For the most dedicated among us, DIY is more than just a means of getting a job done cheap – it is a life-long hobby that we are passionate about! There is nothing quite like the satisfaction that comes with finishing a job and being able to admire your handiwork in the knowledge that you have materially improved your situation for much less than the cost of calling in a contractor.
All the same, while it may save money compared to using professional services, DIY is a hobby that requires funds. That next project, whether it be a new extension or kitchen renovation requires money to get it off the ground. If you love DIY but find that you are often struggling to scrape together enough cash to fund projects, we have written this article especially for you.
Read on to learn some personal finance tips that will help you to fund your next big DIY project!
1. Check Your Interest Rates
If you have borrowed money to finance previous DIY projects, make sure you know how much interest you are being charged for each loan. A common mistake among debtors is to lack the foresight to prioritize paying off certain loans when they really should be paying off others.
Get your finance in order and work out which loan has the highest rate of interest – this is the one that you should look to pay off first. If you are unhappy about a certain interest rate, shop around to see if you can refinance with another lender who offers better rates.
2. Set Savings Goals
Every DIYer will have a specific monetary target that needs to be hit in order to proceed with the next job. Once you have this figure in mind, you should work out the time at which you hope to have the funds available to you. If you hope to get started with a job in six months’ time, divide this figure by six to work out how much you will need to save per month to get your plans off the ground.
People who do not maintain a tight rein on their incomings and outgoings are likely to run into financial difficulties before long. If you are serious about funding your next DIY project, the best thing to do is create a realistic budget. This budget should include a detailed breakdown of everyday expenses like food and travel. It should also leave a margin of 10-15% to allow for any unexpected expenses that may come up.
4. Learn Where to Source Cheap Materials
Apart from tools, the biggest outlay involved in DIY is of course the building materials that you need to complete a job. But there are a few ways that you can cut corners in this regard.
Familiarize yourself with the local builder’s yards to scope out where to source the cheapest materials that do not compromise on quality. You should also check to see whether there are any reclamation yards in your vicinity. Some of the best are veritable treasure troves of materials that people have stripped and then brought to recycle. If you are looking for a vintage wooden door or set of window frames, you may be able to pick them up at a fraction of the price charged elsewhere.
5. Secure Financing from a Creditor
In some cases, a DIY project can’t wait. If you need funding to start in a hurry, you should explore the possibility of securing a loan from a creditor that specializes in helping people out with home improvement projects. If you live in Texas and are looking for funding for your next big DIY project, there are options for a variety of personal loans in Houston, TX that you should consider. Many offer reasonable rates of interest that make paying them off not too much of a hassle.
DIY is a hobby that can require a specialist savings plan. We know that money can be tight, especially if you have a family. However, if you follow the tips laid out in this article, you should be able to get together the cash needed to carry out your next big DIY project.