The halls are decked, the stockings are hung with care, and then your water heater stops working. Or your furnace won’t heat your home. Or a hailstone shatters your front window.
Unexpected renovations that overlap with the holidays can be challenging for both your patience and your budget. With the season’s extra spending, its not always easy to afford an urgent repair.
Could you handle a $500 HVAC repair bill in the middle of the festivities? If you would struggle to come up with this cash, keep scrolling — even if you aren’t dealing with an emergency today. The tips shared here today will help you prepare for any possibility.
Build an Emergency-Proof Budget
A well-built budget can help you set aside $500 or more in unplanned and unavoidable household repairs. However, it requires some forward-thinking and proactive saving.
If you aren’t currently in the middle of an emergency, take some time to track your spending. This exercise helps you catch any unnecessary spending you can reduce or eliminate entirely to free up more cash for savings.
Experts recommend saving roughly 20% of each paycheck, split between an emergency fund and other long-term savings. Keep this number in mind — it can help you figure out how much spending you need to curb without going overboard and depriving your budget of fun.
Automating these contributions ensures you don’t forget to save; instead, your bank will automatically transfer your cash into your preferred account according to schedule.
Know Your Last-Minute Backup
Despite your best efforts, your savings may not be enough if your emergency arrives too soon. While it can be stressful to realize your emergency fund falls short of what you need, you have other options.
Now might be the time to pull out the credit card in your wallet. But don’t panic if you’ve used up a lot of its limit on the holidays already. You can see if you qualify for an online loan to pick up the slack.
Researching your options has never been easier. You can compare loans by phone, scrolling through different online direct lenders without leaving your home.
Keep in mind that interest and finance charges may apply to personal online loans, so you’ll want to punch these numbers into your budget before you apply. This step can help you determine if a loan will solve your financial problems or create new ones.
Invest in Maintenance
While some household emergencies are truly unpredictable, many damages and breakdowns are the result of disrepair. You can keep your appliances running smoothly and avoid unintentional damage by investing in routine maintenance.
Regular upkeep doesn’t have to be complicated. It can be as simple as checking your roof for lifting shingles and replacing your furnace filter every 3 months. For a full list of repair-avoiding chores, check out this resource.
The time and effort you put into your home comes with two major benefits:
- You can spot minor damage and quickly fix it before it has time to escalate and require an expensive repair.
- Routine maintenance ensures your appliances are running efficiently, so they aren’t working harder than they have to, causing undo wear and tear.
The Takeaway:
The holidays are already a hectic time of year. Adding unexpected renovations into the hustle and bustle can overtax your calendar and budget.
Don’t let these repairs derail the festivities. Follow the tips shared here today — they’ll help you juggle a reno and the holidays without losing your cool.
