The Secret to Finding Room in Your Budget for a Home Renovation

Being open and honest about your money mindset, your spending and your vision will help you create and follow a budget. Then you can start working toward the home renovation you are dreaming about!

We all have a money story and that story is what dictates our relationship with our finances. For many of us, our limiting beliefs have created a money mindset that make it very difficult to both spend and save appropriately. This leads to debt, no cushion, and no concept of how to turn that around. Learning to budget appropriately will allow families to pay to do the things they really want to do, like a home renovation.

I know first hand how expensive renovations are. When we hired a contractor to remodel our entire kitchen, it was seriously expensive. We had completed quite a few smaller kitchen makeovers (like painting our own backsplash and cabinets and updating Thea’s kitchen), so we had some ideas about the cost of materials and paint. But, I can tell you first hand it was still shocking to see the final amount for everything–materials, labor, and all the surprises that inevitably pop up. We saved for a really long time to be able to complete that reno, and you can do it too!

I had the pleasure of sitting down with Nicole Rule from Greatest Worth, an expert on family finances and paying off debt. As a budget coach, Nicole really digs into your personal psychology and story about money first and then moves into the actual budgeting. When we talked, she shared her expert tips and tricks to finding room in your budget to complete your dream home renovation without going into major debt. Listen below to our conversation and learn how you can jumpstart your renovation savings!

Nicole’s Expert Tips

1. Be honest with yourself about your money story and recognize your limiting beliefs.
2. Talk openly with your partner about your budget and your vision.
3. Understand that your vision is your destination and your values are the GPS that will get you there.
4. Understand that money is not a fast path. Sometimes you have to pick the hard choice to get to your goal.
5. Anticipate and eliminate potential obstacles. 
6. Understand that this is so much bigger than your money. Your money is just a tool to get what you want out of life.

Action steps

1. Figure out your money story. What is the story that you are telling yourself? Recognize your limiting beliefs.
2. Create and define values for your life. Determine words you can use to guide your life/process. These words are the values that will guide your budgeting and ultimately your life.
3. Create your vision. Break it down into manageable pieces. One at a time, go all-in on each step. 
4. Create a budget based on your vision and values. You have to figure out where your money is going. Determine what is actually optional and cut those things out.

It really isn’t as complicated and hard as we believe it will be. Want a quick win to get started? Give up one thing that is truly optional (coffee, wine, Netflix) and immediately start saving the money. You will be shocked how quickly it adds up! To keep that ball rolling, follow Nicole’s amazing advice and get started saving today. Before you head out, make sure to click here and grab Nicole’s FREE workbook that walks you through her signature process of aligning your money with your vision for your home. This workbook leaves you feeling supported and joyful rather than drained and frustrated!

Looking for more great tips and tricks you can use to make a home you love? Listen to these episodes: How to Decorate on a Budget and How to Get Home Projects Done.

For more great interviews like Nicole’s Sign up today for the Beautiful Home, Beautiful Life Summit, happening February 16-18. Registration is open and we are excited to announce that this year the summit will be even bigger and better! The summit is three days and has over 25 organizing and decorating experts dedicated to helping YOU create a home and a life that you love, all from the comfort of your couch. Click here to register for your free admission!

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