Thank you for your question. Keeping track of your budget can be a challenge.

We still continue to use excel as it is provides flexibility and I can customize it for different renovation strategies. I have developed a template for myself which I customize to the project.

The important aspects for me of managing my budget is to prepare a detailed budget estimate before I purchase the property which covers the key cost components being buying, holding, renovation / construction and selling costs. I also break my budget into sections ie outside and inside and then by room/ area. We then convert this budget into a month by month forecast of cost (with cost items as rows and months as columns). Next to each months “forecast” column we also have an “actual” column which we use to track actual costs as the renovation progresses.

This is very powerful as it enables us to track how much we have spent month by month against the budget and how much is left in the budget to complete the project. On one spreadsheet we can see if we are over budget or under at any given time.

I find if I’m doing a quick renovation I can be inputting and reviewing my budget on a weekly basis as the renovation progresses quickly which can mean areas blow out if not managed tightly. The key for me is to review my budget on a regular basis whatever the strategy.

This combined with a project plan is what helps me to successfully manage the time and cost components of my renovation.

I do know there are other tools out there I’ve just found customizing my own with excel work best for me.

Hope this helps Regards Caroline Vass