Retire2013
Recycles dryer sheets
Dear Forum Members,
I realize that it would not matter what I call it or how I manage it --- "It" being home maintenance and repair expense since whenever something needs to be done then we would have to spend the money to get it fixed, etc. But here's my question: I've just redone my budget to put $430 per month to the line item called Home Repair/Maintenance. $5160 per year. I plan to track all home repair and maintenance against that budget.
Should I continue to let that budget accumulate year after year? If no repair is needed this year should I roll that $5160 forward and keep adding to that line item next year etc. such that by end of next year my home repair fund (if no expenses were incurred) would grow to $10,320 etc? Conceptually this is just like the depreciation on our car or any other big ticket item. I budget a certain amount monthly toward the cost of eventual replacement of my vehicle(s) etc.
How do you think about/manage/track your home repair and maintenance? Do you set money aside and never touch it and keep adding to it and spending only from that fund for that particular type of expense?
Thank you for sharing.
Retire2014
I realize that it would not matter what I call it or how I manage it --- "It" being home maintenance and repair expense since whenever something needs to be done then we would have to spend the money to get it fixed, etc. But here's my question: I've just redone my budget to put $430 per month to the line item called Home Repair/Maintenance. $5160 per year. I plan to track all home repair and maintenance against that budget.
Should I continue to let that budget accumulate year after year? If no repair is needed this year should I roll that $5160 forward and keep adding to that line item next year etc. such that by end of next year my home repair fund (if no expenses were incurred) would grow to $10,320 etc? Conceptually this is just like the depreciation on our car or any other big ticket item. I budget a certain amount monthly toward the cost of eventual replacement of my vehicle(s) etc.
How do you think about/manage/track your home repair and maintenance? Do you set money aside and never touch it and keep adding to it and spending only from that fund for that particular type of expense?
Thank you for sharing.
Retire2014
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