How to save money on home renovations

Discover how to save money on home renovations by setting a budget, prioritizing projects, doing DIY, shopping around, and using your bunq savings account.

November 15, 2023

Home renovations can be costly, but with smart planning and a little help from your bunq Savings Account, you can make the most of your budget. Here are some tips to save money on your next home renovation project.

1. Set a Budget and Stick to It

Before starting any renovation project, it's important to set a realistic budget. Take into account your current financial situation and determine how much you can afford to spend. Don't forget to factor in an interest rate if you're borrowing money. Once you have your budget, stick to it!

2. Prioritize Your Projects

Not all home renovations are created equal. Some projects will give you more bang for your buck and improve the value of your home. Identify the most important projects and tackle them first. This way, you'll see the biggest impact on your home without breaking the bank.

3. Do It Yourself (DIY)

If you're handy or willing to learn, doing some of the work yourself can save you a significant amount of money. There are countless resources online to help you learn new skills, so don't be afraid to give it a try. Just remember, if a project is too complex, it's best to hire a professional.

4. Shop Around for Materials and Contractors

Take the time to research and compare prices for materials and contractors. Shopping around can help you find the best deals and ensure you're getting the most value for your money. Don't forget to read reviews and ask for recommendations from friends and family.

5. Use Your bunq Savings Account

A bunq Savings Account can help you save for your renovation projects by offering a competitive interest rate. At bunq we pay your interest in weekly installments. That means you can watch your savings grow each and every week, enabling you to save up for your home renovation easier and faster. Plus, with bunq's easy budgeting tools, you can keep track of your spending and ensure you're staying within your budget.

6. Plan for Couple Finance

If you're renovating with a partner, it's essential to plan for your joint finances. Discuss your financial goals and priorities, and make sure you're both on the same page. This will help prevent any surprises or disagreements down the line.

Conclusion

Home renovations don't have to break the bank. By setting a budget, prioritizing projects, doing some DIY, shopping around, and using your bunq Savings Account, you can save money while still creating the home of your dreams. So why wait? Start planning your next renovation project today!

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