Planning an interior design project can be exciting—especially if you have been planning to redesign your home for some time now. But before you dive head-first into your project, it’s important to make and stick to an interior design budget.
Make a List
First and foremost, make a list of your desired interior design changes. When creating a list, remember that there is a difference between what you want and what you need. For example, replacing old broken window treatments that can pose a danger to children and pets takes precedence over new marble counters. Prioritizing necessities will help you create a realistic design plan.
Set a Limit
After you have made your list, sit down and set an interior design budget limit. How much can you reasonably afford? To find your limit, find out how much you take in each month compared to normal expenses like bills and groceries. After you have created your budget limit, be sure to set aside at least 20% of that money for unexpected expenses.
Always Do Your Research
As you are setting an interior design budget and making your wish list, research the items you want and how much they cost. In addition, find out how much it costs to have certain items like flooring professionally installed. In doing so, you can educate yourself about how much you will be spending and adjust as needed.
Always keep in mind that these expenses can quickly add up and put you over budget:
- Delivery charges
- Unexpected expenses like rewiring a room
- Supplies if you plan to do it yourself
Manage Your Expectations
When you have determined your interior design budget, it is critical that you stick to it. Not only will it help you stay on budget, it will also help you make realistic purchasing choices. However, if you find a piece not on your list that you must have, ask yourself these questions before purchasing:
- Does it fit into my budget? If not, save it for another time.
- Do I really need it? If the item is an impulse buy that won’t match your vision or you’re thinking of saving it for a future project, pass it by. Your needs and wants may change over time, and putting an item away for a later project may leave you with a case of buyer’s remorse.
- Do I have items on my list that I can reasonably remove? If the item doesn’t fit into your budget but works with your interior design project, see if you can reasonably remove lesser items from your list for purchase later so you remain under budget.
Remember, it’s ok if you don’t get everything done at once. Creating the perfect interior design for your home takes time and tackling it little bits at a time can help keep you on budget.