Our lives are often centered around our financial planning and two of the biggest expenses in our lives are our home and our vehicle expenses. We all know how important it is to stay on top of these expenses before they get out of hand. At the same time, life can be busy and chaotic, and everyday life can interfere with our plans. Planning and staying organized will go a long way when you are trying to be financially responsible for your home and vehicle. Regular maintenance in both of these areas of your life can prevent big expenses down the road. At the same time, you want to have a long-term strategy. Use this guide to be more financially responsible for your home and vehicle.
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Regular Vehicle Maintenance and Insurance
Part of owning or leasing a vehicle means that you need to do regular maintenance on it. It would help if you also kept car insurance on it. One report from Drive Safely notes that regular maintenance on your vehicle should begin at the 5,000-mile mark and be performed every 5 to 10 thousand miles. That includes oil changes, fluid top-ups, tire rotations, and checkups to make sure your car is safe.
At the same time, you want to have the right insurance on your car. Don’t overspend on insurance, and it can be easy to do that if you have a friendly and chatty broker who wants a nice commission. Only get what you need. You will need liability insurance, and comprehensive and collision insurance if your car is financed, otherwise, you can get a basic policy that will cost you much less each month.
Regular Home Maintenance
Performing regular home maintenance is common sense for today’s homeowners, but make sure that you know what you need to do here. Your roof should be inspected annually to make sure it is not leaking or doesn’t need repairs. The SCDHEC says that your septic tank will need to be cleaned at least every 3 to 5 years. If you have a chimney, you’ll want to have it cleaned and checked annually as well.
When you manage home maintenance regularly and properly, you save money. Make a list of major repairs such as this with their timelines. Then plan your home maintenance accordingly. Staying on top of these things will prevent major disasters and major expenses down the road.
Long-Term Financial Planning
Long-term financial planning around your car and your home can be difficult. We never have the same car for life, but you can still plan here. While you have a good vehicle, make sure that you keep your credit rating in good shape, and keep a savings plan going for major car repairs. When a car disaster strikes, your finance plan will help to keep you prepared for worst-case scenarios.
You may also want to look at long-term financial planning for your home, life, and estate. Legal Zoom says that 77% of Americans think that estate planning is essential for everyone, regardless of their current financial outlook. Your loved ones want to know what your wishes are, as it will make it easier for them when you go. Make a will, get enough life insurance to cover your home mortgage at least, and clearly define parameters in your estate planning, and you will sleep better at night.
When you own things like a car and a vehicle, you want to be prepared. Don’t let your finance plan go out the window because you weren’t prepared for an expense or tragedy. Keep regular maintenance plans on all your important things, and plan with long-term needs in mind. You don’t have to be wealthy to be financially responsible.