Even the best of appliances eventually need replacing. You can prepare yourself for the day your old appliance kicks the bucket by saving a little money toward a new model every time you use it.
Photo by Anthony Woodside.
The cost of replacing an appliance can put a real dent in your wallet if you’re not prepared. That’s why finance blogger Donna Freedman suggests you save up for a replacement gradually:
Every time we do a load of wash we put $2 in a jar. (Insert “laundering money” punchline here.) Although technically earmarked for a replacement washing machine at some point, the cash recently went toward the purchase of a new fridge…
You can do something similar with almost any appliance. Bake something in the oven? Throw a buck or two into your savings. Run the dishwasher? Save a dollar. For things you use everyday, or are constantly running (like your fridge), do what Freedman did and appropriate funds from another appliance’s savings that doesn’t need it so soon. Or say you’ll save $5 to $10 every time you clean out the fridge.
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