Design School

How to create a budget when designing a space

December 2, 2023

Designing your home, or even a single room, can be a bit overwhelming financially. There are so many beautiful spaces to be inspired by. Quite frankly, for most of us, the rooms we love and are most inspired by are out of our budget. Although challenging, I like to use these rooms we love as just that – inspiration. Use this as an opportunity to stretch our creativity.

No matter your budget small or large its important to have one in place. So I’m going to share with you how to set a realistic budget for all of the design projects throughout your home.

Step by Step Process to Create a Budget

1. Identify Your Goals. As clearly as possible define what you intend to accomplish with your design project. Gather photos and inspiration from all different sources, magazines, books, social media ,etc. Identify common trends you love that you want to bring into your space. Getting an idea of your end goal will help prioritize your spending.

2. Research, Research Research. Research the cost of furniture, accessories, paint, labor, and other costs that will come with your design goals. This will give you a rough idea of expenses.

3. Preliminary Budget. Based on your research, establish a preliminary budget. This should include all project costs you can foresee. When you are doing a preliminary budget like this – always round the numbers up. It’s better to budget more and have the actual costs come in lower than you expected.

4. Contingency Fund. Unexpected costs often do arise during design projects – especially if you’re renovating. Adding a contingency fund to your budget can help cover any unforeseen expenses.

5. Prioritize Allocate the majority of your budget to the largest and/or most important aspects of your design. This can be very personal – it will depend on the scope of your project and what is highest priority to you.

6. Track Your Spending watch your spending throughout the project and save all of your receipts. This will help you stay within budget and identify any potential problems before it’s too late.

Money Saving Tips

DIY where possible
Be open minded to shopping secondhand. Some of my most beloved pieces are second hand. scour your local antique shops and online marketplaces.
Repurpose Existing Items: With a little creativity, items you already own can be repurposed.
Don’t be afraid to negotiate with contractors

Note about budget and design:

I find that if you are truly head over heels in love with something that is out of budget, it’s best to wait and save for the piece that you really love. If it serves a function, get something inexpensive in the interim. It’s best not to settle (within reason). This way, when all is said and done, your home is filled intentionally with everything you truly love.