4 Techniques to Help Put Away Money for Needed Home Repairs

Wednesday, February 6, 2019, 6:00 PM | Leave Comment

The benefits of owning a home are great, but there are also some downsides of which you should be aware.

For example, you are now responsible for needed repairs and regular home maintenance.

You can no longer rely on your landlord to do these things for you or to come through whenever you have a clogged drain, a broken window or missing shingles. Instead, you are now responsible for the costs of these repairs.

If you are wondering how you will ever afford these needs, here are four techniques to help you put money away for home repairs.

4 Techniques to Help Put Away Money for Needed Home Repairs

  1. Create a Separate Savings Account

    If you are a spender rather than a saver or if you tend to live paycheck to paycheck, you may find that there is no money left over in your checking account at the end of the month. Despite your best intentions, anything that you intended to save for other needs may get used up in your monthly requirements for food, transportation and other bills. However, when you open a separate savings account specifically for home repairs, you will find that saved money becomes more difficult to use.

  2. Put Aside Money Regularly

    Once your new savings account is set up, you will want to put money into it each month. You may even want to see if your bank can automatically withdraw a certain amount from your checking account each month for this. Even a small amount will eventually multiply.

  3. Decide Which Repairs Require Professional Help

    Many repairs can be done yourself, thus saving you plenty of money in labor costs. However, you should know which repairs require professional help, and you should be honest enough with yourself to admit when you cannot do something well. For example, you may want to consider putting money aside to pay for roofing and window repairs as well as to hire HVAC technicians, plumbers, and possibly a garage door technician, should you require assistance.

  4. Find Extra Money Creatively

    Once you determine how much you should be saving each month for home maintenance, you may discover that your budget does not have enough of a cushion to support this amount. Consider creative ways that you can make up the difference. For example, take some paid surveys or put your yearly tax returns into savings.

Of course, your exact techniques will depend on your budget, the age of your home and your own personal likes and dislikes for saving money. This is a personal matter that should match your personality, your needs, your lifestyle and your income.

However, by putting the ideas behind these techniques to work for you, you may be surprised at just how much you have saved by the time your next unexpected repair arrives.

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