4 Emergencies to Budget for with Your Family

An emergency can happen to any family at any time. Some family emergencies can be expensive to manage, and you can prevent a lot of stress and financial trouble if you are able to budget ahead and establish an emergency fund. 

Here are four types of emergencies to budget for with your family.

Loss of Job

Loss of a job is a big financial emergency. The COVID-19 pandemic has resulted in more than 22 million Americans losing their jobs as of April 2020. Unemployment takes a while to kick in, and not everyone qualifies for this compensation. Consider having six months' worth of living expenses saved in case of a job loss.

Car Breakdown or Accident

Most people need a car to get to work. If your car breaks down, not only could you find yourself out of a job, but you also have to come up with the money to arrange for an unexpected car repair. According to Legacy Auto, a provider of car repair services in Boulder, CO, it is a good idea to have a maintenance and repairs fund for your car. 



As cars get older, they are more likely to need pricey repairs, such as new brakes. If you are in a car accident, you could also be subject to a deductible before your coverage kicks in. Consider budgeting so that you have at least the amount of your deductible available for a car emergency.

Medical Emergency

Medical emergencies are one of the most common reasons why people go into debt. Many people have high-deductible insurance plans that only kick in when they reach a large out-of-pocket threshold, such as $10,000 or even more. Even if you do not have a high-deductible plan, a medical emergency can still be catastrophic to your finances. 

If possible, the budget for your out-of-pocket maximum expenses. You could have this money in a tax-free FSA or HSA. Some of these plans allow you to roll over the funds you do not use in a given calendar year.

Major Household Repairs

Major household repairs can take a big bite out of your bank account. If your furnace or heat pump suddenly fails, you could be looking at a $3,000 to $6,000 replacement cost. A sewer line failure or burst water pipe could cost thousands of dollars to repair. 

A sudden crack in your home's foundation might necessitate extensive repair work costing tens of thousands of dollars. Masonry and electrical repairs are also essential and expensive. If your home needs a new roof, you could be looking at a $5,000 or more expensive. 



A failure of your refrigerator or oven could also be pricey to handle. Several websites list the average lifespan of different parts of your home and home appliances, and you can use that information to plan when they will need to be replaced. 

Some emergencies might be partly covered by your homeowner's insurance, such as a hailstorm that damages your roof. However, you will need to have the cash on hand for the deductible. Insurance companies also factor depreciation when compensating you for covered losses.

Other Minor Emergencies to Consider

Above are four major emergencies that you should budget for as a family. However, a series of minor emergencies could also have a considerable impact on your budget, explains U.S. News and World Report. 

If you had to take an emergency trip out-of-town for a funeral, travel, and lodging could be pricey. A sudden move can also be expensive. Perhaps your landlord decided to sell the house you're renting, or maybe your job decided to relocate you to another city. Maybe you have to take in a niece or nephew, grandchild, or parent. 

The cost of living increases can also impact your finances, especially if your health insurance or car insurance premiums, rent, or utility costs go up without a corresponding increase in your paycheck. You also need to have a budget and plan in place for these situations.

These are not the only emergencies that could impact your household, but they are common. It is wise to expect the unexpected and have a plan in place for anything that might happen. Planning and budgeting give you some peace of mind that you can weather an emergency without having to go into a lot of debt.

Avoid Higher Costs in Winter by Fixing These 4 Things in Your Home Now

Right now, it’s hard to think about frost on the windows and snow on the ground. However, if you take care of your winterizing during the summer months, you’ll be ready to go by the time fall rolls around. 

If you’ve been thinking about prepping your home for the coming cold season, here are four things you can do right now. They’ll make your home better able to retain heat and save you money on energy bills in the process.

Change Your Fans’ Direction

Most people don’t think about using their fans during the cooler months. However, if you change the direction of your fan so that it goes in a clockwise motion the hot air that naturally rises to the ceiling gets pushed back down into the room, allowing you to keep more warmth in a room. This saves you money in the long run.

Get the Furnace Looked At

You’ll run your furnace a lot once the fall and winter months roll around. In light of the fact that this unit will have sat around idle for months, you’ll want to contact a competent furnace repair contractor. 

This professional should check and change the filters, look at the pilot light, give it a cleaning and do a general checkup of the unit. Doing this keeps your furnace in good working order and keeps your home safer, too.

Have the Fireplace Cleaned

Your fireplace makes your home feel warm and toasty during the winter. However, an uncleaned fireplace is a fire hazard. During the year, debris and soot built up in the fireplace’s chimney system. 

Have a professional look at your fireplace before lighting up to make sure everything is clean and ready to go. A clean fireplace also works better, allowing you to keep your home warmer for less money.

Add Weatherstrip Tape to Windows

Weatherstrip tape keeps the cool air from seeping into the cracks of your windows. It’s also inexpensive and easy to install. However, despite its simplicity, it’s an effective way to save on your energy bills, so don’t skip this step. Just add strips of this tape to the seals of your window before the cold sets in.

If you’re like most people, you probably aren’t too keen on doing a winterizing project while the sun is shining hot. However, taking care of your winterizing projects before the cold season arrives means you’ll begin the season in tip-top shape. Finally, because you’re having these repairs done during the off-season, it’s likely that you’ll save money when you hire service professionals, like your furnace repair or chimney cleaner, too.

4 Elements to Check for in a Home Listing For Greatest Buy Value

When you plan to make one large purchase for the foreseeable future, then you want to make sure it is the best investment possible. Many people choose to purchase a house. Here are four things to look for to help you get the most for your money below.

Age of the property

Typically, the newer the house, the less work you will have to put in to keep it up. Older homes often have code issues and structural problems you must address. Unless you are in the business of rehabbing homes, then it may not be advisable to purchase a fixer-upper. If you have someone with the tools and experience to get more money in the end, then yes, this is a great option. Otherwise, stick with a new house to retain the most value.

Location

Every agent will tell you that the site of the home or building is the most important thing. Whether you are close to shopping, walking paths, grocery stores, parks, entertainment, or diners is important. 



When you want a property that will keep the most value, then you need to be in a thriving neighborhood. A look at the comparison homes will help you see what range your home should be in.

Technical features

What amenities and characteristics are in the home? What things set the property apart from the rest? These items are important to the value of the building. Maybe there are stained glass windows or beautiful built-in shelves in the den. The most unique items are often the ones that add value. Carefully pouring over the home listings will help you find these features.

Upgrades

Old homes with the right updates and maintenance routines can be worthwhile. For example, a house with French doors and marble tile is going to be worth more than old doors and linoleum. 

When previous owners fix problems and add new features, then a home with age can be of value. The key is to make sure to get a property appraisal and inspection to make sure the home basics are solid. Things like electric, plumbing, and the foundation should be in good condition to make a sound purchase.

Picking the right property can provide you with a sense of security. When you have a home with good construction and the right location, you can build a portfolio that will provide income for years. Any agent will tell buyers to get a home inspection and appraisal before signing a contract.

4 Mortgage Options for Retired Couples

Mortgage and retirement are two words that can inspire numerous concerns when used together, but changing the way you finance your home is an incredibly important decision for seniors. There are several basic options for approaching how you preserve or utilize the value of your home. 

The best option largely depends on your needs, goals, and expected future income, so it's always a good idea to talk with experts in the field to get some guidance.

Relocate Your Residence

Retired couples often find themselves living in a home that's much too large without any kids running around. Without the need to be located near work, senior homeowners can consider many more home options that might provide the same or better quality of life for less money. 

Selling your existing home and getting a more affordable mortgage on a new residence can give you a lot more financial flexibility when planning your retirement.

Pay It Off

Some retired couples aim for mortgage programs that lead to them paying off their mortgage as quickly as possible. While this can create a short-term budget crunch and require careful spending decisions, it can also greatly ease the strain monthly payments have on a limited income. 



Even if you can't pay it off completely, putting more money towards it in the years leading up to retirement may be the best option.

Refinance on Equity

Preserving your stake in the value of your home isn't always the right choice. Seniors who find themselves facing difficult circumstances or need immediate access to cash sometimes consider refinancing on equity. This may provide vital relief from immediate circumstances or allow retired couples to invest it elsewhere as they see fit.

Consider Reverse Mortgages

Reverse mortgages are similar to loans on equity, but they are generally easier for retired couples to manage. Typically, homeowners can remain in their house and continue living there without making payments on the loan. 

Once the homeowners are deceased, the lender gains claim to the home unless any existing heirs are willing to pay back the debt. The loans may come due earlier if the homeowners move or stop living in the residence for an extended period.

As most financial advisors will tell you, it's better to start planning for retirement decades before your designated exit date. However, even people who are approaching or already reached this milestone still have plenty of options when it comes to managing their home value and personal finances.

How to Effectively Budget So You Can Eat and Drink out More Often

Budgeting gurus often suggest eliminating eating out as a way to save money. For some people, though, dining out is an essential social function and a top priority. If you fall into this group, the question isn’t how do you eliminate eating out but rather how to budget elsewhere so that you can eat out more. Here are four useful budgeting tricks that will let you eat and drink out more often without harming your financial situation.

Cut Back on Fast Food Meals

For many people, fast food is a common breakfast or lunch choice because it’s fast and easy. If you want to budget to eat out at sit down restaurants more often, though, you may want to rethink your fast food meals. Getting breakfast or lunch from the drive through a few times a week could easily cost you the price of dinner and a drink at a nicer restaurant.

Find Restaurants with Great Value

Like anything else, budgeting to eat out more often is all about finding the best bang for your buck. Try out some local restaurants and see which ones give you the best dining experience for your money. Going to a sports bar is much more affordable than a fine dining restaurant, and some of these bars actually have excellent food. Finding a few places that offer great value will help you eat out more without breaking the bank.

Set Aside Some Money Every Week

Budgeting to eat out requires the same financial discipline as any other kind of budgeting. To do it, you should set aside a fixed amount of money every week and not exceed what you’ve budgeted. If you don’t happen to use your full budget for dining out in a given week, you can carry the extra over to the next week or save it for future use.

Cut Costs in Your Grocery Budget

One of the easiest ways to budget for more meals out is to bring down your grocery bills. Buying generic products, cutting back on non-essentials and taking advantage of store sales are all effective ways to bring down the cost of your grocery runs. The money you save on groceries can then be allocated to your budget for eating out, allowing you to get more restaurant meals without actually dedicating more of your net income to food overall.

Following these four simple steps, you’ll be able to budget for dining out more often. While it’s still a good idea not to go overboard, you should easily be able to budget for 2-3 meals out per week without overspending.

Ways to Save When Buying Supplies in Bulk

Buying in bulk is a great way to stock up on the supplies you need. However, it is not always an affordable option when you are on a budget. Use the following tips to learn how to save money when buying your supplies in bulk.

Only Buy What You Need

When you see supplies such as candy or socks in bulk, you may be tempted to add them to your shopping list. Do you really need to buy these supplies in bulk? Stocking up on supplies you do not need in bulk is a waste of money. You can save money by creating and sticking to a list of the supplies you actually need to buy in bulk.

Clip or Print Coupons

Another way to save money when buying in bulk is to look for coupons for certain products. There are several stores that offer coupons for bulk supplies. You can find coupons in sale papers and online through the store website. If you have a membership to a certain store, you may receive coupons in your mail or email.

Check Out the Current Sales

When looking for supplies such as food, toilet paper or other groceries, it never hurts to check out the current sales in stores. You may find a sale that allows you to buy one item and get a second for a discounted price. There is also a chance you may catch an online sale that offers free shipping to a local store or your home.

Focus on Self-Sufficiency

Some of the best things to buy in bulk are those you can use to be more self-sufficient. Buying flour and yeast instead of bread will give you supplies that last longer and that can be used to make a variety of foodstuffs. Buying seeds and soil or bulk 9mm Luger ammo for sale will give you tools to grow or hunt your own food if you are in the right area for it.

Split Up Certain Supplies

There are some supplies you can split up with family, friends or neighbors. Everyone pitches in towards the total cost of the supplies, such as pasta, bottled water or toilet paper. When the supplies are picked up or delivered, they are equally split between everyone. Splitting the cost allows everyone to spend less on the supplies they need.

Do Not Buy Everything at Once

It is tempting to pick up all of your usual supplies during a weekly shopping trip. You may feel you are ahead of the game by picking up supplies you may already have at home. However, you are spending more money than necessary on supplies you do not need right now. If you want to save money, designate each shopping trip to only the supplies you need at the moment.

You do not have to break the bank when buying your supplies in bulk. If you keep the above tips in mind, you can save money while stocking up on the supplies you need.

Brooke Chaplan is a freelance writer and blogger. She lives and works out of her home in Los Lunas, New Mexico. She loves the outdoors and spends most of her time hiking, biking, and gardening. For more information, contact Brooke via Facebook at facebook.com/brooke.chaplan or Twitter @BrookeChaplan