If you’re planning on remodeling a bathroom, you’re probably busy comparing beautiful new bathroom accessories, components and fixtures. Maybe your wish list contains a sparkling new bathtub or a state of the art low-flow toilet. Remodeling a bathroom can be lots of fun. However, bathroom remodeling costs can sometimes be overwhelming. How much can you really afford? Taking the time to create a bathroom remodel budget will help your project go smoothly, and save you heartache later on.

Finance Bathroom Remodeling Costs

While everyone has a unique financial situation, a few simple steps can help you get a handle on your bathroom renovation budget. You’ll want to make sure you can afford your bathroom remodeling costs. If you plan to finance your project, start by adding up all your sources of income such as:

• Dividends
• Salaries
• Settlements
• Support payments.

The next step in creating a bathroom remodel budget is to calculate your total monthly expenses. Be sure to include:

• Car loans
• Cell and land line phones
• Credit card payments
• Entertainment
• Food
• Gasoline or public transportation costs
• Internet
• Mortgage
• Student loans
• Television
• Utilities.

Be sure to remember the amount you’d like to put into savings each month and add that to your monthly expenses. Subtract your total monthly expenses from your total monthly income. This is the amount you can include in your monthly bathroom remodel budget.

Bathroom Design Budget with Cash

If you are planning to pay for your bathroom remodel with cash savings, here are a few simple ways to budget bathroom remodeling costs:

• Determine your monthly expenses and multiply by three. (If you were to lose your job, you’d still be able to pay your bills for three months while looking for another job.)
• Subtract the amount it would take to support your family for three months from your savings balance. This is your maximum project budget.
• If costs of remodeling a bathroom are higher than this amount, you may want to consider a combination of cash and financing.

Keep in mind that this three-month figure is a bare minimum; a year’s income in the bank is ideal.

Sticking to Your Budget

A bathroom design budget won’t do you much good unless you stick to it. Here are some simple steps to help keep you on your renovation budget:

• Know your costs: Before remodeling a bathroom, get firm prices for all labor and materials. If you are over budget before you start, you’ll need to modify your project.
• Leave a little wiggle room: Most renovations end up costing a bit more than you planned. Expect surprises. Sometimes something breaks during construction, or you may find that your plumbing is in worse shape than you thought during the replacement of a faucet. If you plan for these surprises, you’ll be able to go with the flow, without breaking your renovation budget.
• Trim the extras: If you’re a bit over your bathroom remodel budget, you can probably still afford a great bathroom remodel by cutting out luxuries, such as steam saunas or towel warmers.