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Many people view the Spring Bank Holiday – which this year falls on 29 May – as a chance to spruce up their home, with the extra day off work boasting plenty of DIY potential. But have you thought about how much it could cost?
Research from American Express shows that all those home improvements could tot up to a spend of over £2,000, so you'll want to make sure your finances are ready for it.
The figures show that the typical DIY-er will spend £764 on home renovations this weekend, as well as £357 on home repairs and £297 on updating their soft furnishings, which all adds up to a tidy sum of £2,207. However, while many people could turn to their savings to cover the cost, there could be another option – what about a cashback credit card?
"With the late May bank holiday around the corner, 38% of Brits will use the extra time to roll up their sleeves and show some TLC to their home by choosing to spruce up their property during days off," said Jenny Cheung, director at American Express.
"However, with these costs quickly adding up, many often overlook the option of purchasing a new bathroom, soft furnishings or accessories on a credit card that earns cashback or rewards on their shopping."
While credit should never be used by those who don't have the facilities to pay it off, many could find this kind of spending increasingly beneficial. After all, what's better than getting something for nothing?
A cashback or reward credit card can offer just that – you'll be earning cashback or rewards on everything you spend, and as long as you make sure to clear the balance in full when the bill comes in each month, you could end up with a nice little bonus.
Alternatively, if you've got a larger purchase in mind and therefore aren't sure if you'll be able to cover the cost with your monthly income, an interest-free credit card could be another great solution. Competition is heating up in this sector of the market at the moment with the longest 0% purchase deal on record giving you up to 31 months to pay off the balance before you even need to think about interest.
This could be a great way to spread the cost of those vital home improvements, but just make sure you do your sums so you know exactly how much you'll need to pay off each month in order to be debt-free by the end of the term. You'll want to make sure your credit score is up to scratch, too, and if it isn't, start looking at ways to improve it.
However you go about it, if you make sure your finances are prepared, you can look forward to having a beautifully refreshed home – and at the very least enjoy an extra day off work!
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