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13 Jul 2019

Make a Splash This Summer: 5 Ways to Finance a Pool

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Summertime is creeping around the corner, and do you know what that means? That’s right, sunburns and suntans.

And what’s the best way to get a suntan? By lounging next to your new inground home pool, of course!

Unfortunately, most of us don’t have the extra cash lying around to install a brand new pool. Of course, you could always visit the neighbor’s pool. Everybody loves the neighbors… Or you could take a dip in one of the public pools.

But if you don’t like your neighbor and don’t like public pools, you’re going to have to find a way to finance your new pool.

Read on for some tips and tricks to help you finance a pool of your dreams.

How Much Do Pools Cost?

Before you can decide on a finance option, you’ll need to have an idea of how much pools cost. The answer is expensive.

First, you have to know what you’re looking for. Do you want an above ground or inground pool? Will it be chlorine or salt water?

To install an above ground pool you’re looking between $1000 -$3000. An inground pool, on the other hand, will run you between $20,000 – $30,000.

First, Pinch Your Pennies

Once you’ve decided what type of pool you want to install, you can figure out a good budget. And once you have a goal budget, you can start pinching your pennies and work your way up to a full-blown cannonball.

Here are a few tips you can use to try and beef up your savings account.

Use a Piggy Bank

This has been a favorite for years. You probably had one when you were a kid, in fact, your kids probably have one too.

Piggy banks are a great way to help you save money. It’s easy to forget about or neglect that extra change from the coffee shop or the grocery store. It falls into the bottom of your purse or into the cupholder of your car.

The biggest problem with spare change is finding a place to keep it. If you’re not careful, you either lose it or it will begin to clutter up your life. Having a piggy bank is a great way to get all that loose change in one spot.

Try to find a piggy bank that you can’t see through. Clear piggy banks are just begging you to break them open and steal the cash. But if you can’t see the money sitting on your nightstand, you will more than likely forget about it.

In reality, you probably won’t even know how much you’ve got until you break it open.

After a few months, you could have hundreds of dollars saved.

Automate Your Savings

If you’re not into the piggy bank lifestyle, you could always automate your savings.

Many banks offer automatic withdrawals from your paycheck into your savings account. This way you never see the money come into your checking account to begin with, so you don’t feel like you’ve lost anything.

Using automatic savings is a good way to trick yourself into saving money without dealing with the emotional recourse.

To set this up, you can usually go online to your bank’s website and apply for it. If you’re not tech savvy, you can always go into your bank and ask them to set it up for you. You can either set a percentage to deduct from your paycheck or apply a certain amount of money to be deducted each time.

Meal Prep

But, what does meal prepping have to do with saving money? The answer is everything.

How many times have you gone to work and ended up going out for lunch?

Sure, it doesn’t seem expensive. A five dollar sandwich here and eight dollar salad there.

How much damage could it do? But before you know it, you’ll have spent hundreds of dollars in food in just a couple of weeks.

Instead, try going to the grocery store and getting groceries for the week. Look up some recipes online and do some meal prepping. Pre-chop your chicken and vegetables, pre-cook your rice, and pre-mix your salad.

Doing this at the beginning of the week will ensure that you don’t come home tired from a long day’s work and end up forgetting to pack a lunch for tomorrow.

Get a Second Job

How bad do you want to install that summer pool?

When all else fails, you can always get a second job. You don’t have to get another full-time job, and you don’t have to work your fingers to the bone.

You can always find a part-time job and work only a few hours a week.

Say you get a part-time job at $10 an hour. If you only work 10 hours that week, you’ll have made about $100 of pure savings. That’s $400 straight into the savings account every month for just an extra 10 hours of work in one week.

Extra Financing

OK, we know that summer is coming up in just a couple of months, so you probably don’t have time to save up several thousand dollars for a new pool before the sun heats up.

If your savings haven’t cut it, you aren’t out of luck just yet. And there’s more than one way to get cash fast before the sun heats up.

No credit or bad credit? No worries. All of the options listed below are available to a person who might not have an impeccable credit score.

Personal Loan

personal loan is probably one of the best options for financing a pool.

In general, personal loans have lower interest rates than other loans or credit cards. You can get personal loans for its little as $100 to as much as several thousand dollars.

When applying for a personal loan through a bank or other lending service, it’s a good idea to have a plan in place for how you will pay back this money, just as you would with an installment loan. After all, this is a loan.

This will be especially helpful if you are struggling with a low credit score, as it will help assure the lending company that you are good for your dollar.

Credit Cards

Credit cards are a second option. While they are often higher in interest rates, they tend to be easier to get approved for than personal loans.

There are credit cards available in all different amounts, with different payback plans and interest rates.

When applying for a credit card, be sure to read the fine print and be aware of what your interest rate will be.

Know that the higher the interest rate is, the harder it will be to pay back the loan. No matter how small of a loan it may be.


A HELOC, or home equity line of credit, is a good option for those who have a poor or no credit score.

When using this type of line of credit, you will be using your home as collateral.

You will need to own a home in order to qualify for a home equity line of credit.

In this type of credit, the money will be issued to you just like a credit card. You will have a cap on the amount you will be allowed to borrow, and you can borrow as much or as little as you need.

Home Equity Loan

A Home Equity loan is just like a personal loan, but just like the home equity line of credit, you will be using your home as collateral.

Unlike a home equity line of credit, however, a home equity loan will be delivered to you as a lump sum. You will be responsible for paying back the loan in its entirety, and likely additional interest fees.

A word of caution, however, be mindful when taking out a home equity loan or home equity line of credit. If you cannot pay back the loan, or begin to miss payments, the lending company will not hesitate to evict you and foreclose on your home.

Payday Loan

payday loan is typically a smaller loan, as it’s similar to an advance on your next paycheck.

When applying for a payday loan, you will need to prove to the lending company that you receive a regular paycheck with a regular income.

Since you can prove to the lending company that you make a certain amount of money, and you will have the extra money coming to you shortly, you are more likely to get approved for this type of loan with a poor credit score.

Splish-Splash: Finance a Pool Today

Ready to sit Mimosa’s in your new pool?

Now that you can finance a pool, you’ll be able to throw the next barbecue at your place and make all of your friends and neighbors jealous of your new pool.

For more tips and advice on financing your summer dreams, check out our archives today.

Here are some other articles you might enjoy:
Paying Off a Personal Loan Early: Smart or Not?
Your Complete Guide to the Different Types of Personal Loans
Understanding When Should You Take out a Loan to Pay Off Credit Card Debt
Learn How to Build Good Credit as a Student