5 Smart Ways to Save Up for Your New Bachelor Pad

Are you bored with your same old living room, watching TV on a screen that is too small, on a couch that has seen much better days? It may be time for a change, and by change, we mean designing your ultimate bachelor pad. Before you rush to fill your shopping cart, take a few breaths and consider your finances first. Home improvements are costly and can hurt your wallet more than you might have anticipated. That is why we have compiled a few tips to get you started with finding smart ways to save while still designing an awesome space!

Find Cost-Effective Inspiration

Take to the internet and do some research into different designs for your new bachelor pad. Find inspiration on sites like Pinterest by creating a board that breaks down the various elements you want to include in visual categories. After finding a few examples, take note of what you might want to include in your space and how much you’ll have to spend. Keep in mind that many online projects will list the items needed, and how much was spent on each item. This is your chance to dream big and figure out not only how you want your bachelor pad to look, but also how much of your dream home you can afford. Don’t forget to note the smaller details too, like color scheme and fabrics to ensure your space has a cohesive look. These things add up, so you’ll want to take the time to learn exactly how much you’ll need to save. If you’re looking for inspiration here are a few ideas to get the creative juices flowing.

Make Some Space

All of these ideas come with the need for a little more space to fit new items. If you are updating an existing room, this may be a great time to sort through your old belongings and sell or donate what you may no longer need. Get collectible items appraised or do a self-appraisal for less valuable items. You can also use online marketplaces and make a little extra cash to spend on new furniture and other goods. Or, have a yard sale to make some quick money and see that your items go to a good home. We know cleaning and getting rid of old belongings can be a daunting task, so make sure you’re looking into every option for a better reach. While you can reach those you don’t know on public forums, sometimes it can be quicker and easier to contact friends or family who can offer a safe, efficient transaction for fast cash on social media marketplaces or by word of mouth. Once you see more and more of your used things leave the nest, your savings account will start to grow and your ideal bachelor pad will be even more within your grasp.

Review Your Budget

Before hitting the stores or clicking away on online shops and filling your cart to the brim, make sure you have a budget set up so you don’t bite off more than you can chew. Having a personal budget to manage your finances is important to understand fixed costs, which include rent, utilities, car payments, mortgages and other recurring monthly expenses. Having a firm understanding of the funds you need to cover these expenses will give you a more accurate idea of how much money you have to play with and help prevent you from overspending. Budgets also help establish timelines to forecast when money will be coming in and when it will be going out. This is useful once you start buying new items, especially big-ticket ones. It can help you figure out the best time to buy and better manage your spending habits because the last thing you want to do is set yourself back financially. Let’s face it, that kind of stress takes the fun right out of a new bachelor pad.

Start Saving

Saving for a home purchase can be as simple as setting aside a portion of your paycheck each week and making that money untouchable. Set up a savings account to separate any renovation funds from your daily spending. This keeps your money out of sight and out of mind, but easily accessible when it’s time to buy. Use banking apps to keep track of how much money you’ve saved and manage your account with ease. Or, consider trying apps to learn about investing in stocks to make some extra money quickly. It’s important to remember that buying a home often calls for a down payment which requires you to have cash saved up. Some loans require putting down 20% in cash to minimize your mortgage payments, which can equal out to tens of thousands of dollars depending on the price of the home. An FHA loan, on the other hand, is a government-backed mortgage that only demands a 3.5% down payment– thousands of dollars less than stricter loans. To come up with the cash needed to support these expenses, you’ll likely need years of dedicated budgeting and saving.

Images courtesy of Houzz, Pinterest, Modsy

Furnish With Price In Mind

There are plenty of ways to save money while designing your home after move-in. Look for gently used items at thrift stores or yard sales and flip them with a new coat of paint, stain or fabric. Sites like Facebook Marketplace or LetGo are great resources for pre-owned items and make it easy to communicate with sellers to figure out if the purchase is right for you and your bachelor pad. Saving doesn’t always have to mean buying used though; it can also mean being patient and waiting for the right sale prices to align with your budgeted savings. Look online regularly for sales occurring at your favorite stores to find deals and avoid paying full price. It’s okay to splurge on some things like TV’s and other electronics, but find ways to cut costs elsewhere to balance out these larger buys.

Hopefully these 5 tips will help with saving up for your bachelor pad!