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DIY (Do It Yourself) projects around the house have gained steam over the last couple of years, especially during the COVID-19 pandemic. Inflation may currently be hindering home projects, illustrated in retail earnings from Lowe's (LOW) and Home Depot (HD).

While DIY projects may seem overwhelming, they might be able to save you tons of money while investing in your home.

DIY Designer and Max's (WBD) Home in a Heartbeat host Galey Alix joins Wealth to discuss the best ways to get involved in DIY projects and decrease expenses for home projects

"If you have a contractor coming over and you're going to get a quote on a major, let's just say kitchen renovation... and your budget is $50K and the contractor quotes you $80K. And doing your due diligence you get maybe three other quotes," Alix explains "And $80K is still your lowest and you're thinking, how do I swing this? What you do is you ask your contractor to give you an itemized invoice for what every single thing they are doing is going to cost, and that you don't tell him why."

This allows anyone to figure out what would be needed for an expensive renovation project and if they can do it themselves or with friends for significantly cheaper.

Alix, a former Goldman Sachs executive, also suggests finding inspiration and guidance from social media: "I recommend going to YouTube... There's a lot of people like me out there who are posting videos on how to do things yourself."

For more expert insight and the latest market action, click here to watch this full episode of Wealth!

This post was written by Nicholas Jacobino