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Seven Tips to Save Money While Renovating Your Home

Seven Tips to Save Money While Renovating Your Home

While renovating your home into a better living space, it is common to make plans that are not within your budget. Often after the completion of all the renovations of your home, visitors tell you that they got one or more similar jobs done for a lower price. We’ve been there, and it’s not the best feeling. To save you from such moments, we are giving you Seven Tips to Save Money while Renovating Your Home. These are some of the easiest measures that you can take when you are getting your home ready for a makeover. Here is how to save some money.

1. Time to sweat yourself.

Renovations can turn out to be the best time for you to use your DIY skills. Manpower is something that comes at a cost and doing a few of the jobs that won’t require special skills can help if you are trying to save on expenditures. Various renovation case studies show how much money people can save just by painting their homes themselves. If you can get relatives/friends to help you or if you can get a freelancer for a lower price to do the fencing for example, then you can bring down the cost of your home renovations.

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2. Don’t replace everything.

People sometimes get the idea that renovations mean replacing everything with new stuff. If you have this notion too, then you should probably reconsider. Look for furniture or any other home accessories that are worth keeping. This could be the chairs, a study table, or other items like them. Reusing will prevent you from losing money buying new products. You don’t want to end up realizing the value of something after you have gotten rid of it. Give it careful consideration as you sort what needs to go and what needs to be kept.

3. Get some money for the old stuff.

Before doing away with belongings, look for exchange offers in your region where you can get products for lower prices from the dealer in exchange for your old products. One more thing that you can do is to put your old stuff on sale, If you are a busy person, advertise your old products on “buy and sell” websites.

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4. Buy second hand.

If your budget is tight, then buying second-hand products is not a bad option. Thinking of second-hand products as substandard is common, but is hardly correct. You can easily find the second-hand products that you require being sold at reasonable prices. There are websites that sell such products and provide refurbished ones with a limited warranty period in which to return them if there is a defect.

5. Alternatives exist!

Don’t rely on a particular brand or company for your buying needs. We understand that you might have your favorites, but there are alternatives if those brands do not fit your budget. Products with lower prices do not necessarily have less quality. In fact, you should look for new manufacturers as they often offer their best products at comparatively lower prices.

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6. Buy smartly!

Buying alternative products is a good option, and it gets even better when you have the option to buy them from alternative shops. Do not buy only from local stores. Use the help of comparison websites that search for the prices of the same products, including furniture, paint, etc., and suggest to you the best store to buy the products of your choice at the lowest prices. Instead of visiting the stores, you can also use e-shops to order and get products delivered right to your doorstep sometimes with no delivery charge if you order several products from the same store.

7. Look beyond the “now”!

We sometimes forget that we can save in the long run by investing in long lasting or less power consuming products. Adding solar heaters, a system for harvesting rainwater, and buying efficient electrical products can save a good amount of money over the years. Products which require less maintenance or fewer replacements can save money. To buy such products you may have to spend a little more but considering that these long-lasting products prevent you from spending on their replacements for years, do not hesitate to invest in them.

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These are Seven Tips to Save Money while Renovating your Home. You can use them and see their effectiveness for yourself. Do you have more ways to save money on renovations? Let us know in the comments.

Featured photo credit: Pixabay via pixabay.com

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Ayu

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Last Updated on June 6, 2019

The Average Retirement Savings and How to Save Wisely

The Average Retirement Savings and How to Save Wisely

Are you on track for retirement?

If not, don’t worry, I’m not sure either. I save each month and hope for the best.

Fortunately, I’m at an age where most people don’t save so I’m ahead of the curve.

But, what if you aren’t in your 20s? What if you’re near retirement and are looking to gauge where you stand?

If so, keep reading. Here’s how to prepare for retirement and save wisely during the process.

What Does the Average American Have Saved for Retirement?

Saving for retirement is tricky.

Tell someone straight out of college to save $10k a year for retirement and it’ll be next to impossible.

Make the same request to someone decades older and they’d be more likely to be able to save this amount. But, a 20-year old college student can be “financially ahead” of someone saving more than them. Why?

Age matters in your financial journey. The younger you are, the more time you have to save and put compound interest to work. As you get older and have more saving power, you’d have less time to put compound interest to work.

Here are the average savings Americans hold by age bracket:

20’s – $16,000

During this stage, most people are paying loans and moving up the corporate ladder. Your best bet during this stage is to focus on eliminating debt and increasing your income. Don’t focus only on getting a high-paying job neither.

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Instead, focus on learning via Podcasts, reading books, and taking specialized courses. Doing this will make you more valuable and give you more career options.

30’s – $45,000

At this stage, you’ve hopefully escaped your entry-level salary and work at a career you enjoy. Your earning power has increased but you now have more obligations. For example, marriage, kids, and a mortgage.

Set a plan to pay off all your debt and focus on eliminating unnecessary expenses. Leverage financial tools like Personal Capital to ensure you’re on track for retirement.

40’s – $63,000

This is the stage where you’re at the prime of your career. Top financial institutions recommend you have at least 2 to 4 times your salary saved up. If you’re falling behind, start maxing out your 401K and Roth IRA accounts.

50’s – $115,000

During your fifties, you’re close to retirement but still, have time to save. You may be helping your kids pay college tuition and other expenses. Since you’re at the peak of your earning power, max out all your retirement accounts.

60’s – $172,000

By this point, you should have about eight times your salary saved up. If not, you’ll depend primarily on social security benefits averaging $1400 per month. Max out all your retirement options as much as possible before retiring.

Ways to Save Money on a Tight Budget

The sad reality is that most Americans aren’t saving enough for retirement.

Even high-earning power isn’t enough to secure one’s financial future. You need to have the discipline to save for retirement while time is in your favor. Don’t wait for you to have a high salary to save, start with having a small budget.

First, get a clear picture of where you stand. Write down a list of “needs” and “wants.” For example, Netflix and Amazon Prime are “wants” and a “cell-phone” is a need.

Use tools like Personal Capital to analyze your spending patterns. Personal Capital allows you to add all your financial data in one place–making it a powerful option to gauge where you stand.

Once you know all your expenses, organize them from highest to lowest expense. When you can’t cut more expenses, call your service providers to negotiate a lower price. If you’re not good at negotiating, use services like Trimm to lower your monthly expenses.

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How to Save Money Each Month

By this point, you know the average amount of money you should have saved for retirement based on your age.

But, breaking this down into monthly goals can be challenging. Here are some rule of thumbs to follow:

Aim to contribute 10%–15% of your salary each paycheck. Review your progress each week.

Why so often? The reality is that life gets in our way and you will have many financial setbacks. Your goal isn’t to be perfect but to get back on track instead.

Reviewing your finances weekly lets you know where you stand with your retirement. This doesn’t have to be a long process either. All it takes is login in Personal Capital to view your net worth and check how much you have saved for retirement.

Turn saving into a game and aim to save more each month. It will get challenging but you’ll get creative and find more ways to save.

Top Money Saving Challenge Tips

To prepare for your financial future and not be another statistic you need to be different.

How?

By adopting new habits that’ll help you become a saving machine. Here are some ways you can save more:

Automatically Contribute Towards Retirement

If you’re working for a company, you can automatically contribute towards your 401k. If you’re not currently contributing more than 10%, make this your goal. Contribute 1% more today and automatically increase this amount a year from now.

Odds are that you’re not going to be negatively affected by contributing 1% more. Many times we spend our money on things we don’t need. Contributing more towards retirement is a great way to secure your financial future.

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Use the Right Tools to Know Where You Stand

Once you’re contributing more towards your retirement accounts, gauge your progress. Make use of finance tracking apps to help you view the big picture of your retirement.

When I’d first signed up for the app Personal Capital, I didn’t know I had a negative net worth. Despite saving thousands of dollars, my debt brought my net worth to the negative. Knowing this motivated me to save more and spend less.

Now, I have a positive net worth. But, it was because I was able to view the big picture using the app. Find out what your net worth is using a finance tracking app and you may surprise yourself.

Bring in Experts to View Your Blind Spots

If you have too little or too much money saved, you should consider hiring financial experts.

Why?

You may need someone to hold you accountable to help you reach your financial goals. Or, you may need help managing your money as effective as possible.

Regardless of the reason, getting help may help improve your financial situation.

Before you hire an expert, find out which areas you need help the most. For example, if you’re constantly overspending, find a debt counselor. If you’re struggling with choosing the best investment options, hire a financial advisor.

Speed up Your Retirement Contribution

After learning how to manage your money well, the next best thing is to earn a higher income.

You’re capped at how much you can save but not much you can earn. Even if your employer isn’t giving you a promotion, you can still take charge of your financial future. How?

By starting a side-business.

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This will be something you’d work on after you’ve finished your day job. Once you start earning income from your side-business, you’ll be financially better off.

The best part is the more work you put into your side-business,[1] the more potential it has to earn more money.

So start a side-business in an area you’re familiar with. For example, if you enjoy writing, do freelance writing for small e-commerce businesses.

Once you’re earning a higher income, you can contribute more towards your retirement. Don’t wait for the right opportunity to secure your financial future, create one.

Reach Financial Freedom with Confidence

What if you were able to retire tomorrow with no problem, all because you’d have enough money saved up and little to no debt left to pay off? How would you feel?

My guess is that you’d feel happy and relieved.

Most Americans are falling behind their retirement goals for many reasons. They’re not prepared, they carry bad money-habits and are thinking short-term.

For you to retire successfully, you need to work backward and adopt better habits. Contribute more towards your 401K and focus on growing your income.

If you do, you’ll save money and pay debt faster.

Don’t beat yourself up if you’re behind your retirement goals. Take the first step today towards a brighter financial future. Isn’t retirement worth the hard work and sacrifice to be at peace?

Featured photo credit: Huy Phan via unsplash.com

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