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FOOL'S EYE VIEW
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Liverpool -- One of the Fool's most popular discussion boards is "Living Below Your Means". That's not surprising, because the most important lesson in personal finance is to not spend too much in the first place. My Victorian house in Liverpool is a bit of a wreck. It had been rented to students for years before I moved into it last year, and just about everything in it needs fixing or replacing. Floors, doors, ceilings, windows, electrics, plumbing, the lot. Being mindful of the LBYM ethos (and inherently mean too), I'm not blowing a wad of good money paying professionals to do stuff that I'm capable of doing myself. And with a little planning and a little research, it can be surprising how much that can amount to. Labour accounts for the major part of getting any job done, we all know that, so doing it yourself and only paying for the materials will save a big chunk. But many DIYers, feeling good about what they're saving in labour, then go and spend far too much money on tools and materials. Don't B&Q It Not just B&Q, but all of the UK's well-known DIY chains. B&Q, Homebase, Focus, they might all look like you're getting good bargains, but you can easily end up paying through the nose if you shop there uncritically. They can be reasonable for buying tools, which tend to have fairly small variations in prices, and can be particularly cost effective when they have their periodic sales, but for materials (which will account for the bulk of my costs), you're much better off looking elsewhere. But where? Shop Online Screwfix Direct is the cheapest place to get DIY stuff that I know. Here's a few examples of things I've bought recently: PVA wood glue. If you're doing any woodwork, you'll need some of this stuff. Focus sells expensive stuff in half litre bottles for £5.99. I just got a litre from Screwfix for £1.39. Electric cable, 2.5mm twin and earth, costs around 60p per metre at Homebase&Q Do it All (or wherever). I got a 100m reel for £19 from Screwfix (and they make a profit on that). The big stores presumably get the stuff from the same place as Screwfix and then mark it up around 300% for resale. If I only use 32m I'll be ahead, and I'll certainly use more than that. Nails and screws are much cheaper online too. Plasterboard nails from a DIY warehouse at £2.50 for 250g? I got a kilo for the same price from Screwfix. Use Local Merchants I'm using quite a bit of timber in various shapes and sizes, and I'm fortunate to have a local timber yard nearby. They're much cheaper than B&Thingy. Example: A new door casing. Standard size ready-to-assemble kit for £22 at you-know-where, just three planks with a couple of grooves cut in one of them. The equivalent timber from my local yard cost £11. A couple of saw cuts from yours truly and it was made to measure. The same goes for plumbing and building supplies too. Go to a plumbers or builders merchant and you could save a packet. Profit From The Sales When it comes to tools, the big stores are always having sales. The problem with sales, of course, is that when you need a specific tool you can be sure there'll be no sale on. So use the sales when they're there, and buy the things that you know you're going to need even if you don't need them right now. It requires self-control, as it can be so easy to convince yourself you need such-and-such a whizzy gadget. But if you're smart about it, you can get some good deals. I've bought a bench grinder, cordless drill, router, and other tools when they were on special offer. If I'd waited until I needed them, I'd have ended up spending a whole lot more. Always Put Off As a congenital "do it tomorrow" kind of person, this is perhaps my favourite tip: Never do today what you can do cheaper tomorrow. Need a tool and nobody's holding a sale right now? Wait. The chances are that there'll be a DIY sale somewhere within the next six months and you stand a chance of getting it cheaper. Need a bag of nails or a few bits and bobs, but not enough for a Screwfix order (Over £45 and delivery is free)? Don't go paying higher prices elsewhere, just wait. You'll probably need enough stuff before long, if you can just manage a little procrastination More