March 25, 2019
Your biggest concern, before and during the building of your home will be managing the budget. One of the most widely used methods to keep a check on your budget is to use a budget tracker.
A budget tracker is a ledger where you keep track of all monetary transactions.
As part of the tracker, you should note:
• The initial estimate of the overall cost of the project (keep 10-15% aside as an emergency fund)
• At the end of each day of construction, update on all expenses and check balance.
• At the beginning of the week, get a cost estimate for the week and try and keep to it.
Keeping a detailed ledger will not only help you keep your expenses in check, but also protect you against any disputes that could arise with the architect, contractor, or engineer in the future.