Ready To Do Home Renovations? Follow Our Steps To Come Up With $8,000 Without Borrowing Money

Updated: April 14, 2021
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Thinking of ways to beautify your home? Maybe you’ve been spending hours at a time window shopping online for decor or daydreaming about bigger structural changes that would make your house perfect. Maybe there are just some repairs that need to be made. Whatever it is, you haven’t gotten to it yet because, well, money.

Home renovations are expensive, especially the larger in scale they are. And while putting this expense on a credit card or applying for a loan can often seem like the fastest or easiest option for getting the cash you need, there are other things you can do that don’t involve borrowing money — which should be a last resort.

But first things first…

1. Figure Out How Much Money You Need To Come Up With To Start The Renovation

 - Figure Out How Much Money You Need To Come Up With To Start The Renovation

Whatever home renovation project you’re looking to do, whether it be a redecorating overhaul, exterior design remodeling, roof remodeling or landscaping, you need to have an estimate on how much it will cost you. That means considering whether you’re better off making the renovation a DIY project or hiring someone to help (or both), the materials that will be needed and even how long the project will take. When you have that all figured out and have determined the cost of it all, then you can start to budget for it officially.

2. Start Saving Automatically And Come Up With Thousands In A Short Period

 - Start Saving Automatically And Come Up With Thousands In A Short Period

Dipping into your savings to pay for a big home renovation is inevitable. But it doesn’t mean the savings you already have squirreled away has to be the only source of funding for this project. If you’re willing to wait a bit longer, you could use Digit to supercharge saving up for it.

This app can help you save more money towards whatever goals you may have — including home renovations — by helping you find the perfect amount of money you can afford to save every day — money you won’t miss.

Digit does this by analyzing your income and spending patterns when you link your checking account to the app. It will automatically transfer that money into your Digit account for safekeeping and when you’re ready to use that money, just withdraw it.

Most people deposit money into their savings after they’ve covered their bills and other leisure expenses for the month. Prioritizing it daily can help you reach your target savings goal for your home renovation a lot sooner.

On average, Digit says it saves its users $2,200 a year. That can cover a good chunk of any renovation project you have planned, small or large.

You can try Digit for free, right now, for 30 days. After that, only pay $5/month.

Total To Put Towards Renovation: $2,200

3. Cut Back On Every Bill You Can

It might seem small, but finding little ways to cut back on monthly bills can do wonders for helping you find the extra bit of money you need to cover home renovation costs. Here are a couple of tricks to cutting back on some big ones.


If you live in Illinois, Maryland, Rhode Island, Massachusetts, Maine, New York or Colorado, you can use Arcadia to find a community solar farm near you so that you save on your electricity bill (while also helping to save the planet).

Just go to Arcadia’s website and search for community solar farms in your area using your zip code and utility company. Arcadia will tell you if you’re eligible and quote you a price. If you’re not eligible, don’t worry! You might still be able to get solar energy from one of Arcadia’s renewable wind farms. If so, you’ll be told and quoted a price too.

The exact number a household can save varies by location and how much energy it uses, but using a community solar farm to source your home’s electricity can help you pay between 5-10% less than what your current utility charges and on average people save between $100 to $200 per year. Over time, that really adds up.

See what Arcadia can save you on your power bill.

Total To Put Towards Renovation: $200


Savvyis a virtual insurance shopping assistant that calculates exactly how much you can save by switching to another insurance company (which means less work for you). In that time, they shop hundreds of insurers for you (other sites only shop a handful) to find you the absolute best deal.

Just connect your existing car insurance policy and review the other insurance options Savvy comes up with for you. Pick the one you want and Savvy will help you cancel your old policy and enroll you in your new one.

The average person can slash $356 from their annual car insurance bill just by comparison shopping according to financial experts.

Savvy is free to use, so you have nothing to lose — just money to save.

Total To Put Towards Renovation: $350


Ibotta is an app that offers cash back rewards for more than 1,500 brands with deals available at more than 150 retailers including Amazon, Costco, Target, Walmart, Whole Foods and more. Shop online through the app at participating retailers, or using gift cards for eligible stores, and earn 10% cash back on the entirety of your purchase order. You can also shop in-stores and earn on individual items when you upload your receipt.

Your cash back will be credited within 24 hours or more depending on your shopping method and you can cash out via PayPal, Venmo, and gift cards to popular retailers too.

The average Ibotta user earns $10 to $20 a month, with more active users being able to earn as much $100 to $300 a month.* The app has the potential to earn you hundreds or thousands of dollars in cash back a year.

Download Ibotta today so you can use your grocery shopping to help fund your home renovation project.

Total To Put Towards Renovation: $3,600

4. Save On Everything You Buy Online

If you do end up doing the project yourself or at least have decided you’ll be buying the materials needed and handing them off to the service you hired (this in it of itself can save you a lot of money), these apps can help you save money on your purchases from stores like Home Depot, Lowes, Home Goods, Wayfair, TjMaxx and more.


Drop is another favorite rewards app of ours that will help you seriously stretch your dollar and get a little something back every time you shop. Create an account and link your frequently used cards so you can use them to earn reward points shopping through the app at any of its more than 400 partnered brands.

Bonus: you can also earn reward points by playing games in Drop Arcade and taking quick surveys.

You can redeem your points for gift cards to Amazon, Walmart, Target and so much more. Drop caps reward points per user at 250,000.  Even with that cap, with 5,000 points amounting to $5, if you actively use the app, you can earn up to $50 per month with it.

Download Drop and link a card to start putting cash rewards back into your wallet as you shop for your home renovation supplies.

Total To Put Towards Renovation: $600


The Swagbucks app offers a few different ways to earn free gift cards and discounts to help you save on your shopping. The app has online and in-store cash back deals for hundreds of retailers for you to earn with. And similar to Drop, you can earn reward points for redeeming coupons exclusively offered through the app, and doing other activities, including taking surveys, playing games and watching fun videos.

You can withdraw your earnings quickly via PayPal and gift cards from Visa, Amazon, Walmart, Target, Best Buy and more.

According to Swagbucks, the average member earns between $50 to a few hundred dollars a year, and it’s not uncommon for some to surpass $1,000. Of course, this all depends how often you use the app.

When earning money for your home renovation project is this simple and fun, why wouldn’t you do it? Start making quick cash you can stash away when you download Swagbucks.

Total To Put Towards Renovation: $1,000

5. Total Cash To Put Towards Renovation: $7,950

That’s a big chunk of change to put towards a home renovation that might be on your mind — and it doesn’t even involve cutting anything major from your life or making any big changes. Change a few bills, use cash back more effective, and start automatically saving, and you’ll have thousands to put towards a home renovation.

6. If You Need To Borrow Money, Consider This Loan Alternative

 - If You Need To Borrow Money, Consider This Loan Alternative

If you know that you’re going to need to borrow money in order to complete your renovations but are worried about high interest rates, with Hometap you can actually use the equity you have in your home to get the cash you need without getting a loan.

But first, what’s home equity? It’s the difference between what you owe on your mortgage and the current market value of your home. So let’s say you owe $100,000 on your mortgage and your home is valued at $200,000. That means you have $100,000 in home equity. Your equity increases as you pay off your mortgage and or as the value of your property appreciates over time.

With Hometap, you can get home equity investment — not to be confused with a home equity loan, which you have to make monthly payments on. Hometap will invest in your home giving you a lump sum of money in exchange for a share of its future value. So when you sell your home down the line Hometap takes a share of the proceeds.

Here’s exactly how it works:

  1. Request an investment via Hometap — up to 30% of your home’s value or $300,000 max
  2. If Hometap agrees to take a stake in your home it will send you the money (deducting 3% closing fees)
  3. Once you have the money do whatever you need to do with it like pay off credit card debt or do that kitchen renovation you have been dying to do for years
  4. When you ultimately sell your home, Hometap gets an agreed up percentage of your home’s value (and don’t worry if the value of your home goes down Hometap will actually share in the depreciation, so no need to worry about being penalized)

If you need cash and own your home, this is definitely something to consider, because you won’t be taking on debt.

Check out Hometap today to see how much money you can get towards your home renovation with a home equity investment.

Final Thoughts

Everyone knows home renovations are costly, and a lot of people go into serious debt making them happen. Follow our steps and you can come up with thousands easily. If you still need additional funds for your renovation, we recommend taking a smart approach to taking a loan, and not just sticking a renovation on a high interest credit card.