Save Money With DIY
If you know me, you know that I LOVE setting (and meeting) goals. More often than not, those goals revolve around money. Buying a house, starting a family, and trading in the sedan for an SUV – each of these is influenced by finances. Does any of that sound familiar?
Setting financial goals is imperative when managing your budget. How will you know what your family can afford if you don’t first develop a thorough budget and plan for the future? My husband might say, “A lot can change in a year (or several years), so why are we talking about this now?” Whereas I always say, “Proper planning prevents poor performance.” Okay, so I don’t really say that out loud, but I most definitely think it. This is why I am the budgeteer/bill payer in the family.
You might imagine that a lot of people’s financial goals were put on hold when COVID-19 hit. That’s likely still the case for many. I’ve heard friends say that they were planning to list their home for sale, but now are holding off until everything is more stable. Is now a good time to sell your home? It might be…but, with so much uncertainty, I wouldn’t blame anyone from pressing “pause” on major financial decisions. That doesn’t mean you can’t still plan for the future. Instead, work on getting your home in great shape.
Maintain your home’s interior with DIY projects. You can easily fill cracks in drywall, repair nail pops, replace weatherstripping and fill in grout yourself. Make affordable upgrades like replacing an old thermostat for a more efficient one, swapping out your traditional doorbell for a video one, and rejuvenate your living space with a fresh coat of paint. Don’t forget routine maintenance like replacing batteries or upgrading smoke detectors, putting in new air filters, and giving your appliances a deep cleaning. While you are at it, consider new cabinet hardware and modern door knobs – they make a huge impact while staying budget-friendly.
If it’s curb appeal you are looking for, roll up your sleeves and start digging! You can plant shrubbery, flowers, and bulbs for year-round aesthetics. If gardening isn’t your thing, no need to hire a landscaper – Google can help you determine the proper care for your outdoor plants. Trimming overgrown bushes, mowing grass, mulching and adding pavers can set your home apart when the time comes to sell. Don’t forget to power wash your siding, replace or refresh your shutters if needed, and clear your gutters.
Taking on projects yourself is rewarding and saves money. Of course, we are not all professional contractors – there are plenty of times when you need to call an expert – but you can probably do more than you think to improve your home’s value. Don’t stop there…the same can be said about your car.
We’ve all seen shockingly high repair bills from the mechanic, right? While a major repair is a job for professionals, car owners can handle plenty of maintenance at home. Checking fluids is easy and replacing them is inexpensive. Check online to learn if changing your car’s oil is easy to do yourself. You can (and should) check the tire pressure regularly (extreme temperatures can affect air pressure). Don’t wait for the light to come on! Now is an important time to be proactive with your vehicle maintenance. You might not be commuting daily, and your tires may be losing air before you even know there is a problem. While you’re at it, don’t forget to replace your windshield wiper blades. There’s nothing worse than being stuck in a rainstorm and not being able to see.
Of course, you can always take advantage of the warm weather to wash and detail your car. If you still plan on selling or trading your vehicle, you’ll want to make it look as nice as possible to get the best value for it – especially if you carry over negative equity into a new loan.
Bonus Tip
What’s negative equity? As soon as you drive your shiny new car off the lot, the value starts to depreciate. This means, at some point during your loan repayment term, you might be paying on a vehicle that is worth less than you owe on it. That is negative equity, and it’s why you should ALWAYS carry GAP coverage on your auto loan. It can also be a hurdle when trading in your car. I would suggest working with your credit union to get pre-approved before making any decisions. They can advise you on what you need to get into the car of your dreams – even if you have a trade-in with negative equity.
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Krista Kyte is a personal finance blogger and personal banker with over 17 years of experience in the financial industry. Krista is passionate about helping our members understand their financial situations. She writes tips that will help consumers reach and maintain financial security, and start living the life they’ve always wanted.
