The season’s biggest question isn’t how Santa can deliver presents to 1.6 billion children in a single night. It’s how you’ll finance a renovation at the same time as celebrating the festivities.
A big household project around the winter holidays is a brave undertaking, so you need to make sure your reno budget is an air-tight spending plan. Otherwise, you risk running out of money mid-project, leaving your house in shambles right before Christmas.
Expect the Unexpected
It’s rare for a household project to wrap up on time, on budget, and without any deviations from the plan. There’s always something that disrupts one or all three of these things — whether it’s a shipping delay postponing the arrival of important materials or a DIY disaster.
That’s why renovation experts at HGTV recommend adding a cushion to your budget. This cushion should add an extra 10 percent to your funds as just in case money — that is, just in case something goes pear-shaped and you have more bills to pay than expected.
Borrow with Discretion
If your cushion ends up being less than what you need, should you borrow an installment loan online? The answer is maybe — it depends on how you intend to use it.
Generally speaking, online direct lenders recommend using an installment loan for unexpected emergency expenses — not anticipated costs. So, it may be an option if you wind up at the ER after a DIY project goes wrong, but it isn’t a budget booster to help you afford luxury brands.
If you apply for an installment loan from an online direct lender, you’ll only interact with just one lender. This means they don’t run their underwriting decisions by other companies. As a result, you may be approved within minutes after you verify your information — which can help you move quickly to handle your emergency.
Give Yourself Time
Saving an extra 10 percent is easier when you give yourself time. The earlier you plan for your project, the less pressure this savings goal will have on your cash flow.
A slow and steady approach also helps in other ways. It gives you time to cost out materials, research and book contractors, and order supplies you might need without worrying about holiday shipping constraints.
Don’t Take on Too Much
Curating the perfect Christmas at the same time you’re undertaking a big renovation can be a challenge. It’s all too easy to spread yourself thin, which can take all the joy out of both things.
Try these tips before you ruin the whole season by taking on too much:
- Pare down your plans to the essentials
- Talk to your family to manage their expectations about gifts
- Float the idea of a secret Santa gift exchange
- Suggest a potluck to cut down on your expenses here
As for your renovation, focus on improving function rather than indulging in frills. While cosmetic upgrades tend to be the most thrilling part of a reno, they also tend to be the most expensive, too. By sticking to work what needs to be done, you can shave off some of your costs.
Taking on the added costs of a big project is a challenge if you celebrate the holidays, but you can pull it off with the right kind of planning. Remember these tips when you dive into holiday renovations this year.