Learning How to Save Money
Simple tells us, “Most recommendations for ways to save money focus on
small amounts—learning how to save
money on groceries, for example, can save you $20 here or $5 there. Those
small amounts alone won’t mean the difference between being able to buy a house
and renting forever or retiring at 60 versus retiring at 70.”
services company Principal recently polled more than 2,000 retirement plan
participants on their retirement savings behaviors. The participants weren’t
your everyday savers, though: Principal’s survey focused on groups it calls
Super Savers and Pre-Super Savers. These elite retirement preppers save 90
to 100 percent of the max contribution, or 15 percent of their income (Super
Savers), or 70 to 89 percent of the max contribution, or 13 to 14.99 percent of
income (Pre-Super Savers).”
“So how do
these Super Savers tuck away their money? The most common sacrifices, according
to the survey, include driving older vehicles, owning a modest home, not
traveling as much as they’d prefer, doing DIY projects instead of hiring help,
going without a housecleaner, dealing with high levels of work stress, and more.”
Learning How to Save Money with DIY
Before embarking on a
DIY project, you need to have a frank discussion with yourself about your
renovating skills and your ability to use the tools for the job. You want to
finish the renovation looking like it was done professionally. You don’t want to hire a professional to fix what
you did at an additional cost. That is
probably the biggest fear that keeps someone from taking on a project.
Can You DIY?
Here are examples of jobs
you could do yourself. When I was building my first house, I did things that
would have cost me money to hire someone. I put up the insulation, rented a
bobcat to level the front yard, and had fill delivered to the garage and
compacted it before the cement was poured.
Renovation Jobs and Tasks
You Can Do
– Inside painting is an excellent way to save money on a renovation. It’s simple to do, there’s no safety risk, and any mistakes you make can be painted over. There’s also no need for any specialized or expensive equipment. Painting is one job you should definitely DIY.
Minor demolition work
– If you need to strip and clear out space
before the renovation work can begin, there are usually plenty of simple jobs
you can do yourself. Pulling up carpet and removing tiles and wallpaper are all
easy, low-risk tasks that an amateur renovator can handle without expert help. In one house I knocked out a non-load bearing wall
that opened up the kitchen and dining room.
Outdoor work and landscaping
in a new garden bed? Painting the driveway? Adding a front gate? These are all
jobs you can probably take on yourself. The best thing about outdoor work is
that even if it takes several weekends to complete, it won’t completely disrupt
your life like an unfinished indoor renovation would.
– DIY plastering is
relatively easy. There are plenty of useful how-to guides, and don’t forget
YouTube explaining all the ins and outs of completing the job yourself, and
there’s little risk of causing any significant damage to your home.
What should you leave
for the Professionals?
doubt about it. Most of us are not qualified. Electrical work is dangerous stuff, and the risk of
electrocution or fire is high.
– In most states,
it’s mandatory to have a compliance certificate before completing any plumbing
– If you want to be cooking with gas in your new kitchen or
using a gas hot water heater for your new shower, you’ll need to get a licensed
gasfitter to take care of it for you.
– Any structural work on a renovation
project needs to be done by a qualified licensed builder. If that wall I tore out was load-bearing, I would
have been a fool to attempt it.
Major demolition work
– Any heavy-duty demolition work or
any demolition jobs on a property where asbestos could be an issue should be
left to the professionals. Not only is there a genuine safety risk if you don’t
know what you’re doing, but there’s also the chance of causing severe
structural damage to your home.
– I can just picture
big gouges in my hardwood floor. No
thanks! Leave the floor sanding to someone qualified and experienced.
there may be some roofing jobs you can do yourself, such as replacing a few
damaged tiles, this type of work is generally best left to the professionals. It is a long way down in places on my roof.
What about Tiling, Carpentry, and Bricklaying?
you need to make sure you can do them. I like learning how to save
I want to be proud of the renovation. DIY is a terrific way to do both, but be
smart. Bring in the professionals for the jobs that require specialized skills
or are dangerous.
Ask for FREE information about How
to Sell Your House Fast.
and sell properties throughout the greater Kansas City area. We specialize in
buying distressed homes, then renovating and reselling them to home buyers and
landlords. Terra Firma Property Solutions: excited to be
part of the economic rejuvenation of Kansas City and its surrounding areas.
us today at (816) 866.0566