You dream of having a pool, but don’t want to take out a huge loan to pay for it. It’s a reasonable position to take considering that pools are luxurious facilities. However, it also poses a challenge, since the price of pool construction is more than most people can afford.
Saving up may look like a difficult task, particularly if your goal is to buy an inground pool with costly features. However, if you have sufficient time and discipline, nothing is impossible. Below is a detailed plan for pool ownership that, followed strictly, could help you get enough funds to escape burdensome financing.
1. Plan in advance
Whatever shape of pool you choose, you should be ready for paying a lot for it. Therefore, you need to begin saving right now, while you’re still deciding on what kind of pool you wish. You may need to correct your plans as you learn the prices of various features cost and get an idea of how much you can save.
2. Ask for multiple quotes
As soon as you get an idea of what you need, you should ask several pool constructors in your region for a quote. Even if you’re not ready to employ the workers right now, but it will give you an understanding. Moreover, you should face the facts to see whether the pool you’re dreaming of is realistic.
3. Plan a budget
If you still don’t have a list of incomes and consumption, you’ll require one. Controlling your expenses and establishing limits are essential for forming your pool fund. Today it is as easy as never before due to finance tracking services, such as Mint.
4. Put money aside in an independent account
You should get a special savings account for your new pool. Avoid using it at all costs. After installing the pool, you may wish to use this account open and keep saving up for future renovation works.
5. Search for the easy ways to save
Most financial experts advise refusing from your daily coffee, but that sounds brutal. There are many efficient ways to save that don’t have a negative effect on your daily life. Below you can find a few ideas:
- Refuse from cable television and choose streaming services that are less expensive and probably better
- If you spend much money on eating at the restaurants, substitute some of these meals with a delivery service that allows you to prepare exquisite meals at home
- Purchase routinely used items wholesale whenever you can
In short, before considering any tough sacrifices, make sure you’ve already tried all the simple options for saving money.
6. Save your tax return
The mean tax return is about $3.000. But even if you have less than that, consider adding it to your pool fund. Same thing with any extra profits (heritage, presents, etc.) that don’t form a part of your usual income.
7. Don’t go on vacation
Small changes in expenditure will definitely accumulate during a year, but you also require large amounts if you want to fulfill your dream. No matter if you usually take one long vacation or a few little trips, refusing from it for a year can help you save a lot of money for your pool fund. Take comfort in the fact that you’ll have a perfect vacation in your backyard next year.
8. Forget about other big purchases
Needless to say, but if you want to save money for a swimming pool, you’ll definitely have to avoid making any major purchases so far. Forget about the new car and repairs and consider escaping smaller running costs, such as gym memberships.
9. Sell the things you don’t need anymore
When’s did you last use this boat? Let’s be realistic about which equipment you still need, and which must be traded to free space and strengthen your pool fund. Remember that as soon as you get your pool, you’ll not have so much time for other leisure activities.
10. Work extra
If nothing is working, find ways to gain more– either by taking extra hours at your existing work, or by starting a day job on the side. Of course, it can make things harder in the short run, but the improvement of the life quality you’ll get with a new pool will justify all the efforts. A favorable side effect is that working more leaves less time for buying unnecessary things, thereby increasing your savings.
Is such plan flawless? Absolutely not. It depends significantly on the financial discipline in the long run. But even if you strictly comply with it, your private finances and the scale of the project could make things very hard.
Nevertheless, we hope that our ideas will bring you closer to footing the bill for a pool. Yes, you may end up studying pool funding options, but with an appropriate pool financing in place, you will be in a way better position.