Saturday, January 16, 2016

Challenge update and a few notes

So far, so good on this month's budget.  I already broke my spending freeze for the challenge this month though.  However, I feel okay about it.  I spent some out of our children's clothing money, but I stayed well within the account balance for that category.  I can't resist end of season sales at our local consignment shop- I got everything I needed for my older son's next fall/ winter season for the cost of one shirt at regular retail (or maybe a shirt and pants at Walmart's prices).  The exception would be a coat for him- I don't tend to buy ahead for coats because they tend to outgrow those either slower or faster than I expect, or they simply wear out sooner, so I buy them as I need them.
I forgot to mention at the beginning of the month that I have subdivided the car repair/ maintenance and car replacement categories.  I tend to "borrow" from these accounts occasionally, but I feel like I especially need to leave the car replacement fund alone, since we will inevitably need it, and I don't want to have it be empty when the time comes.
I am also considering creating a new "appliance" fund, due to a dishwasher scare this week.  Thankfully, my husband was able to find and fix the problem we were having with it, but it made me think about the fact that we are never prepared when one of our appliances goes out, even when we know they will eventually.  That's something I can improve on.  My thought is to take the cost of each appliance, divide it by the years of the average lifespan of its kind, and divide that by 26 (the number of biweekly paychecks per year).  For example, a dishwasher costs around $300, and has a life expectancy of 9 years, so I would put away $1.28 every two weeks ($300 / 9 / 26) in order to have the money ready to replace it. 
Seems reasonable, right?  However, our appliances are not all brand new, and I'm too lazy to go digging through my disorganized files trying to find out how old each of them are, so I'm just going to pretend they're all new, and say at least the money will cushion the blow when an appliance goes out and we have to replace it, and if I keep putting the money in there even after we have our brand new appliance, it will be fully funded when the new one bites the dust down the line.  I'm going to stick with major appliances.  There's no need to save up for a toaster, although we did need a new one recently, and out of curiosity, while we were pricing things out, I looked to see what the most expensive toaster was on Target.com  Guess.  $319.99.  For a toaster, not a toaster oven.  Are you kidding me?  Who spends that much money on a toaster?  Anyway.  Not me.  I ended up scoring a pair of toasters in the clearance cart at the grocery store for less than $11 combined.

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