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As a homeowner, or someone who may be renting for that matter, there will be times when things go wrong in your home. Your heating and cooling system may go down, your fences in the garden get damaged due to a storm, or an accident may happen like you drop something onto the top of your oven, these can be costly and you will need to repair them.
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Repairs aren’t always as affordable as you may have initially imagined, so for this reason, it’s important you have a separate pot that is dedicated to house repairs. By having this pot, it will gradually build up over time and then if something unfortunate does happen to your home, you don’t have to stress that you can’t afford it and can take it out of that savings account.
In order to let the pot grow and your other pots, such as your holiday fund, you’ll want to be contributing to them monthly. To help you, we have put together our guide on tips to help you save for your household repairs.
Reduce your monthly subscriptions
The monthly subscription trap gets so many people. So many people sign up for a monthly subscription that they think they will use, forget they are paying it each month and then don’t cancel – essentially wasting money that could be going towards their savings. Put a spreadsheet together of all your monthly bills and see if you can cut down on any of them. A quick example, and football subscriptions that you pay for. A lot of these can be cancelled when the football season is finished and signed up for again when it starts again.
Set saving goals
Having a saving goal that you want to achieve is an effective way to save. By having a target, you can break that down to a monthly goal, which you can aim to save each month. Having a goal gives you a challenge and something visual to aim for. Saving goals should be set for each major thing you would like to achieve, such as your first house purchase, buying a car or booking a holiday – travel is one of the best things you can do in life!
Sell unwanted items
Over the years you will inevitably have collected many items that you no longer require. These items can all be sold on a marketplace like Facebook to bring in some extra money. Have a look through your cupboards and put a box together of things you can sell. Items such as old clothing, games, sports equipment, and games consoles will all have a value attached to them that people will be willing to pay.
Hopefully, you’ll be able to use one or two of our tips to save money over the year. What advice would you give to someone who is trying to save more for their household repairs? Which of the above tips did you find most useful? Are there any tips that you think we should be adding to our guide? Let us know in the comment box below.
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