April showers bring May flowers, but June monsoons brought some lessons about deferred maintenance and the importance of an emergency fund. Our house was previously owned by someone who did a lot of things himself, and didn't do all of them quite correctly. One of those things came to a literal breaking point after we had multiple days of record-breaking rainfall this month.
Some things we learned....
1. You shouldn't stuff insulation into every nook and cranny of your roof, including the soffit - more is not always better! Roofs also need vents. Attic spaces need to breathe.
2. Even worn out shingles will last a long time, and things may look somewhat all right from the outside, but something may be brewing underneath. Especially if the person who put the shingles on didn't bother with a vapor barrier underneath but just nailed them to plywood.
3. Insulation batts hold a lot of water. Like, a LOT.
4. You don't have to use bleach to kill minor mold growth - cleaning vinegar and thyme oil are really effective! (But if you have large amounts of black mold, please call professionals and protect your health!!)
5. There will probably be surprises when you start taking things apart. Don't assumed that a board will hold any amount of weight, because it might actually be completely rotted out on the inside.
6. If you're doing a project, just go ahead and budget the amount to rent a dumpster. You are going to appreciate having it when you find out how much material you actually have to replace.
7. You can buy REALLY big tarps when necessary. This one was 30 feet by 50 feet. Due to some issues with subcontracted workers, it didn't quite get finished before the next wave of rain came through. Sigh.
Ultimately, it's gotten done, and done correctly. While it wasn't planned, and while the job has been somewhat stressful thanks to the weather and unreliable help, at least the money side of it wasn't a huge stressor. Thanks to a slow-but-steady savings plan that has quietly put a bit of money into an emergency account every month, we didn't have to use credit to pay for this. That account has been significantly drained now, so we'll be working hard to rebuild it and foregoing some "fun" spending for a while so that if and when something else breaks, we'll be able to handle it.
Do you have an emergency savings fund set up? One that you hold sacred and don't touch at all for regular expenses?
A few tips:
- Open a separate account for this purpose, and don't allow direct withdrawals from it. Look for a TFSA or a high-interest savings account.
- Start small - aim for even just $100 at a time instead of setting a big goal that feels unreachable.
- If your bank offers a "round up" option for purchases, designate that to your emergency fund.
- When extra money comes your way, like if you sold something or received a gift, put at least half of it into this account.
- Make a habit of putting a small percentage of every paycheque into this account, without taking away from other savings or giving that you already budget for.
Here are a few potentially helpful tools, too.
Save $1,000 One Box at a Time - a visual tool to track small savings contributions.
Money Challenge Savings Box - like a piggy bank for adults, but it also has a visual tracker for your contributions
I know Dave Ramsey isn't everyone's favorite, and some of his advice may not work for you, but we found a lot of helpful guidance in this book. And this Family Sinking Funds Budget Planner can help you keep track if you are saving for multiple things but using one account for it all.
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