One of our washing machines has just died for the second time this year. As a white good it’s more of a white elephant. We’re currently discussing whether we should toss another hard earned $250 at it for repairs or buy a new one for $1000 (which comes complete with a splendid warranty and shiny newness).
You never know when something will happen that will require quick cash fix. One thing for sure though, with a house full of kids it will happen. We’ve had numerous operations, broken washing machines and hot water systems, car accidents, to name a few. Trouble is, if there’s so much as a fiver in my wallet, it tends to get spent.
Another method you might consider is a separate savings account with a transfer set up so that it automatically comes out of your account. If you make this new account ‘both must sign’ you ensure some discussion has to entered into before any funds are withdrawn, meaning you’re less likely to spend the money on mundane stuff like pizza or a slab.
Whatever method you use, you need to find one.
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’raising a family on little more than laughs’
I had $4000 in my change jar. $2 coins really add up. I bought a wallet with a change pocket to eliminate this pool of lazy money.