Money Management

Homeowners spend thousands on a bathroom remodel, but you don’t have to. If an update will hold you over, learn how to make it happen on the cheap. 

If a bathroom in your home looks like it was last updated during the disco era, you may be anxious to do something about it. However, according to BobVila.com, the average national cost of a bathroom remodel ranges from $6,621 to $16,773. And that’s not a high-end remodel. If you don’t have that kind of cash lying around right now, there’s good news. While you save up for a larger-scale remodeling job, there are a host of things you can do to bring the room into the 21st century.

Before you begin, make a list of the things about the room that bother you most. For example, do the lights over the mirror look like someone took them out of an office building somewhere? Or, does the dated hardware bring back memories of your grandmother’s house? Those are changes you’ll want to tackle.

The second thing you should do is deep clean and declutter the room. It’s difficult to make decisions about any room when the drawers are stuffed and the surfaces are dirty.

As mentioned, the things you decide to change depends on what bothers you the most. However, here’s a sample of small updates that can make a huge impact.

Change the room color: $62

Simply changing the color of any room alters the way you feel when you’re in the space. Choose a soothing color that makes you feel calm and comfortable. The Remodeling Calculator reports that the average gallon of paint costs between $30 and $55, and Lowe’s suggests purchasing one gallon for each 350 to 400 square feet that needs to be painted. Because it’s a bathroom, you’ll probably only need one gallon. But, because it’s a bathroom, you want a good quality paint that resists mildew, so let’s assume you spend $50.

If you need supplies, like a paint tray, rollers, brushes, and a stir stick, Home Depot sells this 11-piece paint kit for less than $12.

Give the cabinets new life: $64

One of the easiest ways to update old cabinets is to paint them. If you’re not a painting pro, using chalk paint is a good way to go. Chalk paint requires little to no prep work and is quite forgiving of brush strokes. There are many brands of chalk paints to choose from. For example, Lowe’s carries the popular Magnolia Home chalk style paint that can be tinted any color you like.

One interesting thing about chalk paint is how little you end up using. This means two things for you: You won’t need more than one gallon, and you don’t have to drain your savings account to update the bathroom cabinets.

Two quick tips:

You’ll hear lots of opinions regarding whether your cabinets need to be sealed once they’re painted. Since they’re in a high-traffic area of the house and will be exposed to moisture, we recommend that you do seal them. It’s as simple as brushing on a little clear wax and wiping it off. A quality wax will likely cost between $15 and $30. This Magnolia Home wax runs $26.Be sure to take the cabinet doors off before beginning the project so you don’t get any paint on the hinges.

Replace pulls and knobs: $35

The second easiest way to upgrade bathroom cabinets is to trade out the old cabinet pulls and knobs with new ones that better fit the space. You’ll find pulls and knobs at every home improvement store, many home goods stores, and even on Etsy. If you’re really looking to save money though, Walmart.com may be the way to go, where you are likely to find what you need for $35 or less.

Change out the mirror: $80

A mirror is an overlooked decorative feature. If you aren’t in love with the current mirror in your bathroom and can remove it without damaging the wall, introduce a mirror that goes with your new style. Don’t get discouraged if you start to think that you’ll need a home equity loan to buy a new mirror. Granted, mirrors can be expensive, but they don’t have to be.

For example, if you’re aiming for a cool, modern bathroom, something like this asymmetrical mirror is both unusual and modern. And, it’s only $80 on Amazon.

Dress up the shower curtain: $41

Now that you have a new wall color and your cabinets are freshly painted, it’s time to consider whether the current shower curtain works with the rest of your design. While you’re thinking about it, consider whether you need additional elbow space while showering. Removing a standard curtain rod and replacing it with a curved rod not only gives you more space, but it also adds an interesting architectural touch, without making one structural change to the room.

Shower curtains are available in all colors, designs, and price points. If you’re looking for something a little fancy, hang a fabric curtain over the plastic shower liner. This French Chateau-style shower curtain from Target is both beautiful and affordable at $20. And Home Depot offers a wide array of curved shower rods, like this one for $21.

Update the lighting fixtures: $83

If you have both an overhead light and wall lights that have seen better days, updating them will make a significant difference in the room. But if you’ve ever shopped for lighting, you already know how costly new lighting can be. The trick here is to save enough money to keep the budget under $400.

We lucked out by finding these third-parties selling through Walmart.com. A crystal ceiling light fixture is only $40. We also found a $43 LED crystal wall light that would be perfect over the sink and mirror.

The bathroom design you dream of may be another style entirely. Whether you’re into French Country, farmhouse, boho, or traditional, it’s about replacing the things you don’t care for with things more to your taste.

The grand total for these six changes is $365, leaving a little more than necessary for sales tax. The moral of the story is that it is possible to make big changes on a small budget, as long as you focus on the features that matter to you.

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We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.John Mackey, former CEO of Whole Foods Market, an Amazon subsidiary, is a member of The Motley Fool’s board of directors. Dana George has positions in Amazon.com, Target, and Walmart. The Motley Fool has positions in and recommends Amazon.com, Etsy, Target, and Walmart. The Motley Fool has a disclosure policy.

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Kevin McCallister and his family lived in a beautiful but expensive home. Find out how much you’d need to make to afford the iconic “Home Alone” movie house. 

If you were a child or teen during the ’90s, you likely have at least a few Home Alone movie moments memorized by heart, like Catherine O’Hara’s “Kevin!!” scene. The first movie in the iconic series was released in November 1990, and the home used for filming still exists today.

Located in the suburbs of Chicago, the famous home last sold in 2012 for $1.585 million. While the house is not currently for sale, it’s estimated to be worth even more over a decade later. Discover how much you’d need to make to afford the real-life Home Alone house.

The Home Alone house is estimated to be worth $2 million

As you might imagine, you’d need a good chunk of cash in your checking account to afford the real-life Home Alone house. Of course, you likely wouldn’t pay for the home entirely in cash. Instead, you’d probably want to take out a mortgage to cover some of the cost. Situated in Winnetka, about 20 miles from Chicago, the home looks like you remember it from the movies.

The property is over 100 years old, has more than 4,200 sq. ft., and sits on a half-acre lot. Since it’s spacious, it’s an ideal home to raise a family. Of course, it’s also a perfect place for “eating junk and watching rubbish” if you’re an 8-year-old child accidentally left at home.

How much does a beautiful home like this cost? A home appraisal is the best way to gauge a home’s value. However, property listing websites give estimated home values. At the time of writing, Zilliow estimates that the Home Alone house is valued at a little over $2 million.

What a mortgage payment might look like for the McCallisters

The McCallister family likely mortgaged their home. Many home buyers finance their home purchase using a mortgage. It’s recommended that home buyers make a 20% down payment when buying a home to avoid private mortgage insurance (PMI) fees.

It’s important to remember that mortgage interest rates are constantly in flux. Factors like your income, total outstanding debt, and credit score determine what rate you’ll qualify for when applying for a home loan. The Federal Reserve Bank of St. Louis outlines the average 30-year fixed-rate mortgage rate over the last 30 years. At the time of writing, that rate is 6.67%.

We used our mortgage calculator to estimate the monthly mortgage cost using a 6.67% mortgage rate to determine an estimated monthly mortgage payment. If you purchased the Home Alone house for $2 million and made a 20% down payment, you’d be putting down $400,000 and would need to mortgage the remaining $1.6 million.

The estimated monthly payments for a home like this are around $12,837. That total includes estimated property taxes and home insurance expenses. Before buying a home, don’t forget to budget for other expenses like utilities and routine home maintenance costs. By doing this, you’ll be more prepared for the actual monthly cost of owning a home.

You can afford a McCallister-level home on a $650,000 salary

Experts recommend spending less than 28% of your gross monthly income on housing. For this article, we determined an income that would keep the monthly mortgage payment under 25% to account for other home costs like utilities, home maintenance, and everyday expenses. After all, you’d want to be able to afford a comfortable life while living it up like Kevin McCallister.

With a monthly mortgage payment of around $12,837, you could comfortably afford the McCallisters’ home on a $650,000 annual salary. Your monthly mortgage payments would be a little under 24% of your gross income — and you’d have plenty of money left over to install a high-quality home security system to keep the pesky duo known as the Wet Bandits away!

For anyone considering buying a $2 million home, ensure you have a sizable emergency fund saved up well before closing. Having extra money stashed in a savings account is an excellent way to prepare for unexpected costs that may come your way as a new homeowner.

Now you know what you’d need to make to live in a home like the McCallister family. If you’re considering buying a house, check out our list of the best mortgage lenders to learn more.

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We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.The Motley Fool has a disclosure policy.

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Kids can eat up your money. There’s no getting around that. But read on for ways to save in spite of having children to raise. 

I was talking to a friend of mine lately whose goal is to boost her savings account in the wake of a recent layoff scare. (She didn’t actually lose her job, but for weeks, there were rumors circulating at her company that led her to believe she would.) When I asked her what progress she’d made, her answer was a resounding “none.”

She then explained that if anything, she’d almost had to dip into her savings recently to cover the cost of teacher gifts (a common thing to give at the end of the school year) and a recreation program so her kids wouldn’t sit home bored out of their minds during the summer. And that led to a whole long discussion about how our kids basically take up all of our money.

But clearly, lots of parents have that experience. In a recent survey by Policygenius, 40% of parents agreed that they’d have more savings if it weren’t for their kids. Given that the cost of raising a child to age 17 is now estimated at $310,605 for middle-class families, that makes sense.

Let’s also remember that in addition to spending money on child-related expenses, many parents routinely pump money into 529 plans or brokerage accounts in an attempt to at least begin to cover the cost of college once their kids are old enough to attend. In fact, I can tell you point blank that’s where a lot of my money goes.

But while having kids can certainly make it more difficult to save money, it doesn’t make it impossible. Here are a few steps I’ve taken to boost my cash reserves as a parent, and you may want to do the same.

1. Prioritize your kid-related spending and learn to say no

My kids are constantly asking if they can sign up for new activities, get new clothing, and go out to eat. And my answer to those inquiries tends to range from “maybe” to a flat-out “no,” depending on what’s being asked of me.

The reality is that many kids are demanding not because they mean to be, but because they’re curious, excited little beings who get pleasure out of trying new things, wearing new clothes, and eating yummy food that isn’t Mom’s same old chicken nuggets. And they don’t always understand that there’s a working parent with limited financial resources on the other side of that coin.

As such, I’ve learned to set priorities when it comes to these requests, and it’s helped my savings grow. I’d rather spend more to give my kids different experiences and spend less on stuff like clothing that they’re probably just going to destroy. So while I’ll usually say no to a new jacket or logoed shirt that isn’t necessary, I might say yes to a new sport my kids want to try out.

2. Use tax-advantaged accounts to your benefit

Healthcare is an expense a lot of parents have to bear. In the past month alone, I’ve had a hefty orthopedist bill for one child and a pediatrician bill for another when we weren’t sure if his sudden sore throat was from allergies, a virus, or strep throat.

That’s why I make a point to fund a health savings account. I can do so because my health insurance plan is compatible with one, and you’ll need to check your coverage to see if this option exists for you.

But these accounts allow you to contribute funds on a pre-tax basis to cover medical spending, and that means the IRS taxes me on less of my income. That, in turn, makes it easier to save.

3. Have your kids help out when they’re old enough

My oldest child is 11, which means he’s at an age where he can do things like help his sisters with their homework so I can work more and prepare meals as long as they can be heated in the microwave, and not over an open flame. (We’re just not there yet.) But if you have kids who are even older, you might be able to utilize their services to save money on hired help, whether it’s a babysitter for your younger kids or a lawn service to cut your grass.

Some parents are afraid to put their kids to work. I’m certainly not. My 8-year-old daughters are responsible for putting away their own laundry, among other tasks. The fewer services you have to outsource, the easier saving money becomes.

Kids can be expensive — there’s no getting around it. But yours don’t have to prevent you from saving money completely. And if you follow these tips, you may find that your cash reserves are slowly but surely able to grow despite the numerous expenses your offspring result in.

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We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.The Motley Fool has a disclosure policy.

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