Our home is the place where we spend the most amount of time and that is why we want it to be as close to perfect as possible. But because according to murphy’s law everything in your home that can go wrong will do so eventually then we need to constantly fix things as well as make improvements.
When we think about all the things that can go wrong inside our home then it is apparent that it is inevitable that some repairs will be needed and you need to think about ways how to finance those repairs. That is why I usually advise my clients to create a Murphy’s savings fund where they transfer some amount of money every month and keep at least 1 to 6 month worth of salary in there. That kind of savings fund can be used for a multitude of situations starting from simple emergency expenses to some crucial home repairs and every buying some home appliances. I have calculated that each ear at least one or two months salaries go into various home repairs and upgrades and comparing to some of my friends that is a small number. You can repair your home only when something really breaks down or you can try to periodically check and upgrade the oldest appliances when you get some spare cash to do so.
But if you have no emergency fund created for these kind of situations then the only option for you is to take out a short term loan so you could cover those unexpected expenses and later pay back your lender. Of course online loans are not the best option to take out because their annual percentage rates are huge and penalty interest is even worst. But in some situations they are the only option that you can use. For example, in the Country Georgia that is just coming out of poverty the banking sector is not that stable and that means the only place where Georgians can get their money is trough non-bank lenders that supply short term loans.
Home improvements are not cheap and you have to constantly think about how to save money and buy things cheaper. But if you own a flat or a house you won’t be able to escape these expenses so be prepared for that!