Furnishing Your New Space

Furnishing a new home or apartment is an exciting milestone! But have you ever done a double take at the price of furniture? Thankfully, furnishing your space doesn’t have to break the bank. With careful planning and smart budgeting, you can create a comfortable and stylish home without putting your finances in jeopardy.

Creating a Budget That Works For You

The first step in furnishing your new space is to establish a realistic budget. Your furniture budget should be a reflection of your financial situation and any ongoing expenses, so it’s essential to take a thorough look at your finances before making purchases.

If you’re working with a tight budget, consider prioritizing only the essentials. You don’t need to furnish your entire home all at once. Instead, invest in key pieces like a bed, couch and dining table. Over time you can gradually add other items as your financial situation allows.

Ask yourself the following questions to help gauge your budget:

• How long do I plan to live in this space? If you’re in a temporary living situation, it may be best to keep costs low.
• What’s my monthly financial commitment? Factor in rent or mortgage, utilities and other bills before determining how much you can spend on furniture.
• How much of my income can I realistically allocate for furnishing? Stick to a percentage of your income that won’t affect your ability to cover other necessary expenses.

Finding the Right Balance

When it comes to furniture, deciding when to spend and when to save can be tricky. It helps to keep these tips in mind:

• Prioritize practicality: Some pieces of furniture, like a bed or a desk, will get daily use and are worth the investment. Others, like a decorative chair or coffee table, might be less essential and can be found at a lower price.
• Set a price range: For big-ticket items such as a bed, couch or dining table, it may be worth splurging on quality (especially if these pieces will see heavy use). For decorative pieces you might find that a budget-friendly option fits the bill.
• Consider secondhand options: Purchasing used furniture can save you a significant amount of money. Look for deals at local thrift stores, online marketplaces or consignment shops. Many high-quality items are available at a fraction of the cost when purchased secondhand.

Smart Shopping: How to Stretch Your Dollars

When you know your budget, it’s time to shop smart. While in-store shopping gives you the opportunity to see and feel the furniture, shopping online can often offer more variety and better deals. Here are a few tips to keep costs down while still finding quality pieces:

• Take advantage of sales and promotions: Many furniture stores offer seasonal discounts, clearance sales or special financing offers. Keep an eye out for these opportunities to stretch your dollar further.
• Use credit wisely: If you’re considering financing some of your furniture, check with your credit union for options like low-interest loans or no-interest financing. Many credit unions offer flexible financing plans that can help you pay for your furniture in installments without incurring high interest rates.
• DIY and upcycle: Consider doing some DIY projects or upcycling old furniture. With a little creativity, you can turn secondhand pieces into something unique and stylish.

Start Your Budget and Stay on Track

Furnishing your new space doesn’t have to drain your finances if you take a smart, structured approach. Start by creating a realistic budget that aligns with your income and expenses, and remember that planning ahead can help you avoid unnecessary debt.

If you need a place to start, try Money Tracker, our suite of online budgeting tools available to all members! Money Tracker can help you get a handle on your finances so you know just how much you can spend on furnishing your new home. Money Tracker is free and easy to use, so check it out today!