Let’s talk budget, luvs. As a designer and entrepreneur, budgets play a huge role in everything I do. From working with clients and their varied projects to managing business costs, events and services, knowing how much we are going, or are able, to spend is woven into the fabric of our success. What is a budget, though, and why do most designers ask for one? Well, I’ve got you covered. We’re going to get into it right now.

The budget is a simple concept in and of itself. Basically, it’s an estimated total dollar amount that you allot for your particular project. You might say you want to spend $5,000 on updating your Living Room or $30,000 remodeling your kitchen. It’s all about what you think best represents your financial investment to the process. That’s it. Nothing else. End of story. So why is it so difficult to do sometimes? Well, because we don’t always think in terms of bulk all-in purchases. Here in the US of A, marketing cleverly makes purchases feel more comfortable when they are made in bite-sized pieces. Ahh, but we’ll expand on that in a later post. For now, let’s focus on its importance.

Since we’ve worked out what the budget is, why do designers ask you for the budget anyways? Here’s the thing: we have access to thousands, if not millions, of products and materials at our fingertips on a regular basis. When we understand your budget, we can quickly make adjustments in the options, places, and time we need to source these products. The last thing you want any designer doing is offering you an option that you love, that absolutely goes outside of your price range; or even worse, goes outside of how much you would spend on…anything. I mean, quoting a sofa that’s $1,500 might be outside of your price range, but quoting one that’s $10,000 will have you looking at your designer like they lost their mind.

Let me give you an example: say you want to update your dining room that seats 6, and we’re interested in a specific style of dining chair. We have a $5,000 budget for your dining room, and we need to make sure we include everything the room needs in that $5K budget. What I’m not going to do is present you with a chair that’s $3-400 a pop just because they look great. I’m going to source you something that’s probably closer to $200 a piece or less and see how that works with the remainder of the pieces. And, if I can work it, you’ll have funds left over at the end. So the point is always about keeping your value in mind, regardless of whether we have a $2,000 budget or a $200,000 budget.

So you see, budgets don’t need to be complicated, and designers really want to focus on the things that best fit the needs for your project. That way, everyone can move forward in the process with confidence that financially we are keeping your best interests at heart. Think you want to consider incorporating budgets in your daily lives at home? Get started with this Budget Planner from Target. It has everything you need to start listing your expenses, setting your goals, and tracking your spending.

And that’s all for today folks. Don’t forget to like, subscribe and comment on all things budgets down below. I’m looking forward to engaging with you guys more, and there’s still even more to come. Until we meet again!