How to make a budget - EP03

You've reached a point where you want to proceed with your design but don't know how much it will cost or what you should spend. Creating a budget is one of the main steps you need to do before creating your masterpiece. It will save you stress, money and time. This is a step I fully recommend because it gives you the idea of costs instead of giving you heart attacks during the entire construction. 

You can use this guide for any project, not only interior design. It can help you with your groceries, chores, finance, and more. So, Let's begin! 

#1 - Define your project

Is important for the project to be completed. Wait until you have everything designed or approved by the client. This way you won't have to do do-overs or confusing thinking which version was what. Consider while designing all the materials, furniture, and start thinking where to get everything. This is a great time to explore the stores or suppliers if they offer what you want. 

#2 - Make THE list. 

For this, the best tool for me is an Excel table. List every item you can think of. From the base paint to the ultimate flower decor. Even new sheets if is a bedroom, or a set of archives if is an office. When I say everything is literally Every single thing. This will help you avoid any surprises during the execution. These are the things you need to consider:

• Workforce for assembling, tiles, lighting installation, plumbing, painters, etc. 
• Materials (ex. Fabric for cushions, carpets, plants, pots, paint, chairs, electronics, etc) 
• Transport fees (if moving heavy furniture) 
• Shipping fees (if buying online) 
• Any tools. (screwdrivers, hammer, drills, etc)

#3 - Time for Quotes!

Once you have a list of everything you need to buy, it’s time to start asking for quotations and time of delivery. I recommend asking for quotes first instead of buying the entire thing at once because you need to first know all your future expenses and the total amount of investment of the project. It’s just a way of protecting your wallet. This is very important and practical when designing with built-in furniture. This way, you’ll be able to create a timeline of every activity or decide when a supplier will start and finish. 

You can ask for a quote by giving the person a sample image, and basic dimensions. If it is paint, square meters will do, but if it is a built-in furniture the more details you can give, the better. Some quotes don’t require so much detail, like transportation, or just to ask for the price of an object in a store.

#4 - Time for Numbers - Get ready to be scared.

Get in there with a cup of coffee and start filling in the blanks in that excel table you created of the list of every inch in your design. With all the info you have collected, you now have the total amount of money you need to have. Sum every item considering items that didn’t require a quote. This step will give you a specific idea of the total cost of the project. 

A very important recommendation is for you to consider an additional 10-30% of the total cost for contingencies. We just can’t predict the future! This helps with accidents, timeline adjusting, or even changing an entire material. If you’re doing this for a client, make sure you’re including your profits. 

#5 - Choose. Not giving up.

If your total costs of the project is something you were calculating, is below your expenses and can achieve, congrats! You may now proceed to swiping your card. If not, and the result was in a full heart attack, then these are 3 options you can consider WITHOUT giving up your project:

• Stages: Execute the project in 2-4 stages. This way you’ll be able to manage your expenses better and still get what you desire. Start with the big changes first like demolition, infrastructure, plumbing, new walls, etc., and in the next stages dedicate to the decor.  
• Extend the time of finish: Between a supplier and another, there is time. Try giving yourself the time you need to achieve perfection. If you’re a perfectionist, you won’t have trouble with this. This option will give you an opportunity to evaluate your expenses after every activity you finish. 
• Change suppliers: The Internet is a vast world of options. Some products are being sold at a lower price somewhere. Find them. If you achieve better prices you can know resume at #4 of the list.
• Make compromises: I don't recommend redesign the entire project but do evaluate the type of materials I'm suggesting. Sometimes changing a little bit a shape or texture will save you lots of money. 

#6 - Proceed!

Not much to say here, just to start! Think of it as a new adventure. I know you’ll succeed, so the best of luck!