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Step 1
Begin by creating a plan for your finished basement, and approach your design scheme with some flexibility and realism. If you're on a really tight budget, a top-of-the-line, surround-sound home theater system with a flat-panel HDTV probably isn't going to happen. As an example alternative, you could invest in a large-format television and amplify the sound system by adding a quality set of external speakers.
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Step 2
Make a list of the tasks you need to complete the remodel of your basement, and budget them out individually. Common jobs that you'll need to address if your basement is unfinished include waterproofing, insulation, flooring, windows, wall finishings and furnishings. Note any tasks that you can do yourself or with the help of friends and neighbors--that's where you'll save the most money.
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Step 3
If it's possible, avoid including intricate plumbing additions, such as what you might require if you installed a bar with a working sink or an additional bathroom. If you need to install new piping systems, your budget is going to go up, up, up.
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Step 4
Take accurate measurements of your basement, not as it is, but as it will be when you're finished with the remodel. That way, you'll make sure that you don't waste money buying excess materials like paneling or carpeting that you won't have any use for once the job is done.
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Step 5
Start out by waterproofing your basement. This is a simple task which can be completed on your own with relative ease, and you can save significant labor dollars if you do it yourself rather than have it completed by a contractor (if you're going to hire professional help down the line).
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Step 6
Cut corners by opting for inexpensive materials alternatives for flooring and carpeting. For example, laminate flooring costs a great deal less than hardwood flooring or tile, and can give a very attractive look to a finished basement. However, don't cut corners when it comes to windows and insulation--if you do, you'll probably find your heating bills skyrocketing come wintertime.
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Step 7
Hire a contractor or professional only to complete those jobs you simply cannot do yourself due to lack of expertise.
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Step 8
Save some money by buying secondhand furniture in good condition rather than buying new. The classified-ad section of your local newspaper can be an excellent resource, as can your city's Craigslist furniture section (see Resources below). Craigslist offers free classified ads in cities all across the world, and you can find excellent bargains on just about any kind of furniture.
