I'm Remodeling a House. Here's How I'm Making Sure to Stick to My Budget

I'm currently knee deep in an extensive remodeling project in a home that I purchased. I got a mortgage to buy the house, but I am funding the remodeling costs out of pocket. I wanted to keep my borrowing costs down, as I got the home loan at a time when mortgage lenders were charging higher rates than we've seen in several years. This means it's really important that I don't go over budget, because I don't want to spend more than I have in my savings account.

Unfortunately, it's really easy to spend more than you plan when you're redoing a home. In fact, according to a survey by Houzz, 31% of people who did a remodel project reported going over budget, while another 29% didn't even have a budget when they got started. To make sure I don't get into financial trouble out of a desire to make my house perfect, there are a few simple things I'm doing.

I got detailed quotes before I started

One of the first things I did to make sure I didn't overspend was get detailed price estimates. When I built a house years ago, there were a lot of "allowances" where the builder allotted a certain amount of money for things like light fixtures or countertops. In some cases, I couldn't afford even the basics within those allowances, so I didn't want that this time.

I sent my contractor tons of pictures and made sure to get detailed quotes that included the features I actually want, so there won't be these surprises down the line. If you're remodeling, you may want to do the same. Look over your quote carefully, and anywhere where you see an "allowance," you can pretty much just assume you're going to be spending more on that item and increasing your total costs.

I'm staying off Pinterest

Another big thing I'm doing is staying off Pinterest and other websites where you can see magazine-worthy homes. Spend too much time looking at these sites, and you may end up getting inspired right into dropping millions on perfect custom drawer inserts and pantries that are nicer than most people's kitchens and closets that are fit for a Kardashian.

I do want my house to be nice. But I don't need to constantly flood my brain with new and expensive ideas that I'll end up feeling like I just have to incorporate. Once I set up my initial designs and plans, I've steered clear of looking at house photos so I'm not tempted to make changes. You may also want to do the same.

I'm using my credit cards wisely

Using my credit cards has actually been a great way for me to stay on budget during the remodel, too. Not only is it easier to track what I'm spending, but I'm also able to get cash back on anything I purchase for the remodel. I charged all of my new appliances, the new flooring and tile for the house, and even a few invoices from my contractor (until he told me I had to stop or I'd get hit with added fees).

If you're doing a remodeling project of your own, try to find a credit card offering generous rewards and charge just about everything possible. You can claim the cash back as statement credits to reduce your total costs.

I'm being smart about saves versus splurges

Since I want my house to be nice but I don't want to go overboard, I'm also making careful decisions about where I can get the most bang for my buck. I'm willing to splurge on the stuff that's more likely to get noticed and really make an impact -- like beautiful custom quartzite countertops -- while saving on other things, like using the economy brand off-the-shelf cabinets in my laundry room.

You can't get the best of everything when you're doing a big remodeling project, so think carefully about what matters the most in terms of how you'll use your house.

I'm keeping careful track on a spreadsheet

Finally, I'm tracking all of the money I'm spending on every single thing for the house in a spreadsheet so I don't forget about little expenses along the way. As soon as something's purchased, onto the sheet it goes.

This is a really simple thing you can do, too. Not only will it help you add up your expenses, but it can also make you think twice about whether something is really worth it -- since you know you'll have to add it to your sheet later.

These steps have worked for me, and they may work for you, too, if you're remodeling and don't have unlimited money to spend. And if you do have unlimited money, can you send some my way? I saw a really neat dog shower on Pinterest before I signed off that I just have to have!