Finances,  House and Home

How Your Finances Can Handle The Unexpected

Owning a home can definitely bring about challenges.  It almost seems as though as soon as one thing is resolved, you move right on to another.  It is important to do adequate research to see if home ownership is for you.  If you don’t have a plan for the unexpected, you could easily become overwhelmed.  Our approach is a little less orthodox perhaps than others but it works and has for 29 years!  Our home is rather large and technically is built as three apartments – we live in the whole residence.  So we have three times as many opportunities for surprises – 3 furnaces, 3 hot water heaters, three sets of appliances and more.

In the last month we lost a hot water heater, toilet and ceiling fan.  Not every month is like that but we got lucky I guess this time.  But it’s okay because we were prepared for the unexpected.  When we have time to wait we suggest planning to use your tax refund.  When you don’t have time to wait for that resource, below are some options.

We try to prepare in a way that doesn’t really seem to impact us financially.  I know that seems odd to say we save money without any impact but it really can happen.  These are steps we take:

  • At the end of every day – all change gets deposited in a jar.  The only thing we each keep is one quarter because of those shopping centers that require you to pay a quarter to “borrow” a shopping cart.  The secondary benefit of this is that I am not carrying around all that change that gets quite annoying.  Cashing in the change is easy.  You can either go to a store that has one of those coin return machines or many banks have the coin machines and if you are a patron – they will count it and deposit it for free.
  • At the end of the day we put all $5 bills in an envelope.  We always seem to have a need for $1 bills and larger denominations but we seem to easily be able to put all $5 bills aside and never notice they are gone.
  • Participate in passive savings programs.  There are many different versions of this and we participate in several to help save thousands of dollars:
    • A program that rounds up all debit card spending – sort of a keep the change program.  If you buy something for $8.10 – the accounts sweeps the $.90 roundup into a savings account.
    • An account that takes a certain dollar amount at a certain frequency and invests it.  You can choose how risky you want the investments to be.
    • An account that monitors your spending patterns and mathematically calculates an amount to move into an investment account – based on your spending patterns this software determines an amount that you are likely to not be impacted by.
  • Take out a quick and easy small loan with 24 Cash.  Sometimes you have almost enough… Don’t let those repairs and unexpected issues go unresolved.  Take the stress free route with 24Cash and have no further worries.

These are all tips that anyone can do and they absolutely work!  Try it – you’ll like the ease of this savings plan.

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