In this post: Ready to decorate your home but have no idea how to budget for decor? Here’s how to budget for decorating. Plus one trick to jumpstart your decorating savings account!
So you’re ready to decorate that space. But wait you need to budget for it first, right? There’s no reason to go into debt or to be caught off guard in the money department when decorating! Nor do you need to fill your home to the brim with things you just picked up here and there. Here’s how to budget for decorating so you don’t overspend…or clutter up your house!
How to Budget for Decorating
1. Make a Wish list
Look around whatever room you’re planning to decorate and make a list of the items you’d really like to add or change. List everything, like in a big, brainstorming session. Then rewrite the list in order starting with the most wanted or needed items at the top and down from there.
My Decor Staples Checklist is super helpful at this stage of the game!
2. Research Pricing
Do some research to find pricing for the items on your list. Shop around, compare prices and availability. Look online. Check second-hand stores to see if any items on your list are available that way. Go into local stores too. The catch is for this to work, at this step, you can’t buy anything. Not until you know the costs and have your budget mapped out. After gathering this info, allocate a price to each item on the wish list.
3. Start Saving
Saving for decorating works just like saving for anything. Set up a bank account that you will use just for decorating. Use online banking at a bank that offers no fee banking and transfer money to that account as you go to make it easier. If you skip coffee today so you can save up for that throw pillow, transfer the money into the decorating account right away. If you are really serious about saving to make home your happy place, temporarily reduce your cable package, negotiate new rates on your insurance and phone bills, eat out a little less, switch banks to one that has lower or no fees, etc. Put money aside little by little.
Jump start your savings:
Another way to gain money for decorating is to declutter, purge and sell anything that you will not be using in your new decor! You could have a decor sale, if you have decor that you simply outgrew, but that someone else may love. Try a garage sale. Maybe sell items on eBay or Kijiji/Craigslist. It may not be possible to fund your new decor plans entirely with this method, but you could get quite a jumpstart on them!
4. Adjust if needed
Make adjustments to your wish list based on when you want to finish decorating and how much you can have saved in that time. The reason we put the items in order of want/need is that NO ONE can afford everything on their wish lists. All of us need to make adjustments to that list. And we may have to compromise and wait awhile for the things that aren’t as important.
5. Add 10% to the budget
And finally plan for a little cushion room in the budget, especially if you’re doing any renovations. Renos notoriously go over budget. So if you plan for that, you won’t be caught off guard. Even if you’re only buying decor, adding a buffer of 10% to the overall budget can really help cushion you, should pricing change, etc.
It can be really easy to spend a lot of money on decorating. But it’s much easier to rein it in when you actually have a budget in mind. Plus your house will thank you for not filling it with spur-of-the-moment purchases that just end up as clutter!