You’ve probably watched countless hours of HGTV in the past year and are ready to try your hand at a home renovation project. If you want to freshen up your space, read below for important considerations and next steps.

Set a budget

Before you take on any project, establish your budget. Keep in mind that you don’t need to spend a lot to make a huge difference in the space. A gallon of paint or new artwork can be very affordable and really change a room.

Ask yourself what you want in your space. Are you looking for a more modern look, or something cozy and chic? Try to outline your vision and work within those boundaries, whether it’s specific color palettes or furniture designs. Consider setting up a Pinterest board to organize the designs and decorations you appreciate the most. You can also use these for inspiration as you work toward your unique style.

Set aside only the amount you are comfortable spending, and make sure you give yourself a little wiggle room in case something goes over budget.

Cut expenses to save  

If you want to accomplish more than just changing the paint colors in your home, take a look at your monthly expenses and see if you can cut back somewhere. Maybe you can cook more meals at home or make your own coffee to save money for a larger home project. Or see if you have monthly subscriptions you are no longer using that could save you a little every month as you budget for your next project.


A home equity line of credit (HELOC) is another tool you can explore if you want to tackle a bigger home improvement project. A HELOC is a line of credit that borrows against the equity in your home, which gives homeowners access to a line of secured debt that is usually larger than others—separating it from other loans, while offering unique benefits.

Clean house

You’d be surprised how much reducing clutter can give a room a new vibe. When revamping your home, separate furniture and other décor into items you want to keep in your new space and items you are comfortable parting with. This will make room for any new additions. Also, you can sell furniture and decorations and use the profit to fund your new design.

Before you decide to sell or throw away anything, ask yourself if it can be repurposed. A fresh coat of paint can completely transform a piece, so keep this in mind when sorting.

You also should schedule a few trips to flea markets, garage sales and antique stores to look for new pieces that won’t cost a great deal of money. A little shopping around can help you stay within your budget while also ensuring your living room gets a fresh new look.

Making changes in your home can be a great project to pass the time – plus, it might help you fall in love with your space again. A UMB banker would be happy to discuss other savings strategies for you to consider as you prepare for your project. The UMB Financial Education Center is another valuable resource that can help you learn a few tips and tricks to make your next home project a reality.

UMB personal banking solutions offer convenience and simplicity to meet all your financial needs. From home loans to auto financing and everything in between, see how UMB personal banking can work with you to find the right products for your life and lifestyle.

Boost your financial know-how and sign up for our personal banking newsletter or visit the UMB Financial Education Center