We independently select these products—if you buy from one of our links, we may earn a commission. All prices were accurate at the time of publishing.
As a professional designer, I love to transform spaces — both my own and my clients’ — but I am determined to do it without spending a fortune. It’s a learned skill: I started out with limited resources and had to get creative, and my clients don’t have sky-high budgets, either. (Before I was a professional designer and an antiques dealer, I worked in theater as a prop man and set dresser, so I have 35 years of experience in hunting for bargain-priced gems.)
Over time, I developed what has become my signature rule for creating beautiful spaces: the TGIF Rule, which stands for thrifted, gifted, invented, and found. This rule helps me skip buying things straight from retail stores and instead get more creative with my shopping. Here’s how I use the TGIF rule to create spaces that are super homey (and very affordable).
My TGIF rule started as a shorthand I used to keep myself from impulse buying during the early days of my design business. To help myself use items that were budget-friendly, I used the adage thrifted, gifted, invented, and found.
Over time, the TGIF rule evolved from a budgeting trick into a full-blown design philosophy. I realized these four categories were the building blocks of my favorite spaces — not just because they saved money, but because they helped me fill spaces with unique items that told a story.
In my work, I start every design process by taking stock of what a client already has, what can be obtained on the secondhand market, and what we can invent together — and I do the same thing in my own home (most recently, when transformed my bare patio into my own cheap slice of paradise). Here’s how I use each piece of the TGIF rule.
Thrifted: To get thrifted items, I might hunt for pieces at a local vintage shop, flea market, estate sale, or online listings.
If you’re thrifting, focus on pieces with good bones that just need some love or a fresh idea to transform them. While some thrifted items will be ready to use immediately, most are diamonds in the rough.
Gifted: “Gifted” items are things like family heirlooms or secondhand pieces from friends. Not everyone has gifted items on hand, but when possible, I like to showcase these things! For example, I pulled out a quilt a client’s grandmother made that had been tucked away in a closet so it could be put on display at the foot of their bed.
Found: To get my found items, I keep an eye out for natural or unexpected treasures like branches, stones, sea glass, driftwood, or even old bricks. And I’m always cruising swanky neighborhoods to see what the well-to-dos have put out on their curbs. It’s honestly incredible what people throw away!
What I Love About the TGIF Rule
What sets TGIF apart from most design advice I’ve learned over the years is that it’s super adaptable to any style and any project. It’s not about trends — it’s about following curiosity and experimenting with new ways to decorate.
I’ve used the TGIF rule in my own home, I’ve used it for clients I’ve worked with, I’ve taught it to design students, and I’m even writing a book about the philosophy. No matter where you use it, TGIF gives people permission to be creative with what they have and do more with less. And personally, it keeps me inspired, and always on the lookout for the next beautiful surprise.
In addition to things like building equity and making improvements without fearing a ding to your security deposit, homeownership comes with some unique tax benefits. The biggest perk? As a homeowner, you have the option to take an itemized deduction that subtracts mortgage interest from your taxable income — lowering the amount of taxes you owe.
First things first: Mark April 18, 2023 on your calendar; it’s the IRS tax deadline for filing 2022 returns. If you bought a home in 2022 (or prior) here’s what you should know about filing your taxes in 2023, according to certified public accountants.
For more content like this follow
You can deduct your mortgage interest.
If you took out a mortgage to purchase your home, be on the lookout for Form 1098, which will be mailed to you and can be found in your mortgage payment portal. This form breaks down what portion of your mortgage payments went toward interest, property taxes, mortgage insurance and, if applicable, points or loan origination fees. All of these can be tax deductible if the homebuyer itemizes their deductions, says Colin Smith, a CPA who has a practice in the Cleveland, Ohio area and runs CPAExam Maven, which helps aspiring accountants prepare for CPA exams.
Most tax filers take the standard deduction when they’re doing their taxes, but about 25 percent will itemize — and it’s often homeownership that puts you above the threshold to do so, explains Kari Brummond, an accountant and content strategist with TaxCure.com.
For tax year 2022 (which you file at the beginning of 2023), the standard deduction is $12,950 for single filers and $25,900 for married filers, Brummond points out. Alternatively, you can itemize, which just means that you add up all of your qualifying expenses and you claim that amount instead of the standard deduction.
“You should only itemize if your total exceeds the standard deduction,” she says. “To see if your new home qualifies you to itemize, add up your mortgage interest, property tax, amounts paid for discount points, and private mortgage insurance (PMI).”
You can tap your IRA without penalties.
If you need to gather up more money for your down payment, dipping into your retirement fund is an option. Many first-time buyers don’t know that they can tap their IRAs or Roth IRAs and avoid penalties, Smith says. First-time homebuyers buyers can withdraw up to $10k from their IRA without incurring the 10 percent early-withdrawal penalty, and those with Roth IRA accounts can withdraw 100 percent of their contributions penalty-free after five years.
“These options give new homeowners lots of flexibility in how they finance the purchase of their home or make repairs,” he says.
If you’re renting out a room in your home, be prepared to pay income taxes on the rental revenue.
Before homeownership, you probably never thought about how a roommate would affect your tax situation. But if you house hack (i.e. you own a home and rent a room out to help cover your mortgage or generate some spending cash), you need to report that income to the IRS. Same goes if you’re renting out a spare room on Airbnb.
Do keep your receipts for any rental business activity, though, Smith says, so that you can deduct any expenses.
You may get some renewable energy credits.
The Inflation Reduction Act of 2022 brought about a ton of renewable energy credits that many first-time homebuyers can take advantage of when making capital improvements to their property, Smith says.
Up to 30 percent of the cost of new installations of renewable energy equipment such as charging stations will be deductible in 2023, he says.
Federal income tax credits are also available, providing up to $3,200 annually to lower the cost of energy efficient home upgrades. These are things like installing new doors and windows or heat pump water heaters. The bonus? Doing these will also help you save money on your energy bills.
If you dread opening up your electric bill these days, you’re not alone. Between inflation, bitterly cold weather, the war in Ukraine, and other factors, energy prices are surging — and homeowners and renters are starting to feel it in their wallets.
To help ease some of this strain, I turned to real estate experts for their best tips and advice on how to lower the electric bill. Here’s what they had to say.
For more content like this follow
(Most, if not all, of these recommendations have the added benefit of making your home more energy efficient, which means you’ll be lowering your environmental impact while also saving money. A win-win!)
Turn on Your Ceiling Fans
Most ceiling fans have a small switch that changes the direction of the fan blades. In the winter, spend a few seconds fiddling with the ceiling fans in your house so the blades rotate clockwise, suggests Kelly Moye, a real estate agent in Colorado. This simple tweak will help make each room feel warmer, thus saving your furnace or heater from having to work as hard.
“Heat rises and when the ceiling fans go clockwise, they push the heat down instead of letting it settle up into the ceiling,” she says.
Change Your Furnace Filter
You can help your furnace run more efficiently — which will save you money in the long run — by changing the filter regularly, says Moye. You can find lots of YouTube videos showing you exactly how to do this, and you can typically find filters at home improvement stores starting at around $10 apiece.
“It needs to be changed every month in the winter,” she says. “When there is proper airflow through the furnace, it doesn’t have to work as hard to heat the house. Most people forget that they need to be changed as often as they do.”
Take the time to program your home’s thermostat so you’re not wasting energy during the times of day or days of the week when it’s OK for your home to be a little chillier. For instance, if you leave your house and head to work from 9 a.m. to 5 p.m. on weekdays, you might turn the temperature down a few degrees during the day, then bump it back up to a more comfortable level around the time you get home. Similarly, you might turn down the heat a few degrees at night while you’re sleeping.
If you travel a lot or you have a long commute, consider installing a smart thermostat that you can control from your phone, says Scott Bergmann, a real estate agent in Omaha, Nebraska.
“Installing a smart thermostat can save you a lot of money and also make your home more comfortable,” he says. “These are perfect for people who are away from home for long periods of time.”
Do some research online and look for local energy companies or sustainability nonprofits that offer free or cheap energy audits, suggests Dj Olhausen, a real estate agent in San Diego. When you schedule one, a trained professional will come to your house and evaluate its energy efficiency from top to bottom, paying special attention to insulation, air leaks, appliances, windows, and other elements.
The U.S. Department of Energy also offers tips for running a DIY energy audit on your own house, which is totally free.
“Double-check if windows are air sealed to avoid wasting air conditioning or heat,” suggests real estate agent Augusto Bittencourt.
Use Smaller, Localized Heating and Cooling Systems
Running the air conditioner or heater to adjust the temperature throughout your home can get expensive. If you spend a lot of time in one room — say, a home office — consider investing in a portable air conditioner unit or a space heater to help keep that room comfortable.
“These are great ways to control the climate of an individual room, rather than wasting electricity on a whole house,” says Olhausen.
Consider Solar Panels and Other Big Upgrades
If you can afford it, consider investing in solar panels, energy-efficient appliances, newer windows, upgraded siding, and other pieces of your home’s infrastructure, suggests real estate broker Mihal Gartenberg.
“Homeowners must consider the cost/benefit before embarking on such updates,” she says.
Spending money now should pay off later if you eventually sell your house. You can also sometimes find rebates or tax credits for these types of updates, with a little digging. Also keep in mind that the new federal infrastructure bill, signed into law by President Joe Biden in August, includes lots of money for home upgrades, so keep an eye out for more details in the near future.
Even if big changes like these aren’t in the budget, you can still make smaller, more affordable swaps. Bittencourt recommends swapping in LED bulbs, which you can change out one lamp at a time if you need to.
