3 Attitude Shifts to Help You Save for Your Reno
The easiest part of a renovation is dreaming up what you can do to make your space safer, cozier, and trendier. What’s harder is finding the cash that will make your plans a reality.
But focusing on the hard stuff can leave you feeling overwhelmed — and discouraged! This negative outlook could be what stands in your way of making upgrades to your home.
If a bad attitude has stopped you from renovating, you need a change of perspective to help you think about your renovation differently.
Here are three attitude shifts that will help you keep your next reno on track.
1. Set Appropriate Goals
Pulling off a renovation of any size is all about planning. You need to make sure the size of your job fits the size of your budget.
This means scaling back your plans to fit your budget. While you may dream of having an open-concept kitchen with two ovens and an island, the reality of your finances may mean you can only repair appliances and refurbish existing counter space.
Don’t dwell on what you can’t have; focus on what you can reasonably afford and stick with it.
2. Remove Credit from Your Plans
If you can’t afford as much as you had hoped, it may be tempting to use a line of credit to help boost your budget. But you should only borrow cash during a reno when an unexpected emergency derails your plans.
Let’s say a minor job in the bathroom reveals you have lead pipes, flooding, or mold. These issues could lead to dangerous conditions down the line, so it would make sense to address them right away. A line of credit may help you take on critical safety upgrades if you don’t have the savings to cover them on your own.
What happens if these unexpected emergencies happen when you have less than stellar credit?
While you may find a personal line of credit for people with bad credit, take the time to start rebuilding your credit history now, before your emergency. Any positive history you add to your file may unlock line of credit loans with better rates.
3) Reframe Budget Sacrifices
For many homeowners looking to take on renovations, sacrifice is the name of the game. Sacrificing fun things is often the only way you can save up what you need to take on big plans without dipping into a line of credit.
But this kind of attitude can make budgeting hard. With your mind focused on what you’re missing out, it’s easy to lose the willpower to commit to your frugal habits.
Instead of thinking of what you’ll lose out on now, consider what you’ll gain in the future. By ignoring the siren call of takeout, concert tickets, and clothes shopping, eventually you may have a brand new home to enjoy.
Stay Positive but Be Realistic
Even the simplest renovation can take a lot more time, effort, and money than you expect. But a few simple changes to the way you think about your plans can help you handle anything that comes your way. Keep these tips in mind the next time you’re ready to revamp your home.