Updating your home isn’t inexpensive, whether you’re building a new addition or giving each room a fresh coat of paint. Working together as a family can ensure that you save money together, which will get you to your goal faster.
Make Room for Your Remodel
What are you going to do with the clutter in your home during your remodel? As you plan your renovation, go through each room of the house — including the attic, basement, and garage — and separate all the old clothes, decor items, and toys that no one uses any longer. All members of the family can go through their own possessions and set aside the items they don’t want.
What now? Put together a garage sale or a yard sale. You can earn money for items that are in excellent used condition. Even if you keep the prices low, you should still end up with a decent amount of money at the end of the day or weekend. But be sure to advertise. Put up fliers and leave notices on local Facebook groups so that the folks in your neighborhood know to stop by your house.
Renovate Your Finances
You may come to a point where you need a larger amount of cash or at least a more substantial amount of savings. Feel free to check into financial options such as a home equity loan or a private loan. Although you can also consider refinancing or taking out a second mortgage, those options are better suited to costly, far-reaching renovations.
Restructuring your other bills and payments is less risky, and you aren’t responsible for an entirely new loan. Begin with a look at your student loan options. Renegotiating your monthly rate can allow you to put back money each month for your renovations. Are you going back to school? If you’re going to take out a loan to help pay for school, then you can possibly use some of the extra money for your renovation fund.
Start a Project Jar
Image via Flickr by frankieleon
As long as you have a Mason jar or an old pitcher, you can try this trick. Create a label so that everyone knows the receptacle is for the renovation fund. Spare change, the bills family members leave in their pockets, and the coins from the couch cushions all go in the jar. You can also get the kids involved by inviting them to toss in their leftover change or a portion of their allowance.
Stick to a Family Budget
Budgeting is never fun, but doing it as a family can allow you to reach a goal together. From entertainment to the weekly groceries, it’s essential to cut costs to save up for what you want. Download an app to hold you accountable and help you meet your savings goals. In fact, all members of the family can put the same budget app on their phones.
How do you save as a family? Share your tips with us.