One of the easiest ways to get a change into your life is to renovate your home. You are not incurring the extra costs of packing and moving to a new location, and can continue in your set social life. You don't feel uprooted and at a loss to put new systems in to place. Some construction activity at home and you have that extra room for your child.

The trouble is that while renovation may not be as costly as buying a larger house, it still needs money. This chunk of extra money is not something one usually caters for in the normal course of events.

You might have some spare funds tucked away that you could use but will they be enough to cater for the full project? Most likely you will still need extra money, so it is best not to touch the nest egg. Are you considering maxing out your credit card next? Just remember the rate of interest on a credit card is way higher than on a loan.

Instead take a construction loan. This is not the same as a personal loan. You are not given the full amount in one lump sum, but in instalments as and when the construction activity warrants it.

You are also free to use the equity home line of credit loan. This will have even lower rates of interest as compared to a home loan. Again it offers you the freedom of withdrawing money as and when you need it.