Be smart when using credit for decorating
14 February 2012
If you're planning a decorating project in the near future, be sure that when your redecorating project is done, you haven't overspent to achieve that look. While you want everyone who sees it to think it looks like a million bucks, woe to your wallet - and possibly your credit - if you spend too much.
Credit can be a good tool to help you fulfill your decorating dreams, provided that you use it wisely. The last thing you want is to rack up redecorating debt that outlives the stylishness of your new look room or home.
Before you give your bank card a workout, or sign up for a new credit card with your local home improvement store, take these credit-conscious steps:
1. Estimate the cost of your project
Spending without a plan is one of the surest ways to overspend, especially when it's a home improvement project. In order to create a plan, you need to know the likely cost of your redecorating project.
Do some window shopping beforehand to get an idea of how much you'll need to fund your redecorating dreams. You'll need to consider all aspects of your project, from paint and carpeting to curtains and accessories in order to get the most accurate cost estimate.
2. Determine what you can do yourself
If you can do some of the home improvement work yourself, you'll not only save some money, you'll get the added bonus of pride in doing it yourself. Be honest with yourself and think about which tasks you're skilled enough to tackle (painting, hanging curtains) and which ones you'll need to leave to a professional (laying carpet or placing tile).
3. Establish a budget
Once you have a cost estimate, and know where you can find DIY savings, you'll be able to establish a budget for your remodelling project. To prevent overspending, pad your budget as much as 10 percent to cover cost overruns. When your budget is set, you're ready to begin. Keep a running log of all expenditures and refer to your budget frequently to ensure your project is staying on track and within costs.
Redecorating can be a fun, rewarding home improvement project. With advanced planning and careful consideration of your credit, you can use credit wisely to help make your vision a reality.
[ source ara ]