How to save money for a big project

How to save money for a big project

Many of us buy our homes with a view to making changes. Whether it’s a simple case of a bit of DIY, or a full-blown house revamp, there’s nothing more rewarding than creating your own perfect space. But these kinds of projects can come at a cost, particularly if you’re looking to add an extension to your house or even just fit a new kitchen or bathroom. With the cost of living increasing all the time, saving up this kind of money can seem like an impossible task. But, there are simple things you can do in order to save up the cash and create your perfect home.

Know your budget

The very first thing to establish is your budget. In order to be on top of your finances and know how you stand financially, you need to have a crystal clear grasp on how much money you have coming in and how much you’re paying out each month.

Working out your budget doesn’t need to be complicated. You just need to sit down with your most recent bank statements and you’re ready to go.

Make cutbacks where possible

When you’re looking to save up a large sum of money, it’s important to make sure that you’re not overspending. Every single penny of spare cash can make a real difference to how quickly you can get the funds together. If you’re paying for subscriptions you no longer need, then get them cancelled. If you’re paying money towards loans and credit cards each month, then you might be able to save some money by consolidating these. Take a look here for more information.

Your priority bills should always be at the top of the list for payment – these include your rent or mortgage payment, utility bills and any other bills you need to make sure you pay in order to keep a roof over your head. So obviously you mustn’t stop making payments towards any of these. But there is money to be saved if you look hard enough and just be ruthless with your spending.

De-clutter

It always amazes me just how much “stuff” we seem to accumulate. If you’ve got children, then the chances are that you’ll have toys and clothes that they no longer want or need. These can make you some money when you sell them. You can use places like Facebook Marketplace or eBay in order to sell your unwanted items.

Sell on eBay

Take on a side hustle or overtime at work

One of the best ways to make extra cash is to take on a side hustle. This is something you do to make money outside of your actual job. This could be anything from selling your creations on etsy, to taking on some paid mystery shopping work. There are lots of different options depending on where you live and the spare time you have.

You could also look to do overtime in your paid job if this is an option to you. Many employers offer extra hours during peak times or to cover staff illness, so make sure your employer knows that you’re available.

It really doesn’t take much to save up some extra cash, and if you’re determined, then you’ll have the funds for that home renovation in no time!