There's been a dramatic shift in the way Australians approach money since the global financial crisis, a change that's been reflected in the way we renovate!

New research from RateCity shows that household borrowing — the mortgage market — is now growing at the slowest rate for the last seven years. In short, borrowers are on strike!

We're also saving far more now than in the recent past, according to the research.

The same appears to be true among renovators — one of the biggest trends to emerge of late is the 'mini-makeover'. Rather than maxing a credit card or redrawing from a mortgage to fund large-scale home modifications, many Aussies are increasingly satisfied with a 'soft renovation', such as a lick of paint or new light fittings, to spruce the place up.

It makes sense, given the sluggish housing market of late and the fact that in many cities it's an increasingly tough gig to make a quick buck out of selling property. But is this really anything new - haven't humans been making slight changes to our living spaces for centuries?

The difference now, according to an interesting article I found online, is that minor modifications will "make-do" for much longer than in the past. It's little wonder then that neutral colours and minimalism are also popular trends now as people opt for timeless interiors.

For those who are saving money by scaling back their renovation dreams, a number of options to stash your cash. There's the rebounding share market, investment property or simply paying down your existing home loan. Another option is a high-interest savings account, which will earn you up to about 6.51 percent interest. Term deposits are a popular choice too, particularly if you can lock a lump sum away for at least six to 12 months.

But before you choose, shop around and invest your extra cash wisely, because clever allocation could result in hundreds, if not thousands, of dollars in your pocket in the long run!