Saving money on home renovations: 3 simple long-term solutions
Everyone loves the thought of saving a few pounds here and there. But many people only keep their eyes on short-term savings, and don’t consider the long-term solutions that are available in order to really save for the future. Initial upfront costs can be a scary thing to get your head around. However, if you weigh up the pros and cons, often you’ll reap the future benefits by spending a little more in the present.
1. Purchase quality products for longevity
When you’re making purchases, it pays to consider the longevity of the product you’re spending your hard-earned cash on. Who wants to buy something that’s only going to stop working or become dated within a small timeframe? From smaller buys to the larger stuff, make sure what you’re buying will last, and subsequently save you money in the long-term. If you’re looking to renovate a specific room in your home, think about how long you’d like new flooring to last. Wood flooring, or variations thereof, is definitely a more durable option than carpet. Of course your chosen style is a big deciding factor, but if you’re on the fence this added longevity could help to sway your choice. Other additional investments which guarantee longevity are good quality car parts (for example, cheap tyres can create more problems than solutions), higher quality clothing that will tear or shrink easily, and furniture such as sofas. This also includes mattresses for your bed as well, as nobody wants an old and lumpy mattress
2. Hire professionals to cut out mistakes and future issues
If you need a job doing, it’s worth doing right. When it comes to scrimping on your future spending, there’s no doubt bringing in the professionals can save you a fortune. Rather than nominating yourself and a few friends to carry out renovations, hiring a professional team mitigates the risk of mistakes being made. Dodgy plumbing or poorly fitted units can cost you in the long-run! Another service include a solid financial service company and advisor – especially important if you’ve got complex tax returns. There’s also good quality health care, which many people choose as a high priority and therefore go private. Long-term health is perhaps the best investment anyone can make.
3. Consider the efficiency of your purchases
Buying items for efficiency is one of the best long-term investments you can make. In your home, for example, you don’t necessarily need to sweat the small stuff. But making little changes in your purchasing habits when it comes to the smaller items can make a sizable difference; especially when you’re looking a long-term saving. One example for your home is energy-saving lightbulbs. They may be more expensive to buy outright than a regular incandescent bulb, but as a long-term investment they’ll save you money on your energy bills and generally last much longer (up to 10 times longer, in fact), meaning you don’t have to splash out on new bulbs as frequently. Another investment to make, which wills save you heaps in utility bills, is installing high-quality insulation. Despite the sizable initial cost, over the next decade or so it will pay for itself numerous times over if you’re using less heat.
It might be daunting to some people, the fact that they may need to spend more in order to save. We’ve tried to include the word ‘investment’ where possible, because that’s what it is. You’re not just spending extra money for no reason, these tips will help you to save money in the future. If you’re still unsure, do your own research, check your bank statements, and see where you can cut out excess spending or save small amounts here and there.
This is a collaborative post.