Home Improvement

How to Budget for a Major Home Decor Purchase

Whether you’re decorating your first home or redoing an entire space, every homeowner is operating under some budget. So when does it make sense to splurge, and where should you save? Showstopping elements that pull the room together are always worth the investment. For example, a beautiful light fixture or a statement rug can be used in multiple ways.

Shop Online

Home decor items can be found online at a variety of prices. The key is to determine what you need vs. want and stick to that. For instance, because they are functional and decorative, storage items like bins and baskets are ideal examples of splurge products. This splurge can save space in closets, drawers and under the sink! While some online shopping retailers may have a higher price point, they often offer free shipping and easy return policies. For example, Walmart has upped its game in home decor and now offers a wide selection of pieces with a high-end look for a lower cost. You can find various items, from wall art to throw pillows to area rugs. Plus, you can use https://www.retailmenot.com/view/walmart.com to save even more when you shop. Just check out the return policy before making any big purchases.

Set a Goal

Whether you are doing a full home remodel, furnishing an apartment or adding just a few key pieces to your design plan, most people work under some budget. It is important for long-term financial health and to ensure that the home you are creating is a space you are proud of, not one that feels like quick trends have ripped it apart. Setting a savings goal for items on your “splurge” list is a good idea, even if you don’t know how much they will cost when you first write them down. It will help to give you a sense of urgency so that you are not left scrambling to find the money for these items at the last minute. Remember to spend your money wisely and splurge on those items that make the biggest impact, such as light fixtures, artwork and kitchen/bath finishes. Also, consider spending your money on a versatile piece that can be moved around the room to suit different moods and needs – such as a statement sofa or unique table.

Set a Budget

Regarding home decor, some pieces are worth splurging on, and others make more sense to save. It’s important to set a budget before you start shopping so that you don’t go overboard or end up with more debt than you began with. Some items are essential and worth the extra cost—rugs, lighting and custom drapery are some areas where you should splurge. Other items worth the splurge include dining chairs, beds and living room sofas. Splurging on a good paint and putting your money toward statement art, window treatments and furniture that can be moved around in the room (like a side table or nightstand). If you want to save, consider looking for second-hand options before spending much money on a piece. Websites can be a terrific place to look for reasonably priced furniture and home decor.

Keep an Eye on Sales

If you’re saving up for a specific piece, it may be worth waiting to buy until the item goes on sale. Websites are great places to watch for things you want but can’t afford to pay full price immediately. This way, you can get a feel for the piece and see if it will work in your space before purchasing it. A general rule of thumb is to splurge on items that will be handled often or are functional and save on things that don’t require touch. Creating a home is a process, and there are always pieces that will make sense to spend money on. These include rugs, dining room tables, light fixtures, custom window treatments, and art. It’s also a good idea to splurge on a designer if the budget allows it! They’ll be able to help you find one-of-a-kind accent pieces that will give your space a professional look. Plus, they’ll save you countless. 

Don’t Overspend

As a new homeowner, filling your house with the best-of-the-best furniture and accessories is tempting. However, doing so could easily cost you a fortune, and it isn’t really practical. Instead, consider your budget before making any large purchases and try to balance splurges with savings in places that matter most. For example, if you entertain frequently, it may be worth spending money on some nice glasses and other glassware to use in place of your everyday china. However, items that will rarely be handled, such as accent furniture and baskets, are a good place to save on expenses. Also, consider quality over price when choosing a new sofa or bed.

In most cases, a higher-priced item isn’t more durable or comfortable than a lower-priced one. Consider opening a separate savings account if you want to decorate your home but are having trouble paying for it. You can even do it through your bank with online and no-fee banking!

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