by Elle Martinez March 7, 2016 Why You Need a House Fund While we are still certain we got the right house for us, this weekend was a bummer. We had two major hits that have took a nice chunk out of our house fund. $2k in a Weekend When we were doing the home inspection for the house, we got a list of maintenance and repairs items we needed to do. Being an older, most of it was expected and not emergencies, but we know we needed to shore up the basement wall before it became a problem. Doing negotiations we had finances set up so we could get it done fairly quickly. The company came in, gave a plan along with an estimate. Once settled into our place, we scheduled to have walled braced. Fast forward to last week. The structural engineer came in to review and sign off on the plan. Turns out we needed an extra beam. Whomp, whomp, but fine since we had some savings. The ‘fun’ part is that the older fridge we have decided that it didn’t want to fridge anymore. I tried to look around for replacement parts, but not in stock. So now we needed to get a fridge. House Fund to the Rescue Between the extra beam for the basement, the fridge, and the lawn chairs, we are $1,900 poorer (not counting the money for the rest of the basement repair). While we’re bummed about that all that money being gone, we’re grateful that we had set up a house fund. House Fund Not an Emergency Fund Yes, the fridge dying is a problem, but I wouldn’t call it an emergency. When we bought the house, we took inventory of what would probably needed to be replaced. The fridge was usable, but we estimated another year or so with it. (Unfortunately we were wrong.) For us an emergency is losing our income or having an accident with the car. As a rule of thumb we like to have three months of expenses in savings for an emergency. To figure out an appropriate house fund, we took a look at project we wanted to tackle for the year. So adding the fence is out to compensate for the additional beam and the fridge replacement. Replenishing our House Fund We like to have a certain buffer for our house fund. We’ll be directing our tax refund into savings. It’ll give us some peace of mind. We’re hoping that the rest of year goes a little more smoothly than this weekend! If you’re looking to get your house fund started, you can modify our emergency fund plan. It has tips on how to save and earn more money so you can build your savings faster. Thoughts on Home Ownership I’d love to get your thoughts, stories, and advice. Have you ever had a case of bad timing when it comes to home repair? What happened? Did you have a house fund?