Having an emergency fund is a fairly well known and followed practice. The interruption of income or a family emergency that requires travel and time off from work are common issues where this practice comes in handy. However, it seems to be far less common to have a fund for household maintenance and repairs. I must admit that I don’t have one. That said, after reading this article, it seems to make good sense.
I currently live in a home that was new construction when we purchased it. Although we haven’t had any major issues with the home that we had to come out of pocket for in our first few years of living in it, the author’s point about “builder grade” landscaping has certainly rang true and we’ve had to invest in taking care of unplanned issues in our yard.
Earlier in my marriage, we purchased what seemed to be a fairly well maintained but older home and although the “bones” of the home stood the test of time, appliances started to fail shortly after we moved in.
What has been your experience? Have you owned a home where having a household budget was or would’ve been a beneficial thing to have? Check out the article and drop a comment below and let me know your thoughts!