4 Means of Saving Money for a Remodel

If you are planning to remodel your home, you may want to start saving money now so you can avoid using credit or your regular monthly income. Setting aside money for a special cause like an exciting home renovation can make the effort feel worthwhile. Here are suggestions for building a financial reserve for your home makeover project.

Get a Side Job

A high-quality home renovation project is not cheap, although improvements often add equity to a home. You may be considering roof installation services, patio construction options, and new siding or even a room addition, all of which can take a toll on your budget. To set aside funds for this special initiative, consider getting a part-time second job. Basic services like dog-walking, transcription, tutoring, or housecleaning can bring in additional income that you can save specifically for the renovation and then relinquish your second job when enough money has been earned to pay for the renovation.

Sell a Collection

Many people have been saving collectible figurines or other items for years or have inherited a collection from a relative. If you do not plan on using the items and have no particular sentimental value, consider selling them and investing the money in your home improvements. You might enjoy the new look of your house more than an aging collection that no longer attracts attention or brings joy.

Have a Garage Sale

Actually, have several garage sales, one at the beginning of the spring, summer, and fall seasons, and winter if weather permits. People are often motivated to buy tools, equipment, clothing, toys, and furniture as a new time of year approaches to do cleaning, building, or furnishing projects. Although a single garage can net hundreds of dollars, that probably won’t be enough to fund your renovation. However, several garage sales enhanced by offering to host neighbors’ items for a percentage may provide a healthy start to your savings.

Conserve Cash Gifts

Think about all the unexpected cash income you receive over several months’ time. This could include rebates, salary increases, bonuses, and holiday or birthday gifts as well as a tax refund or other special occasion gifts, like an anniversary. Stash all that money in your home remodeling fund, and the savings will probably grow faster than you think.

Saving for a home remodeling project is a great way to practice effective budgeting and conservation. Avoid unnecessary expenditures like that daily specialty drive-through beverage, and your fund will grow even faster.

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