Blog · Budget

How to track your renovation budget: plan, record and adjust

Tracking a renovation budget comes down to three things: budgeting honestly, recording every expense and regularly checking where you stand. Here is a routine that keeps it clear, even when things change along the way.

Carlo · · 2 min read

Start with a budget per part

A single total does not tell you much. A budget per part does: kitchen, bathroom, floor, painting, electrics. Then you can see later where it goes wrong rather than only that it does.

Use quotes where you have them and estimates where you do not. Mark the estimates. Those are the amounts that will move.

Track three amounts, not one

Tracking only what you have paid is the common mistake. A kitchen you order in October but pay for in December is already in your budget in October.

Record everything when it happens

  • A quote you accept becomes a commitment.
  • An agreement about extra work goes in straight away, with the amount.
  • An invoice or receipt goes against the right item, with a photo or PDF.

Wait until the end of the month and you are reconstructing. That takes longer and you miss things.

See in time that you are going over

Per part, look at the gap between budgeted and committed. If it is negative and there is still work to come, you have a choice: save elsewhere, drop something or raise the budget. The earlier you see it, the more choice you have.

See also how to keep extra work and provisional sums under control.

Questions? Fair enough.

How much contingency should I plan for a renovation?
Many people add a buffer on top of the budget, because something almost always comes up. How much depends on the job and the state of the house; an old house holds more surprises than a new one. Talk it through with your builder.
What is the difference between budgeted, committed and paid?
Budgeted is what you expected to spend. Committed is what you have agreed or ordered. Paid is what has already left your account. If you only track the last one, you see too late that you are over budget.
How do I keep track of extra work?
Record every agreement with date, description and amount before the work happens. See our article on extra work and provisional sums.
Can I track my renovation budget in PLOTT?
Yes. You link costs to tasks and rooms, so you see per part what was budgeted and spent.

Ready to plott?