Something I’ve noticed lately is that most of the clothes I own are from late high school and early college (fall 2006… 7 years ago). I tend to put off buying something new, especially if it’s a “want” and not a “need,” as long as I can. With transitioning to a single income and welcoming a new baby this coming January, we’ve realized that now is the time to set some savings aside and renew truly outdated items. I was a little surprised at how quickly we came up with a lengthy list of things we could renew and how the estimated cost added up just as quickly.
I’d share all the details in order to justify the items we need to renew, but instead I’ll just leave you with a summary: Pinky toes peeping through the mesh of my running shoes, years of thighs rubbing together creating hole-y pants, overly worn paper-thin shirts, a once-fluffy down comforter that now looks like two sheets sewn together, and a hair straightener that only stays on when I hold it at a certain angle and don’t leave it plugged in for more than 3 minutes. When we move back home we also plan to replace the 30-year old deck to prevent a bug issue (not with anything fancy since we plan to rent the condo down the road). We got rid of a hand-me-down couch/pull out bed and purchased a $750 like-new sectional off Craigslist and will be purchasing a deep freezer too so I can stock up on freezer meals and ridiculous savings from our wholesale produce market.
We always look for deals when possible through Craigslist, Groupon, or holiday sales events. Assuming we can get good deals on the list above, we decided to set aside $2,500 now (a big chunk toward the deck) so we don’t have to figure out where to get the money from later when we go down to a single income. I’m a planner by nature and I prefer to plan ahead than get a surprise financial punch in the face.
Are there items you need to replace that are nearing the end of their days? Some may fall under the “we need” category and some under the “we want” category. Whether it’s balding car tires, dirty air filters, a dryer that takes over an hour to do the job, or a couple pairs of hole-y clothes, it’s helpful to take inventory on these items to ensure you’ll have the money to fund replacements instead of putting it on the credit card to hopefully pay off later.
What items are due for a replacement in your home? How are you budgeting for them?
This has been a guest post from Jessica. She is a Registered Dietitian and shares practical, useful tips on food, fitness, and finance. Be sure to subscribe to her blog, Budget For Health.
My name is Derek, and I have my Bachelors Degree in Finance from Grand Valley State University. After graduation, I was not able to find a job that fully utilized my degree, but I still had a passion for Finance! So, I decided to focus my passion in the stock market. I studied Cash Flows, Balance Sheets, and Income Statements, put some money into the market and saw a good return on my investment. As satisfying as this was, I still felt that something was missing. I have a passion for Finance, but I also have a passion for people. If you have a willingness to learn, I will continue to teach.