors recommend creating a cushion for your budget to anticipate these challenges, adding as much as 25 percent extra onto your total.
It isn’t always easy coming up with nearly one-third of your budget again, which is why we’ve created this list of helpful savings tips. This guide shows you how simple changes to your spending habits can help you create an emergency cushion for your reno.
⦁ Delete saved passwords: When logging into any online store, you’ll get a prompt asking you if you want the site to remember your profile name, password, and payment details. Clicking it promises convenience, as you won’t have to spend time remembering your login credentials or typing them in.
If you make a habit of impulse spending online, signing out could potentially save more of your money for your renovations. Without your credentials saved, you’ll have to sign in and share your credit card number — making it harder to add things to your cart and complete a purchase. This added step may be what it takes to help you avoid mindless spending on unnecessary splurges.
⦁ Reduce your food waste: Did you know the average American wastes a pound of food every day? In a year, that’s 365 pounds of food in the garbage. It isn’t just food you’re throwing away. With each uneaten leftover or expired item you discard, you’re throwing away money, too.
Learning how to reduce your waste can help you save money on groceries. A company like MoneyKey makes reducing food waste simple by offering practical ways for you to reuse leftovers and avoid buying unnecessary food. Once you’re ready to save even more money on food, this blog has tips to save money at the grocery store that include coupon apps, low-cost recipes, and in-season shopping techniques.
⦁ Stay in rather than go out: The winter season is the perfect time to embrace the life of an introvert. The last thing you want to do is brave the chilling winds and snowy roads to have a fun night out on the town. When you take advantage of the weather by staying in, you could save a considerable amount of cash when you avoid paying for drinks, dinner, and parking.
If you aren’t used to staying in, this may be your biggest challenge yet. To stave off cabin fever, make sure you fill your home time with fun alternatives — invite friends over for a movie night, host a potluck, or dust off some board games to keep you occupied. You may also want to check out if there are any hiking trails or free community events in your area.
When you tackle spending habits that limit how much money you save, you may be able to put more of your income towards your upcoming renovation. This is the best way to make sure you’re saving enough to reach your target of a 25 percent cushion.
If you’ve saved the recommended amount and still come up short in the face of an emergency, you can turn to a quick cash advance for
They aren’t, however, a way to cover the expected costs of your renovation. Online loans are designed to be a backup in the face of one-time, essential repairs — not so you can take on upgrades even though you’re short of saving what you need for your reno.
A successful renovation relies on responsible money management. Try out the money-saving tips shared above, then find out other ways you can cut your spending and put more money towards your renovation savings. When you put in the time to save now, you’ll be in a better position when you face an unexpected bill mid-reno.