Apparently Two-Thirds Of Brits Overspend On This One Needless Activity
We're all guilty of this...
We're always looking for new and innovative ways to improve (read: heavily reduce) our spending without it affecting our day-today. And we might have found the perfect way!
According to new research, a whopping two-thirds of Brits overspend on home-improvement project, which leads to a fifth having to turn to loan companies to fund the excess.
Sound at all familiar?..
One of the main reason for the overspend (apparently) is that we don't always set out a proper budget for ourselves in the first place, which means that, on average, DIY-lovin' Britons are overspending by a staggering £3 billion nationwide - or £307 each.
That's a lotta needlessly spent cash.
So why do we do it?!
It seems that because of the huge surge in DIY shows on TV, we Brits have been inspired to carry out our very own home improvement tasks to spruce up our gaffs. In fact, 10 million people carried out a DIY/home improvement task last year.
And with costs rising above expectations, 31% of us have had to put a home improvement project on hold, with just under half (46%) admitting this is mainly due to materials being more expensive than expected. Almost a fifth (18%) have had to put a complete stop to a project due to money completely running out.
TV presenter of Ground Force, Tommy Walsh, says:
“Not properly budgeting for a home-improvement project is one of the most common pitfalls many people fall into. It’s important that people budget properly for any DIY or home-improvement project – they can use an online cost guide to get an approximate amount of what a project is likely to cost, but they should then discuss this with a qualified tradesperson who will be able to provide a final cost.
"By not budgeting properly, people’s home-improvement projects often get delayed and, in some circumstances, get shelved altogether.”
Moral of the story?
Reconsider whether the task actually needs doing or is just a flying fancy - and, if it's important to you - hire a professional!