You don’t have a home just because you live in a house. Turning your house into a home requires serious thought about financial planning.
I’ve hired cross
country movers and this is the second long distance move in less
than a year. After living in the same house for seven years, and then abruptly changing location twice, one of the things that has become very clear is that a home is made by the personality you bring to it. However, adding that personality can sometimes wreak havoc with your finances if you don’t plan ahead.
The Finances of Major Remodeling
My parents have been updating their house over the last year or two. My parents recently remodeled their kitchen. With their pool of grandchildren growing, and in-laws being added to the picture, my parents wanted more space. Plus, the kitchen was outdated and the lighting somewhat poor. Thanks to the remodel, the kitchen and dining areas have been combined and the resulting room has greater openness and light. This is perfect for family gatherings — especially since in our family a lot of the action takes place in the kitchen/dining area.
These remodeling projects require planning in your finances, however. According to HomeAdvisor, it costs, on average, more than $19,000 to remodel a kitchen. Even at the low end of the spectrum, it can cost around $5,000. Even if all you do is replace the countertops or switch out the cupboards, you might still need a pretty sizable chunk of change. This means planning ahead and putting yourself on a savings plan so that you can pay for your remodel in a manageable way — without going overboard and ending up with too much debt.
However, your remodeling project doesn’t have to be a money drain. You can actually use your major remodeling purchases to help you later, if you pay for them using a rewards credit card. I regularly use credit card rewards as part of my overall spending plan, and that includes using planned major purchases to earn points that can be used for other purchases down the road.
There are a number of credit card reward programs that can help you reach further goals when you use them in tandem with your remodeling project. For example, every purchase made with the BuyPower Card from Capital One can translate into savings toward a new GM vehicle, such as Chevrolet, Buick, GMC or Cadillac. If you know you’ll be in the market for a new car in the future, BuyPower is a great choice. It accelerates savings by offering cardholders 5% earnings on their first $5,000 of purchases each year and unlimited 2% earnings for the rest of the year.
Tighter Finances = Smaller Projects
You don’t have to spend a lot of money to make your house a home, though. Throughout our moves, one thing that I feel helps my house feel like a home is when we get our souvenir travel magnets put up on the refrigerator. Small touches, like getting new fresh flowers every week or putting up pictures of your family, can help you turn your house into a home on a small budget. Just make sure that, if you have a partner, you consult together. According to a recent survey on home trends from Capital One survey, 69% of respondents wouldn’t let a significant other redecorate a room on their own.
Because my most recent move was prompted by divorce, I’m looking to replace some of the furniture my ex took. (And I don’t have to worry about placating a significant other as I redecorate my life.) However, I do want my son to feel invested in the new place, so we are trying to figure out what we want to do in terms of creating a look for our new house — a look that will turn it into a home. In order to save up for these purchases, I’ve been letting my Digit account grow. It’s not going to be huge, but it will amount to about $2,000 by the time we’re ready to start buying items for the new place.
We’ve been looking at different options, and considering how we can establish a home without wrecking (even temporarily) our finances. We’re off to a good start so far, and with the help of a credit card rewards program, the purchases we do make will benefit us later.
Do you have any tips for redecorating on a budget? How do you turn your house into a home?
Thank you Capital One for sponsoring this post! This is a paid endorsement. All opinions are my own and were not directed by Capital One. To learn more about the BuyPower Card from Capital One visit www.BuyPowerCard.com.