Misplaced tools can lead to buying duplicates when you can't find a critical tool during a home repair. But more than that, a messy, cluttered work space may cause you to abandon a money-saving DIY project altogether, says Blashaw.

"A clean work space is going to make you want to work," says Blashaw.

Blashaw suggests putting up a cheap pegboard in your garage and hanging tools on it, then drawing their outline in black permanent marker so you know what goes where. He says most people can get by with these basics:

• Power drill, primarily for driving screws.
• Small set of screwdrivers.
• Hammer.
• Vice grips.
• Adjustable plumber's wrench.

And if you decide to expand your inventory of tools, make sure you create a place for a new tool and its charging station, if it has one.