[VIDEO]

O is for Own your money mindset. 

The reason I say ‘Own’ your money mindset is a few things. 

1. Tell your team your budget. You have to own your budget. That is what you can spend on your project. You don’t have to say it right away, but they will need to know before they start working with you.
   
   Back when I first started my design business, I had one client who would not tell me their budget. So I designed them a home that they loved and wanted, only to find out that their budget wouldn’t cover their project. Not even close. They then said “I thought this would cost 125k.” It was a ½ a million dollar project. I could have told them that from the start and we could have not started this process and saved them the cost it was to hire me.
   
   I now don’t work with anyone who doesn’t tell me their budget. Even the wealthy have a limit to what they expect their project to cost. I know, I've worked with them too. Be honest and tell your contractor and designer your construction budget. And if you don’t trust them with knowing your budget, then you should not hire them.
   
   

2. Have a contingency. A contingency is an allocated amount of money, generally a percentage of your home project, for unexpected expenses or changes that may arise during construction. The purpose is to provide financial flexibility and address any unforeseen issues that could impact the project's timeline, scope, or cost. It allows for adjustments to be made without causing significant disruptions or the need to secure additional funding.
   

3. Learn how to manage your money as you go through the build or renovation. Your contractor may or may not keep track of your budget, but either way, it is your job to watch your money, pay your bills, and keep track. 

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HOT TIP: Create an excel spreadsheet to help you keep track. If you need help with that, we have an incredible spreadsheet download inside our Private HQ.