On this installment of wellness tips, we’ll be looking at something that effects #financialwellness and #mentalwellness, dealing with unexpected home repairs. When an unexpected home repair pops up, especially a costly one, it can have serious impacts on your financial well being. And that, in turn, can cause stress and worry that will impact your mental well being.
There are several ways to plan ahead for those costly emergency repairs. Today, we’ll be looking at creating a cash fund to help prepare for the unexpected. The article below has some great recommendations for creating those savings plans. The first is to create a general everyday emergency fund, to help with any unplanned repairs. The second recommendation they make is to create a ‘dire’ emergency fund. This second fund would be for more catastrophic issues that impact your income, such as illness, loss of a job, etc.
Next week, we’ll be taking a look at another way to prepare for the unexpected home repair emergency via a Home Warranty. But for now, if you are considering buying or you already own your home and you haven’t created a plan to deal with emergency home repairs, check out the article below.