We teach our boys to maintain their cars and home to make them last longer and save money. Without proper care things can break down faster and cost lots of money. This is why this is one of our Financial Freedom rules we teach our boys.
I am far from being a car mechanic or a home repair expert so these numbers come from my experience and the experience of others I have worked with. Year to year cost of repairs can range widely also. We have had some huge things all hit in some years and other years hardly any. That is another reason to keep your Emergency Fund completely funded.
As always, I am not giving you any Financial Advice and you should seek advice from your Professional Advisors to see what is best for your situation. See my Disclaimer at MillsWay.com. This is for entertainment only.
Last year our car maintenance and repairs were only $921 for our three cars. We had a really good year. Normally I have heard of repairs running people up to $1,200 a year per car. Last year our car repairs were 1.2% of our home Income and others years it has ran up to over 3%.
We teach our boys to do the following to help maintain their cars to last longer;
- Keep their oil changed and filter change. We change the oil for our car that uses regular oil every 3,000 miles and then our van uses synthetic oil and we change it every 5,000 to 6,000 miles. We change our oil every 6 months even if it hasn’t reached the miles yet. Darlene drives the van a lot, but Logan and myself hard drive our cars. We are lucky to put 6,000 miles on our cars a year.
- We keep the Tires at proper air level amounts and make sure they have proper tread on them.
- We make sure we put the correct gas in our cars. One uses Premium and the others just regular. That may sound like a weird thing but years back I accidently put E-85 gas in one of our cars and ruined the motor.
- We make sure our cars stay tuned up.
- We make sure the Air filters stay clean.
You may have a lot more things that you do to maintain your cars. The car manufacturers have a long list of maintenance guidelines that you should do and that is up to you what you decide to do or not. We do the basics and wait till our Mechanic tells us what needs fixed. We like him a lot, he isn’t like others because he seems to be looking at ways to save us money. He doesn’t fix anything that is running well and looks fine.
Last year our Home repairs and maintenance costs ran us $2,152. We have had other years a lot of larger amounts. Some say a general rule for a budget would be around 1% of your house value. As you can see it is good to have your Emergency Fund. Think if you need a new Heating and Air Unit one year and it costs you $8,000. Ouch. Where would the money come from if you didn’t have a Emergency Fund?
Things that we do to help maintain our house to try to make it last longer and keep our repairs down are the following;
- We change our Air Filters every 30 days. This helps make sure we are controlling dust in the air and helping our unit run smoother. This was a suggestion from our Heating and Air Conditioning company.
- Make sure there isn’t weeds around the house and any Fruit from the trees on the ground. This helps keep bugs and animals away from the house.
- Spray for Bugs inside the house and around the house we do ourselves once a month.
- Check our windows and doors for gaps where bugs to water could get into our house.
- Check for water leaks inside our house and in our sink cabinets.
- We have a Air and Heating Company do a maintenance check on our unit every 6 months.
- Trim the trees back away from our house so they don’t damage our house.
- Fix peeling paint in and outside of our house.
- Make sure water isn’t collecting around our house foundation.
- We keep our floors vacuumed and tile swept up to keep our dust level down.
- Check our roof for any damage after a bad storm. We also check inside the house rafters for any water leak from our roof.
Owning a home is very expensive at times. In the last three years since we bought our last year, we have replaced the water heater and had work done on our garage door twice now.
We want our boys to know how much cars and homes cost to maintain so they will hopefully maintain them to possibly last longer for them.
What other things do you do to maintain your cars and home? Do you teach your kids if you have them? Let me know. Maintaining your cars and home can help towards achieving your Financial Freedom goals sooner.
Darlene and myself when we get older, I could see us downsizing to a Condo or a Townhome so we have less we have to maintain. Most of the Townhomes we looked at they took care of the yard work, snow removal to roof and siding repairs and more.
Here are some positive quotes I like;
“Get your Money to Work for You… As hard as You Work for it.” By Napoleon Hill
“1. Make Money. 2. Use the Money to Make More Money. 3. Repeat the Process.” By Warren Buffett
“There is no way to happiness; happiness is the Path.” By Buddha
“Change Your Thoughts – Change Your Life” by Wayne W. Dyer
Let me know your thoughts about this blog and let me know of others you would like me to do in the future. I feel we can all learn from each other. That is why I am in the helping people retire early, enjoy life more and be more successful. Also, please see my Disclaimer page.
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