Family Budgeting: How to Save for Large Home Expenses

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For many people, it can be somewhat overwhelming to think about ways to pay for a looming big purchase for your home, especially if you are like many who do not have much left over every month after necessary expenses. An alarming number of individuals frequently find themselves living paycheck to paycheck and tend to allow necessary repairs to go unattended for much longer than they should due to a lack of ability to pay for them outright. If there’s a leaky roof that is in dire need of replacement, or perhaps old wiring that needs to be upgraded, these types of repairs can total in the thousands and are not easy to pay for out of pocket. The best strategy for large home expenses is to save up for them, but many people simply do not learn good budgeting practices to do so. Many people think they do not have enough left over each month to save, but there is much you can do to begin planning for a large home purchase. Consider some of the tips below.

Get a Clear Picture

First of all, figure out how much money is needed for a particular expense. One might find that it is not as bad as previously feared, or, conversely, could also find that with the rising cost of supplies, the job might be more than assumed. Find out how much it will cost to pay for whatever it is you need to do and come up with a time frame to save up for it. Is it a necessary expense, like a new roof, or is it something that can wait a bit, like covered parking or landscaping? It’s not a good idea to put off necessary repairs, especially safety issues, for too long, so try to plan out for at least 12 months in the future. If it is necessary to have a new roof put on sometime in the next year, get a quote from several different providers, like Bee Cave Roofers, and then divide that quote by the number of months needed to save up. For example, if a new roof will cost $5,000 and must be done sometime in the next year, dividing $5,000 by 12 months comes to $417 a month that will need to be put aside to save for the expense, especially if the company you choose does not offer to finance.

Pay Yourself First

It might not seem possible some months, but everyone should always plan to set aside some of their monthly income in savings every month. It does not matter how small or large the amount is, so long as something is going into your savings account regularly. For large expenses, some find it helpful to set up a separate account with a bank that will auto-deduct from regular income and put the desired amount into the account, not to be used until it is time.

The 50/20/30 Rule

This premise states that everyone should plan to use about 50% of their salary on necessities and expenditures like food, utilities, housing, and anything extra. Following that, 20% of a person’s regular income should go to debt reduction and savings. Finally, 30% of the leftover pay should go to lifestyle or extracurricular activities. So, for example, if someone takes home $3,000 a month, the target monthly savings should be $600 a month. In our example above, a good rule of thumb would be to put $450 into special savings account for the big expense and the other $150 into a regular savings account. Overall, with a salary like this, the example person should not be spending more than $1,500 on housing, food, and utilities.

Start Small, Save Smart

If it is too difficult to put aside the target amount each month for the big expense, let us consider some other options. Try putting small amounts into high-yield savings accounts or other accounts that accumulate a higher rate of interest. Consider setting up a high-yield account or an investment account with high interest to help save for that big expense.


There are a lot of other ways to pay for that looming expense. Perhaps taking on a side gig job such as driving for DoorDash or recording audiobooks for Audible for extra monthly income might be worth considering. Side hustles like these allow workers to work whenever they have free time and are a great way of supplementing full-time income and paying for extra expenses. Some people also start a change jar on the kitchen counter, sell homemade crafts, or, depending on the yearly household income, see if they qualify for any home repair grants or local financial assistance programs. Another way to save money is to get rid of monthly expenses not currently in use. If you are paying for cable but find yourself mostly streaming Hulu, canceling your cable bill can save you $100 a month in some places. If you don’t use certain subscriptions, cancel them. This tool can help you figure out how much you can save each month by canceling unwanted monthly expenses.


No matter what you are saving for, smart planning and budgeting can help anyone achieve their goals quickly. Most people don’t realize how much money they spend each month on things they don’t actually use. Or, perhaps they are paying more money than they should for a service they can get cheaper elsewhere, like a cellular phone or access to their favorite TV shows. By reducing expenses, planning out a budget, and sticking with the plan, saving for that large expense will come faster than you might think.

Author’s Bio

Hannah Boothe is a freelance writer native to Northern California who spends her free time developing herself. Hannah enjoys the outdoors, she goes hiking whenever the weather permits and enjoys practicing yoga. She carves out time to journal and read whenever she can. She loves adventure and connecting with those around her. Hannah prefers to use Bee Cave roofing company, which is based out of Texas when it comes time to do her roofing and home repairs.

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