How to budget for your kitchen
Chances are you’ll be investing a large chunk of your savings into your new kitchen, so making a budget is vital to ensuring you make the most of your money. Here are our top tips on kitchen budgeting:
Make a detailed breakdown
Keep a record of projected spending so you know how much money needs to be allocated for each job. Create a spreadsheet that’s easy to amend and update. Factor in small expenses too, like eating out while your kitchen is being renovated, as well as major figures, such as the cost of labour.
Focus on your priorities
If there’s a particular oven that you can’t do without or a kitchen island that you’re desperate to include, put it at the very top of your budget plan. That way you’ll have some concrete expenses that you know will need to be accounted for no matter what. You’ll have some wiggle room to save money on items that are lower down the list, such as taps, accessories and shelving.
Create a buffer
Take 20% of your budget and set it aside in case of emergencies or unforeseen expenses that may crop up along the way.
Stick to your original plan
It’s very easy to get side tracked by expensive taps and new appliances that you hadn’t accounted for when the project is up and running. But go back to your spreadsheet and analyse whether your budget can take a hit or not. The likelihood is that it’s better to stick to your original plan, especially if you’ve taken out a loan for home improvements and don’t have any extra capital.
You won’t lose anything by budgeting properly. Take the time to consider your investment and you’ll create a better kitchen that works for you and your pocket.
14th Feb 2017The Compare Network
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