#HomeRepairs #MoneyForHomeRepairs #RainyDayFund
It’s been said that if your (pick one: car, refrigerator, heating system) breaks down, you’ll always find the money to fix it.
That is true as long as you are prepared financially.
Erica Lamberg discussed preparing for costly home repairs in an article for GOBanking.com. It was also published in the Nov. 13, 2017, edition of The Atlanta Journal-Constitution.
Some people have a rainy day fund for such things. Others, who are not prepared, have to do without until they can come up with a way to pay for the repair.
As one can attest, it’s tough to live more than a few hours without your car, refrigerator or heating system.
Lamberg also talks about unexpected roof repairs. As she advises, though a roof is supposed to last 30 years, don’t wait that long to take preventative action. “A new roof, for an average-sized home – using medium-priced asphalt shingles – can cost at least $5,000 in most parts of the country, assuming that the sheathing is still sound,” Lamberg quotes Timothy G. Wiedman, a retired professor of management from Doane University in Nebraska.
She writes that Wiedman, who has bought, maintained, upgraded and sold several homes, said homeowners would be wise to start putting $600 to $700 a year into a roof replacement fund.
As for your heating system, Lamberg advises regular maintenance by a good local HVAC contractor. Twice a year, at the beginning of the heating and the beginning of the cooling seasons, is recommended.
“The proactive approach of being ready for the eventual changing of your equipment will save you money,: Lamberg quotes Gene Amick, with Climate Control Heating near Kansas City, Mo.
There are a number of things around your home that wear out over time. Sometimes, just regular maintenance helps prolong the life of those things. Other times, as in the case of your roof, or perhaps, your refrigerator, it’s best to have a fund that you can tap when replacement time comes.
Sometimes, having an income source that can help you pay for those things is warranted. There are a number of ways out there to earn extra money without having to get another traditional job, or begging your boss for raises. To check out one of the best – and you may find ways to save on new appliances and cars, too – message me.
Avoiding unexpected breakdowns is not just a money issue. It involves paying attention to things. The easiest way to get financially hammered by an unexpected repair is to ignore things. If you have a storm, particularly a hail storm, have your roof inspected. If you are lucky enough to have a good homeowner’s insurance policy, you might be able to get that new roof paid for.
Have your car regularly maintained. Regular oil changes over several years are cheaper than buying a new car. A good rule of thumb for vehicles is not only to get regular maintenance, but also to do the math on repairs. If the repairs become too frequent and expensive, a new car may be in order.
Most people do save for new cars, and plan their new-car purchases. But for those unexpected breakdowns, make sure you have a fund to cover the repairs.
Don’t let unexpected household repairs or purchases break you. Plan ahead. Have a source of funds readily available so you don’t have to do without for too long.
Peter