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If you’ve done any sort of searching on the subject, you’ll know that the suggestions for how much you should save for home maintenance is about as varied as the number of places providing an answer.
It’s a tough topic. Too much, and you wind up putting yourself in a bind by tying up money you could use elsewhere. Too little, and you wind up short when you need it.
What Some People Do
Much of the prevailing advice provides various formulas for helping you arrive at an amount to save for home maintenance.
While some people find using formulas based on your income and/or the size of your home effective, those methods can also be confusing – and thus not useful.
An Easier, More Effective Way to Plan for Home Maintenance Costs
Instead, look carefully at the condition of your home. Make note of any issues that might arise and their estimated costs. You can easily track it all with Homezada.
Next, go back through your home maintenance expenses for the past year or two, depending on how long you’ve lived in your home. This does not include upgrades – that’s another thing entirely.
Use those previous charges to figure out an average and then split that into 12 monthly payments you can easily set aside.
For the majority of home owners, this method ensures they have the money the need for any maintenance issues that come up.
Give it a try and let us know what you think!