(NC) It seems like everyone is making over their home these days, from small additions to complete teardowns. Although it sounds pricey, there are ways to transform your home while sticking to a budget. Here are some renovation tips to help you get started:

Never underestimate the power of good lighting. 
Nothing says luxurious quite like the perfect mood lighting of beautiful fixtures. From gallery-style recessed lighting to illuminate your artwork, to pot lights built into a rustic piece of reclaimed wood for hanging over your dining table, light fixtures are a fun and functional way to create ambiance and show off your personality.

Accessorize with high-quality investment pieces. 
Achieve an expensive look by carefully curating accessories and decorative items. For example, some plump throw pillows and a plush area rug can elevate your living room. You can also try hanging curtains from ceiling to floor, even if your windows are small — this will elongate your walls and draw the eye upward. Splurge on custom framing to showcase your favourite photographs on a gallery wall or floating shelf.

Learn how to achieve the handmade look for less. 
Anything custom-made says luxury because it’s uniquely tailored, fitting your style and space perfectly. But customizing anything from scratch can be prohibitively expensive. Fortunately, there are many ways to get the same results on a budget.

For premium and tailored cabinetry in your kitchen and bathrooms, try working with Kitch. The company specializes in making high-quality doors, drawer fronts and accessories for popular IKEA systems. The result is fabulous and unique cabinetry that’s personalized for your home, style and organization needs.

Find more design inspiration at mykitch.ca

(NC) Your home is a major investment that comes with plenty of added costs, like maintenance and renovations. The biggest cost is your mortgage, a major expense that might be difficult to pay in tough times.

If you have a mortgage and you’re worried about leaving your loved ones with a mortgage payment in the case that you were to pass away or experience a covered critical illness, optional TD Mortgage Protection might be the solution.

Evaluating whether mortgage protection insurance is right for you is important. Having a mortgage is a long-term financial obligation. You’ve worked hard for your home, and there are ways to help protect it.

If you aren’t sure if you need mortgage protection insurance, ask yourself these three questions:

What would the impact be to my finances if my income was lost or reduced due to a covered critical illness?

A recent TD Insurance survey reveals that one in three Canadians without asset protection coverage think it’s too expensive, and 28 per cent say they do not believe they get the right value for the amount spent. While we all value our homes, we may undervalue mortgage protection insurance, which could pay or reduce the outstanding balance of the insured mortgage in the event of a covered critical illness.

Would my partner or co-borrower be able to afford the mortgage on their own if I were to pass away or suffer a covered critical illness?

As household partners, you’re in this together. If a mortgage was set with two incomes in place, it could be difficult to get by on just one. Consider having a plan in place, like mortgage critical illness and life insurance, before an unexpected covered critical event occurs. There are options available to help you find the right coverage that best suits your budget and needs.

Do I have loved ones who rely on me financially?

Owning a home and having a family comes with the responsibility of ensuring your dependents are safe and protected. Mortgage protection insurance can help you protect your mortgage and home, which could also benefit loved ones who may financially depend on you.

Learn more at td.com.

(NC) With Canada’s housing market hotter than ever, saving up a down payment can feel impossible. But wise spending and saving decisions can add up over time. Here, Vanessa Bowen, money expert and accountant, offers simple yet effective ways to save for the home you’ve had your eye on.

Ensure you have a good credit score
A better credit score means that you can qualify for lower interest rates and loans that you may require when investing in a future property. Working to improve your overall credit score, such as by avoiding late bill payments, will help make your savings go further as you look towards purchasing the house or condo of your dreams.

Contribute lump-sum payments to your savings
Large annual payments such as a work bonus or your tax return can be added as lump-sum contributions to your savings. Contributing larger sums helps you reach your end-goal more quickly, so remember to save these payments. It’s money you don’t count on in your day to day anyway, so it’ll be easier to set aside and watch your savings steadily grow.

Switch to a no-fee bank account
A small step that you can take that will add up to big savings in the long run is switching to a no-fee bank account. The PC Money Account is the bank account reimagined with no monthly fees and opportunities to earn PC Optimum Points on every dollar spent everywhere you shop. Now, instead of having to pay monthly banking fees, you can put your hard-earned money towards saving up for a house or condo.

Cut down on unnecessary spending
Try cutting back on expenses such as takeout food and shopping for things you may not actually need, like subscription services. Instead, put this money, which could potentially add up to thousands each year, towards a significant investment opportunity, such as a future home.