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Home Repairs and Emergency Funds

September 17th, 2018 Written By Carol Pawley

adapted from Les Masterson’s article on realtor.com            

If home repairs are a headache to you, then emergency home repairs probably resemble a throbbing migraine.  To ease your pain it is wise to have a specific savings stored up to eliminate the stressful financial part of the equation. Most financial experts recommend having a 3-6 months of living expenses for when hard times arrive. When it comes to home repairs you should aim for 1-3% of your home’s value.In addition to a home repair emergency fund it is also wise to set up 2 general emergency funds:  one for everyday items and one for dire emergencies.  Everyday matters may cover the cost of a broken microwave while dire emergencies savings should be enough to cover disasters that could interrupt your ability to pay your mortgage, such as a failed septic tank or loss of a job.  Aim for 10% of your annual wages to go toward your general emergency savings and 20% of your mortgage balance for a dire emergency fund.  It might be a slow process to reach these goals, but once you saved up, emergencies can cause less stress all the way around.

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