When embarking on a large financial project such as building a new house, renovating your existing house or starting a business, it is important to have a budget. Without a budget, it is easy to spend beyond your means, resulting in unintentional debt. This can affect your financial standing and quality of life for many years to come.
Implementation and cost.
- Decide how much you can comfortably spend on the project.
- Get fixed quotes for the work and calculate your total costs.
- If your costs exceed your budget, either cut back on the work or reconsider the project.
- If going ahead, consult your budget before every purchase to ensure your still on track.
- Use a project budget template.