Have you ever started a home improvement project and suddenly realized you were spending far more than you expected?
There is a simple way to reduce this happening.
Please note: “simple” is not “easy”.
When looking at your next project, make a detailed list of EVERYTHING you need to do.
Now take that list and create a shopping list of EVERYTHING you need to buy. Right down to nails and screws.
Then add 10-50%, depending on how old your house is, how big the project is, and how much experience you have doing that type of work.
Then add your sales tax.
For example, I just upgraded the stairs in one of my duplexes from carpet to hardwood. (btw, did you know Lowes has hardwood re-treads??? They go right over your existing stairs and look beautiful!)
My list was fairly small:
Remove old carpet
Remove trim
Remove nails from trim
Clean stairs
Cut stair risers
Cut stair treads
Install stair risers and treads
Clean stairs
Stain stairs
Second coat?
Clearcoat stairs
Second coat
Install trim
From that I made my shopping list:
12 stair treads $34.35 each
13 stair risers $13.90 each
stain $9.78
clearcoat $13.48
adhesive $10.48 each
2 stain brushes $1.17 each
I bought 14 stair risers and 14 stair treads to allow for errors and 4 tubes of adhesive. It is easier to return unused product than to wait for it to be delivered or have to stop mid-project to go back to the store.
The total was originally $660, but with the additional treads and riser came to $743.02. I added 10% since the project was small and the house fairly new. Adding 8% sales tax brought the budget to $882.71.
Because I tend to err on the side of caution, I rounded up to $1,000.
I could also use the “to do” list to come up with a schedule. I had five days while my tenants were on vacation to get everything done and I only had evenings to get it done.
Did everything go according to plan? Of course not. I quickly realized my circular saw was not going to make it. It took me forever to cut the first tread. I had to go to the store and decided to splurge on a table saw, as well as purchasing a new circular saw blade (which I did not use).
Then I realized the old stair treads stuck out just a little further than the new risers could cover. My options were to try to cut a quarter inch off the old treads or come up with a way to trim the top of the risers so they would cover the treads where they are. Back to the store I went to purchase a router to create the channel I needed at the top of each riser to accommodate the original tread.
Once I had the right equipment, cutting, installing, and staining the stairs was a breeze.
But, then I discovered that the original trim would not go back in place because the new stair treads stuck out a little further than the old ones had. Fortunately, because I had my new table saw, I was able to cut a half inch of the length of each piece of trim and it fit perfectly.
It was a tight squeeze, but I finished on time and the tenants are thrilled! Actually, it was so close I did not get a picture it completely done. This picture was taken before the trim was back in place.
The final total, including new tools? $975.38 Just under budget.
And that is how a Money Mom plans. She knows what needs to be done and knows that things will not always go according to plan. By planning for the contingencies, she ensures she will not create a financial hardship for her family due to the “oops!” in life. She is not afraid to get a little help when she needs it and gets creative when she needs to.
If you want to be a Money Mom you have two choices:
1. Continue the DIY route, reading my posts and joining the How To Be A Money Master free fb community (just be sure to answer all three questions)
2. Sign up for the Money Mom Academy. It is $5,000, with a payment plan available, and includes 1:1 and group support with NO EXPIRATION. It is set up so you can keep learning- on your schedule- going deeper each time, until you know everything you have ever wanted to know about money, finances, investing, and money mindset and not have to bore yourself with things you could care less about. Email me for more information.