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Quantitative Finance Collector is a blog on Quantitative finance analysis, financial engineering methods in mathematical finance focusing on derivative pricing, quantitative trading and quantitative risk management. Random thoughts on financial markets and personal staff are posted at the sub personal blog.

Mar 6
Having a major home makeover can really be a headache for so many. Not only that you need enough time in finishing this task, you will also need a huge amount of money. It will be hard for you to finish your home makeover if you have no enough budgets for it. What is much harder is when you don’t know how to manage your finances for your major home makeover.
There are people who spend more than what they plan to during the renovations. If you are not prepared, then the process may become a rocky road. However, there are actually some ways of managing your finances for your major home makeover. In fact, in this article, you’ll know some of which. But before we get there, let us discuss some important facts first.

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Major Home Makeover: What is it; is it necessary?
Having a major home makeover is actually a great way to enhance the beauty as well as the ambiance of your home. Not just that, it is also to make your living spaces more comfortable ones. Furthermore, your home is also a window to how to organize you is in your own life. Who would not want to have renovations or a wonderful makeover for their home?
It is necessary for you to have a major home makeover if you are not that much satisfied with the look of your home. And of course, if you have money for that! Because as what we’ve stated earlier, it may cost you a lot of money.

Major Home Makeover: Common Mistakes to Look Out For
Here are some of the common mistakes that you must look out for in planning for a major home makeover:
1.    Inappropriate Budgeting
We know that a budget is very important for a major project at home. However, ensuring that your budget is enough to cover the whole renovation project as you imagined is a must. The best way to do this is to make sure that your home makeover contractor gives you the well-detailed scope of their work to be finished.
2.    Lack of Planning
Planning is very important in having a major home makeover because as we’ve said earlier, it is a major investment. Having a plan is important in managing your home remodeling.
3.    Wrong Choice of Contractor
Having a home makeover is a major investment, thus having a qualified and skilled contractor is a must. Not because you don’t have enough budget, you will get an unqualified contractor, that’s a no-no, pal!
4.    Search for Quick Solutions
There is no easy way in doing a major makeover for your home. There is a need for a careful and thorough planning as well as execution to make sure that you are able to achieve the wanted results. Take time to research all the changes you want and need in doing a makeover for your home.

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Major Home Makeover: How to Manage Finances?

The above-mentioned common mistakes in having a major home makeover are the ones that we want to avoid. Well, part of which is managing the finances that we’ll be using in giving our home a makeover. Below are some tips on how you can manage your finances for your major home makeover.

·         Know where your money goes
After meeting and checking the references and already have the estimate with your trusted contractor, be so careful in drafting your contract. Make sure that your money will not be put to waste. Furthermore, also ensure that it will no go over budget.

·         Stick to your limit
Setting a budget is one of the most important things to do, and actually, it is also one of the most important parts of renovating. You must first price out the whole thing. Be prudent on your investment. There are some experts that may advise you to keep you a major home makeover for about 20%-30% of the market value of your home. This is for you to have a guarantee of a return on your investment.

·         Scale it back
Scaling back is not that hard, you may still have an amazing look even without leaving a huge amount of money. If you managed to stay roughly on your budget and on time, you may find yourself getting surprised by the amazing result.

That’s it, so if you are looking to renovate your home or make an astounding makeover for your home, you know now what to do! To sum it all up renovations is remodeling or getting your home some makeover to make it look even better and stunning according to your theme or likes. Of course, when upgrading or renovating your home make sure that this is done by experts for a quality result.

Apr 3
Maintaining and sticking to a budget can be a difficult endeavor if it is your fist time budgeting. Most people give up prematurely because they find it difficult to stick to the budget or because the budget can evoke different feelings or call attention to bad habits that one may want to avoid seeing in themselves.

The good news is that this phenomenon is very natural and most people actually go through it. Most people, however, don’t have the discipline to adjust their behavior to help them succeed with their budgets.

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Below are 5 ways that you could use to make the most out of a budget to help you become a financial success.

1.  Don’t leave out periodic or annual expenses

If it is your first time making a budget, it is easy to forget necessary expenses that are not at the top of your mind. If you leave out some expenses, you may end up getting frustrated when you don’t have enough money to settle them and therefore abandon the budget.

For example, if you have an annual charge on your credit card or quarterly insurance payments, you could easily neglect to account for such expenses on a month to month basis.

Once you note this error, you need to adjust your budget and account for the expenses so that it is not a surprise when the time comes.

2.  Adjust yourself mentally to the budget

If you have negative thoughts or feelings towards a budget, you need to be able to reframe your views so that you think of a budget as a tool to help you become a financial success. If you positively adjust your attitude towards your budget, you will be motivated to stick to it rather than avoid it.

3.  Make it simple to stick to

Especially if it is your first time using a budget, it is a good idea to set it up in such a way that you automate most of your bills. Set up automatic transfers for your recurrent bills and put aside only what you need to use on a weekly or daily basis.

4.  Use methods that you can identify with

When you are adopting a new budget, it is best to use methods that make the most sense to you in order to stick to the budget. For example, it may be easier for you to keep track of your money by putting money aside in separate envelopes for specific budget items such as groceries or fuel for your car.

5.  Motivate yourself

As you create your budget, it is a good idea to set up a reward system for when you manage to achieve certain milestones within the month. For example, if you manage to fully stick to your budget, you could reward yourself with $50 at the end of the month, whereas if you stick to your budget by at least 90%, you can reward yourself with $10.

If you want to be able to stick to a budget, it is important that you remain motivated and creative enough to adjust to your particular circumstances. You could get ideas through reading reviews to help you stick to your budget.
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