Tool Budget Planning: When to Save & When to Spend
Across the UK, surveys show that tradespeople spend an average of £864-£1,100 solely on tools per year. In addition, 33% stated they couldn’t afford to buy new tools, and 13% admitted that they’re forced to rely on damaged tools to get the job done.
With this in mind, we’ve put together some expert advice for planning your tools budget and keeping your workshop cost-efficient. A good starting point is to gather the essentials, then gradually expand your toolkit. That way, you can spread the cost while making sure every tool you invest in genuinely earns its place.
Building your tool budget strategy
Understanding your business
When it comes to keeping your workshop cost-effective, it’s important to understand how you use your tools. If you regularly use and rely on them, either for at-home emergency repairs or for your day job, you’ll want equipment that performs efficiently year after year. Investing in reliable, good-quality tools is a smart way of limiting repairs or replacements in the long run, especially if they come with a guarantee.
Another consideration is what your specific trade demands of you. Establishing the tools that power your job is an important step in calculating your budget and needs. Anything that is essential, hard to replace, and used frequently is typically worth a higher initial investment, as it will see the most wear and deliver the greatest long-term value.
High risk jobs
Another easy way of determining when to spend more on your tools is by risk-assessing the task carried out. For high-risk jobs like working with electrical wiring, it’s vital to choose equipment such as your multimeter, from trusted brands. The cheapest option can sometimes be the most dangerous, particularly when you’re relying on a tool for accurate diagnostics.
Tool theft
When planning your tool budget, consider the risk of them being lost or stolen. While damage is often included under premium warranties, theft is not. If you store your tools in a workshop, garage, shed, or van, they’re at a higher risk of theft, so it’s essential to organise added security, such as CCTV or lockable containers.
Tool damage
Similarly, storing your tools in an unsuitable manner means they’re more likely to get damaged, lost, or exposed to moisture and corrosion. If you’re confident in your security, expensive equipment could serve you well. If not, a more cautious approach may be the smarter choice.
For a wide range of storage options, from boxes to cabinets to bags, Halfords has you covered. Stay organised, secure, and confident that your tools are safe and sound.
Tools to spend on
Durability and long-term value
Although the initial cost is higher, premium tools are likely to last longer, perform more efficiently and accurately, and reduce the risk of failure or even injury. Because of this, opting for the more costly version could work out cheaper in the long run. Especially if you’re curating your workshop toolkit for professional jobs and long-term income.
Another benefit of spending more on your tools is that they’ll better retain their value. If the time comes when you want to switch trades, reselling established brands can help you recoup some of the cost.
Power tools vs hand tools
When considering hand tools versus power tools, you’ll likely splash a bit more of your cash on the latter. Powered drills and other electrical tools have more complex mechanics, including batteries and wired components. They also often come with built-in features for power, precision, and safety. As they require more upkeep, including battery replacements and servicing, choosing a more expensive option may limit how easily they falter or break.
Halfords Advanced
At Halfords, we have a huge range of hand tools, power tools, and socket sets that are perfect for every budget and trade. Invest in the very best and treat yourself to some kit from the Halfords Advanced range. Not only do you gain top-quality tools, but you’ll also receive a Lifetime Guarantee so that if they do ever fail you, we’ll replace them! We also carry top-branded ranges, including Teng tools, Bosche power tools, Stanley tools, and many more.
Check out our Halfords Advanced 200 Piece Socket Set for the perfect solution for your every workshop need. With this investment, you’ll gain a full range of long and short reach bits, an 18-inch breaker bar, and 100-tooth ratchets with Surface Drive Plus technology to deliver 28% more torque. And with all our Advanced Tools, it’s covered for life!
Precision tools
Measuring and diagnostic tools are worth getting right the first time. Accuracy is crucial for many tasks, and a poor-quality option could compromise an entire job. Ultimately, it’s essential to assess how regularly you use the tool and whether its performance directly impacts your safety.
Tools to save on
Easy to replace tools
When deciding which tools to save on, consider which are easy to replace and less critical for the job and safety. Many lower-cost tools can perform the job just as well as premium brands. For example, utility knives are very easy to replace and often come with replaceable blades, so this might be the type of tool you choose to save some pounds on.
Occasional or one-off use
For specialist tools that you’ll rarely use, a budget option is often the smarter choice. This lets you get the job done without committing to a high upfront cost. For more technical equipment, hiring or renting for one-off jobs can also be a cost-effective alternative.
Upgrade tools as you go
Your toolkit doesn’t need to be perfect from day one. Start with what you need now, then upgrade or expand over time as your workload and income increase.
If you’re starting out on a DIY journey, looking for a great gift, or just in need of a kit that supports general household maintenance, the Halfords Essentials 60 Piece Home and Garage Kit could be the one for you. At an affordable price, this kit supports DIY jobs with a range of spanners, pliers, and screwdrivers.
Enjoy a step up in your equipment with the Halfords 186-Piece Maintenance Tool Kit. Housed in a two-drawer tool chest, it boasts 72 tooth ratchets and the extensive range of 12-point standard sockets. Ideal for a mix of mechanical jobs, this popular DIY kit comes with a 2-year quality guarantee for peace of mind, even during those tougher jobs.
Whether you’re a paid professional or an at-home enthusiast, your toolkit can still reach optimal performance with a mix of price tags. The best way of building up your toolbox is having a mix of high-quality (and higher-priced) tools as well as budget versions. That way, you can establish which works for you, without breaking the bank. You can always upgrade as you go, figuring out what works and what doesn’t!
Halfords Motoring Club
Don’t forget that by signing up to Halfords Motoring Club, you’ll unlock exclusive discounts and savings to be used on building up your workshop with brand-new, trusted tools.
