Ever finding yourself stuck in situation where you weren’t able to pay your tradie to finish the job? Or even running out of tiles to finish your kitchen splashback?
Say no more, today we talk all about money.
Specifically, how to manage your budget efficiently and effectively during your renovation project.
We will give you three steps on how to master the technique of budgeting during a renovation, allowing you to meet your reno goals and create your dream space.
Read below to find out how to manage and stick to your budget but also be flexible to changes to come your way.
Listen below on Reno Radio for the details of the three top tips or keep reading for the recap!
1. BREAKING DOWN YOUR COST
Big renovation can often get quite stressful, especially when working with big numbers.
This can often is difficult for you to keep track and plan out your budget.
However, breaking down your budget into your big jobs can allow you to help manage and budget accordingly.
With each of these big jobs break it down into individual steps within it, to help better gage the cost.
It is important to constantly track each cost as you are progressing throughout the renovation, to avoid any errors.
2. ALWAYS HAVE A BUFFER
Like anything in life, things often can go wrong and be unexpected.
It is important to remember to always have a buffer.
Having a backup plan with back up money in your budget, just to be ready for anything that might go wrong.
Making sure that you have a minimum of 15% of your total budget cost saved away.
Always be prepared for the unknown and flexible with changes.
3. DOUBLE AND TRIPLE CHECK YOUR BUDGET
Lastly, always double and triple check your budget.
It is important to always monitor your budget, giving the constant care and attention as you would with your newborn baby.
Instead of monitoring your budget week by week, attended by the budet day by day.
This will allow you to always keep track and analyse any variation of the money, whilst be ready flexible with change.