Interested in starting DIY home projects but unsure of how to budget for it? Don’t worry, you’re in the right place!
Below is a set of handy tips that can help you successfully make a budget home project without making any costly errors or burning a hole within your pocket:
Should you DIY?
DIY projects can be fun and rewarding – but they aren’t everyone’s cup of tea!
So, before starting a new DIY project, ask yourself if the task is genuinely within your capacity to complete. People often pick up DIY projects and end up quitting midway because it was too difficult or demanding to sustain. Abandoning a project means all the money (and time) a person put into it has gone to waste.
To avoid this from happening to you, be sure to honestly assess whether or not you can actually complete this DIY project, or not. There’s no use in doing it yourself if you’re going to end up calling a professional to finish or fix the project for you – not only will it cost you extra to hire a professional, but you’ll also have to shoulder the cost associated with your own DIY attempt.
How to Budget Your DIY Home Projects
Create a Tools and Materials List
Before you can start budgeting for your new DIY project, you need to gain a clear understanding of what tools and materials you’ll need for the task. Try going over multiple blog posts or YouTube tutorial videos to learn more, and, when you’re ready, create a list of everything you’ll need.
You can save this list as a formal spreadsheet or jot it down in your phone’s notes app or a physical journal.
Estimate Project Costs and Consider Budget
Once your tools and materials list is ready, you can start to estimate the cost behind each feature and note it down. If you’re unsure about product prices, look them up online on websites hosted by local retailers in your area!
Next, add all the product prices up to see how much money you’ll need for the project.
You should also factor in an extra 10% (minimum) to the project’s cost price to cover any additional or unpredicted expenditure.
Also, remember to go over your personal inventory. You might end up finding some tools and materials there, hence saving you from the high cost of buying them again.
If the total cost of the entire project – from start to finish, plus the extra 10% safety net – fits within your budget, you’re ready to start working on your DIY task! However, if the amount exceeds your affordability, try borrowing tools or spare materials from friends and neighbors or reducing your project’s scope or size.
If downsizing isn’t possible, consider waiting until you have saved up enough money to buy everything you need for the DIY task.
Rushing things is never a smart idea; remember, haste makes waste, and you might just end up with a disappointing end to your project due to insufficient funds.