ALL THINGS FRUGAL, Home of The Pennypincher Ezine and Tightwad Tidbits Daily

 

Frugal Articles




Groupon

What To Do When Your Remodeling Project is Over Budget

By Alyssa Davis

It can be extremely stressful to realize midway through a remodeling project that you are over budget, especially if this realization takes you by surprise. Handling this situation can be tricky, as most people tend to panic and wind up even farther over budget.

First, take a deep breath, and relax. Even in tight financial situations, being over budget does not have to be the end of the world, and getting out of this sticky situation can be just as easy. There is no reason to send yourself into a tailspin or a nervous breakdown.

Use a budget to plan ahead, to avoid the problem if it has not yet come up. If it is already a problem, try to figure out where things went wrong. If you had a budget in the beginning, pull it out and itemize the spending to discover where the spending got out of control. Attempt to make a new and improved budget that covers the expenses if possible, and, if this is not an option, find places to cut back or scale back on a dramatic level.

Return items that are not absolutely necessary. Wall art, decorative accents, and similar accessories can add up quickly if you are not careful, and they are not vital to the room being finished. Repurchase them when they become more affordable, or if the budget has more breathing room later in the project. Use the money to fund more vital parts of a remodel or new construction.

Sell items that cannot be returned, or leftover parts of the remodel. While it is not reasonable to think that a half-used gallon of paint or molding edge that has been cut are valuable, items that have not been opened but cannot be returned are excellent examples. Use classified postings, online ads, word of mouth, or similar methods to get the word out about what you are selling, and how much you are asking. This is a great way to recoup some of your losses without sacrificing anything.

Look at the room and decide what future plans can be abandoned. The chandelier may be beautiful, but choosing a less expensive fixture that is elegant can allow you the opportunity to keep another item that you had planned to use. Make use of items that were already in the room instead of purchasing new ones. Slipcovers for couches, love seats, and chairs are usually significantly less expensive than new furniture, but they still add a feeling of new-ness to a remodeled room. A good slipcover will make a sofa look like totally different.

When possible, do not be afraid to ask for help. A housewarming party is a great time to circulate that list of things that you would like to have but cannot afford, or to request things that you need. Register at a store that carries the items you need or want, and make sure to add those items to the registry. Some places even allow the registering individual to categorize colors, style, and similar options. Friends and family are another great way to ask for help, as many have pieces or items that they do not need and would happily lend or give someone if asked.

When you know that you are over budget, do not panic and start purchasing things left and right thinking it does not matter anymore. Calm down, and find out how to fix the problem, and ask for help from a professional if necessary. Whether it means cutting back on things or abandoning some things that you wanted, you will find that sticking to the budget is much more satisfying in the long run.

Home design expert, Alyssa Davis of Metal-Wall-Art.com, is particularly skilled in designing with wall art decor and sunburst wall art.


What other people are reading:


The Financial Benefits of Driving an Older Vehicle

Update your Wardrobe with a little Snakeskin Print

Inexpensive, Natural Remedies For Allergies

7 Ways for Wedding Guests to Save Money

Frugal Hacks for Online Shopping


| Back to Top |

| Home |


AllThingsFrugal.com     Contact Info             Zero Tolerance for Spam      Privacy Policy