CFP professional and Sudden Money Institute founder Susan Bradley told Bankrate.com that “you can’t control interest rates and the stock market, but you can control a lot of the discretionary part of your lifestyle.” By making better lifestyle choices as early as possible, anyone can achieve financial success and maintain their wealth.
One of the important discretions financially-wise individuals should consider is how to spend frugally on home improvement decisions. While occasional splurges won’t make you poor, but frequent frivolous spending on unnecessary home items can quickly put a serious dent in your wallet. Here are some frugal house spending habits that you can adapt today to help you gain control over your household financial management.
Live in a Modest House
Billionaire Warren Buffett still lives in the home where he was raised in Omaha, Nebraska. It was purchased for $31,500 in 1958. As a famous business magnate and one of the most influential in the world according to Time Magazine, you would picture him in something more extravagant than this.
This is a great illustration of how the wealthy is able to produce more wealth by practicing frugal living. Some people would call him a cheapskate. But what he really is someone who know how to spend wisely. If you haven’t yet, purchase a modest house and live in it.
According to the 2006 census, housing costs such as rent and mortgage payments account from 30 to 40% of the American family’s spendings every month. With frugal house buying, you can reduce the insane rent and mortgage payments, and then you can use the money to build your savings. These savings can then be invested into stocks or your retirement fund.
Do Your Home Decor Homework
Instead of hiring a professional, look around for free resources on interior design inspirations. From magazines, the internet to home decor stores at the mall, the world is at your fingertips for decor ideas. Peruse those magazines and snap some pictures for ideas you like. Sign up for Pinterest, if you haven’t yet, and repin home decor inspirations to your board. Visit those home improvement stores and collect paint and material samples for your idea folder. This way, you don’t only save on interior designer fees, you also learn to create a personal style in home decoration.
It’s also a good idea to search classified ads for affordable home items. You can utilize CraigsList, BackPages and other similar websites to do this. You may also want to check college newspapers and apartment bulletin boards, because areas with high turnover of people moving in and out are often areas for cheap furniture, decor, and even appliances. Of course, determine your budget before making purchases. Everyone needs to set a budget to have boundaries on your wallet and your home.
Buy With Intention, Not Impulse
It’s also a good idea to search classified ads for affordable home items. You can utilize CraigsList, BackPages and other similar websites to do this. You may also want to check college newspapers and apartment bulletin boards, because areas with high turnover of people moving in and out are often areas for cheap furniture, decor, and even appliances.
When going out to shop, create a list and bring only the amount of cash you need to make purchases. Kyle James of U.S. News also says that one of theis not carrying wads or a wallet packed with cash when traveling. Bankrate.com also estimates that 86% of people who spend cash on expensive cars, jewelry, and electronics are non-millionaires who are trying to act the part.
Moreover, Susan Bradley says that wealthy people are not reactionary; instead, they have a tendency to be a little more thoughtful. If you want to adapt rich people’s surprising thrifty habits, start taking the time to think before purchasing anything. This will help you avoid impulses that would result in poor financial choices.
Find Home Item Bargains
Bradley says that even the wealthy actually exploit opportunities to save money. An opportunity you need to start exploiting are places where you can find good home bargains.
The thrift stores in town are unlikely goldmines of decors, furnitures, appliances and other home items. These places can help you find inexpensive treasures to decorate with. Additionally, with today’s technology, you don’t even have to leave the house to find the best places to shop for cheap home decor and accents. You can grab great deals and skip the hassle of schlepping to the mall by visiting websites such as JCPenney, Overstock.com and One Kings Lane.
Also, make it one of your frugal house habits to always be on the lookout for yard sales in the neighborhood, as well as flea markets.
Purchase High Quality Items and Maximize Them
To help preserve money, choose high quality furniture for items that will always be needed inside the home, so you only have to buy them once. Good examples of these important furniture are the sofa set, dining table, and even the bed.
It is also very ideal for your finances to maximize your existing furniture. Consider reupholstering furniture with updated colored and styled materials. Slipcovers offer a quick and easy solution for changing out furniture for different seasons and or occasions. Refinish wood furniture or use a fresh coat of paint on headboards and mirror frames.
As a bonus tip, rearranging your furniture layout can make your house look dramatically different. Instead of buying new things, find a new focal point – like a fireplace, an outdoor view, an accent wall with a television, and move your furniture to compliment it. You may also want to consider bringing pieces from other rooms of your home. By removing some furniture you can get a more open space, and the room may function better.
Learn how to DIY
DIY home improvement can now be done by anyone, even without prior experience to carpentry, painting, etc. With the internet, you can start do-it-yourself projects that used to only be for craftspeople and those handy with power tools. Save tons of money by building and designing furniture on your own or with your family.
Another idea is to reface cabinets, which can be expensive, instead of replacing them. Refacing will apply a veneer to the exterior of the cabinetry boxes. New doors will be applied to give your kitchen or bathroom an updated look, and cut your household management costs in the process.
Moreover, don’t forget your local home improvement store. Most stores have hands-on learning workshops that provide free lessons on home decor projects to make you look like a professional.
Managing your finances is not an easy feat. With these house spending habits, we hope you found Frugal House Spending Habits to help make more savings for bigger investments in the future.