Who doesn’t love to remodel and renovate? I see upgrading in my future. In fact, I need new living room flooring and have estimated the cost for installation. As far as the materials go, you calculate your square footage and then do the math. That’s my strongpoint by the way, but frankly I wasn’t ready for the price of putting a simple layer of carpeting in place. I see that they make up for any discounts by adding to labor. Many companies have you by the throat.
But not me. As a frugal person, I don’t want to pay for something at the top of the scale. It’s a small job and doesn’t merit a major expense. So I have decided to either do it myself or get help from a friend. With carpeting, you need special tools and a few idle hours—nothing more. You staple down the padding and lay the final covering on top before securing it in place. Investing in a good electric staple gun is far less than a one-time, one-room installation. Plus, I will have the device on hand for other types of household jobs. You never know when you will want to decorate for the holidays or a special event. You may want to put up posters in the neighborhood on telephone poles or your business card on the supermarket bulletin board.
My work is all about making money work best for people’s needs. That means saving here to apply it there. In other words, if you add up the myriad of things on which you overspend, you will soon have a pool of money that will grow proportionately. I try to find the best investment vehicles for people’s savings to ensure they beat inflation for one thing, and have some funds for retirement for another. There are short and long term goals involved. My own plan for the money they want to charge for installation is targeted for a money market fund. When it gets to a certain level, the balance will be transferred to a less liquid but more profitable growth account such as a mutual fund or annuity.
You have to be vigilant with your savings. Usually, we don’t put in enough and have to race to the retirement finish in our early senior years. They call this the run for the roses. This blog today is dedicated to the little things in life we can forego if we want to build a nest egg. Installing your own carpet is just an example, used symbolically, to set your sights on the future. If the years roll by and you have not set sufficient money aside, you will be hard pressed to retire.
It takes financial planning with a professional to assess your status now and anticipate your needs in the years to come. He or she will calculate the compounded growth of current investments so you can see your likely retirement scenario. It is a wise person who takes matters into their own hands–the same kind of person I suspect who installs their own carpeting! Let’s hope that is you.