Are you considering having any home improvements made to your house this year? Improving your existing home is a popular choice, especially when moving house can be expensive, but the cost of home improvements can be a worry.
Whilst some home improvements are dreamed of and planned for, there are always some things that happen unexpectedly (like a boiler suddenly packing up, usually just as the cold weather hits!), so it’s good to have savings in case of any unexpected work that needs to be done to your home.
A recent YouGov survey conducted on behalf of Shepherds Friendly looked at the state of UK saving habits and found that only 42% save money each month in case of unexpected needs. Thirty-two per cent said they don’t budget their spending at all. Of those who were saving, 16% said they were saving to have money to do up their home, and 12% were saving to enable them to buy a home.
Although some home improvements are unexpected and costly, they’re normally worth it in the long run and are better tackled than left to get worse. Planned home improvements can result in being considerably more functional for your needs – for example if you have a growing family and need more space and have a loft converted to create an extra room Plus, significant changes, such as an extension, new kitchen or new bathroom, could even boost the overall value of your property.
The cost of home improvements varies depending on what you’re thinking of having done, but some of the common home improvements popular with homeowners in the UK include:
A new bathroom
A new kitchen
A new boiler or central heating system
A garden makeover
Building an extension
Knocking down interior walls
Adding an extra bedroom
Top tips for saving money to cope with the cost of home improvements
Whether you want to save money for unexpected home improvements, or big new plans, there are plenty of ways in which you can do so. Here are our top tips to develop a savings habit and help you fund the cost of home improvements.
Put a set amount in savings each month
Create a standing order and put aside a set amount of money each month into a separate savings account. That way you’ll know how much you’re saving and what it could add up to over the course of a year. It will help you plan more effectively towards your home improvements, as you’ll know where you stand with your savings.
Create a budget
If you currently don’t have a spending budget, try creating one and sticking to it. It could help you reduce any impulse spending and help free up some funds to save.
Review your spending
Think about your existing expenses and whether there’s anything you can save on. For example, if you buy a daily coffee on your way to work, the cost can add up over the course of a month or year. By reviewing your spending, you could find some useful ways to cut back and save money at home and when you’re out and about.
Deal with debts
Try and deal with any existing debts you have and work towards paying them off before embarking on any major home improvements. It will be easier to manage new plans if you don’t have old debts to worry about.
Collect loose change
If you often have loose change in your pockets or purse, try collecting it together in a dedicated loose change container. When it fills up, take it to the bank and pay it in to your account. For better savings, focus on collecting one or two pound coins.
Buy during special offers or use discount codes
If there are items you need for your home, try and save money by buying them when they’re on special offer. Look for discount codes or sales information online. Don’t forget to look out for deals on Fresh Design Blog!
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