Budget: A 6 letter word that so many of us cringe at. But your budget should be of utmost importance whether you are buying a house or decorating your home, or even buying a car or groceries. Your budget is what will keeps you grounded and it's what keeps you out of debt.
Living on a budget has a lot of negative connotations, so many people think living on a budget means poverty or a life of the mundane basics. But that's simply not true. You can live on a budget and still enjoy your life and even splurge every once in awhile.
I have been living on a strict budget for the last 2 years (and when I lived at home, my parents always had a budget). And it has already paid off dramatically. My fiance and I went from living in a 500 square foot studio to a 1025 square foot 2 bedroom apartment in just 14 months time. Neither of us make a ton of money, his current full time job is teaching and my current full time job is an entry level PR position. We don't make bad money but we certainly don't make a lot. But even with our meager funds we have been able to upgrade our apartment and lifestyle without breaking the bank-- All because we live on a budget.
How is this relevant to turning your house into a home?
Well if you don't have a budget in mind, it's very easy to spend more money than you can afford resulting in 2 horrible outcomes, you either go into debt or you stop projects that are only partially complete. Neither outcome is desirable. And both can be avoided if you work on a budget.
My fiance and I are working with a woman who had no budget in mind. None whatsoever. We came up with some designs giving her a range in pricing since we were unsure of what she could truly afford. She constantly choose the more expensive designs and furniture. But still had no budget in mind no matter how much we pressed her for one.
Besides updating the inside of her home, she also wanted us to tackle the outside of her home. My fiance willing complied because he loves landscaping. Before long we had a laundry list of things to do in addition to your initial contract. Again, no problem -- we were excited to turn her backyard into a beautiful retreat.
But not long after work on the outside began, she suddenly realized that she could not afford all of the work she wanted done on the inside and outside of her home. And she began to panic.
Exhibit A of one of the bad outcomes...stopping before projects are complete due to failed budgeting.
In order to help alleviate this, we had to sit her down and have her prioritize what was a necessity and what was a want. Sometimes you can't have everything on your list; at least not all at one time. Unfortunately, money does not grow on trees so there are limitations.
Again, this is why having a budget is so important for any and all home projects no matter how big or how small the projects may be.(I once budgeted $15 for a personal project of mine, and ended up coming in at $10. I was ecstatic; big or small a budget is vital.)
Luckily, we were able to wrap up a couple of the projects to the point where they no longer appeared to be in mid-completion without making any big dent in her budget. We also had a planning session with her for what she wants in the future so that she has designs and layouts to refer to. We have turned from doers to consultants for this client. But at the end of the day it has helped save her budget and has helped her better prioritize her necessary projects. It also has allowed her to still be able to get some small projects done on her house.
And this is what we are all about...helping people turn their houses into homes. We want everyone to love their, whether you rent or own your place, you should love coming home to it and be happy to show it off.
Budgeting is OKAY, I promise.
Everyone's budget is different. And that's OKAY. I am a firm believer of setting a budget and sticking to it. It can be difficult at times, but with a little patience and hard work you can achieve just about anything you want for your home on a budget. You just can't be afraid to try something new or to get your hands dirty.
I live frugally both by choice and by necessity. But I by no means feel cheated in life. I still am able to go out to dinner on occasion and take trips to the beach to visit my parents. And I still pay my rent, bills, and student loans. All the while making sure I am tucking money away to save up for a rainy day or more ideally for a home that I can personally own.
So like I said, I know we all cringe at budgeting, but it truly is a lifesaver. I live by my budget and I live just fine.
Stay tuned for some tips and trips on budgeting for home remodeling and daily life expenses. :)
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