Unbelievably, I've now made it through 2 weeks of frugal living -and it wasn't even painful! Spending so far this week? $0.00.
Now, as I try to figure out how to manage the household finances more effectively, I'm realizing that one of the holes in our budget is the expenses associated with home maintenance. They know our kids at Home Depot, we're there so often.
I know we have some expenses coming up: pumping the septic system ($400), repairing a broken storm window ($100?), and prepping the house for winter ($50). Then there's our annual discussion of the horror of the dirt driveway. Every year I swear that I will not go another winter with that driveway...I'd also like to replace our 1950's toilets with low water versions ($300).
So, what's the best way to go about budgeting for a house that past its prime in 1962? Save for individual planned expenses? Just put the money aside every week and use it as necessary? Some kind of hybrid plan? Does anyone follow a maintenance schedule -and does it help with the budget?
Home Sweet *@ Home!
August 20th, 2009 at 02:22 pm
August 20th, 2009 at 02:34 pm 1250775270
I live in a relatively new home, maybe 11 years, but in your situation I'd probably put a set amount aside each pay period for home maintenence. You could then divide that amount into long term and short term goals. The long term money would be for items you save up for over a year or two...and this is for items that are bigger in scope and not necessities. The short term money would be for more immediate needs and smaller projects that can be paid for with a month or two of saving. Just a suggestion!!
My sister has a 1960's house, well built, but needs some updating!
August 20th, 2009 at 03:27 pm 1250778473
The way DH's pay is structured, he receives a big chunk of it once a year. Usually some of that is used for a house project (ie, insulation, new windows, new water heater, etc.). DH is very handy and does a lot of fixing himself. And he has some connections with plumbers, electricians, etc so when we need someone with more skills his connections tend to get us a reduced rate.
I guess we would be the "hybrid" plan - we do about one large project per year paid for via the funds I described above and little things (ie, replace smoke detector, replace part in faucet, paint room, etc) as they come up.
August 20th, 2009 at 03:37 pm 1250779078
I'd start with what you know is coming up, and save for that (like if you know the roof needs replacing in 5 years, plan to save up the amount over 5 years). & save a little for the unexpected too.
August 20th, 2009 at 03:53 pm 1250780034
One of the flaws of my family's budgeting system was planning for the really unexpected. We recently needed to put a new roof on. We were intitally told we could do a repair for $3,500, but the shingles didn't match up and we opted for a completely new one at $6,200. It was a huge amount of money to plunker down, but we accumulated it in about 3.5 months. From here on out we're putting at least $100 a month away into the dwelling fund.
August 20th, 2009 at 05:17 pm 1250785026
August 20th, 2009 at 09:59 pm 1250801985
And, because I like to know what's coming -I'm going to ask my husband to sit down with me and prioritize the house projects so that we're not constantly moving from one unfinished project to the next about to happen catastrophy.
I'll let you know if it works out!