Something like this would have sent me into a panic years ago.
I knew maintenance and repairs were a part of car ownership, but I never knew how much to save to prepare for those moments. I spent a lot of time researching and though the number varies based on make, model, and age of car, the middle of the road advice (heh) was that car maintenance and repairs average out to $75-150 per car per month.
We have a 2011 Honda and a 2012 Acura, and we decided on $100/car/month for our family ($200/month total). This covers oil changes, new tires, brakes, spark plugs, batteries, alternator, etc etc etc. We don’t spend out of this category each month, so the balance grows at times. While it may seem tempting to scoop that high balance up and put it toward debt or savings, that’s usually when the battery dies 😂😭. Tomorrow, my biggest concern will be just the time it takes to sit for the repair.
It took a while to get to this point so DON’T be discouraged if you’re not there yet - but if this is something that stresses you out, I encourage you to start building this into your plan. It will change the whole way you react to these “unexpected” expenses.
If you’d like to learn more about how to do this, I’ll be going over all of this at my budgeting summit before #GOwild! Link in my bio if you’d like to learn more 💕
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