Home improvements are hot on the to-do list for many across the UK according to research from online bank Marcus by Goldman Sachs.
The study among 5,000 UK adults revealed close to one in ten (8%) people are saving to afford major home improvements such as a new bathroom or an extension to their home. However, it was women who were the most likely (10%) to be saving for interior home improvements such as decorating and new furnishings.
But for those struggling to get their funds together to make their dream interior design a reality, or those that want to reach their savings goal that bit quicker, experts at Marcus have compiled their top tips to help boost DIY project money pots.
Top tips from Marcus by Goldman Sachs on saving for home improvements
1: Set a budget before you begin: When planning a project, it might be more exciting to just get stuck in but taking time to do careful research and price comparisons will give you a good idea of the budget required. Once you have landed on a realistic budget, stick to it to avoid costs escalating.
2: Look objectively at what you already have: It can be tempting to want to buy everything new, but taking a step back and looking at what you already have is a good way of keeping the budget under control. Can you upcycle an old wardrobe? Would your dining table look better stripped back and sanded down? Can you breathe new life into your bathroom through design touches?
3: Commit to saving a certain amount each month: Once you know that you want to start a home improvements project, give yourself time to save up for it and put away a regular amount each month into your savings account. Whether it’s £10, or £100, it will gradually add up and get you that bit closer to your dream home.
4: Make savings to other home-related costs by switching suppliers: Have you switched energy supplier in the past year? Or could you make savings on your broadband and TV package? Now is the perfect time to look for better deals and make savings. If you are able to cut your costs, you can direct the savings back into your home in a more useful way.
5: Check your savings account interest rate: If you are starting to make small savings you need that money to work hard for you. Check the interest rate on your savings account, and if you aren’t getting the best deal, then switch.