While catch phrases like “YOLO” and “seize the day” may be appropriate in certain situations, it’s always better to evoke a sense of caution when it comes to your money. Making preparations in advance may be really advantageous, particularly if you have a spouse or children. Here are some methods you may use to ensure your financial security in the future.

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Take charge of your finances now.
You may not find budgeting exciting, yet it can have a huge impact on your financial circumstances. In the event that you’ve found yourself counting down the days till your next paycheck, now is the time to take charge of your finances. Many of us overspend because we don’t regularly review our bank accounts or look at our spending patterns. Making and adhering to a budget might help you avoid unpleasant shocks and start saving for the future. As soon as you’ve jotted down the amount of money that comes into your account, make a list of every regular outbound payment, such as your rent or mortgage payment, home expenses, and groceries. Then add one-time expenses for the month ahead, like a weekend away. You can figure out how much money you have to spend by comparing your expenses to your income. If you have any extra money, you may put it in a savings account and use it as a rainy day fund, an investment, or a special treat like a vacation. Sometimes spending means taking out loans to help with larger expenditures. Take the time to compare credit before committing to something because you could end up in serious debt.

Invest in insurance to safeguard your valuables.
The protection of your family and your possessions is essential for anybody who has a family, owns a company, or is a homeowner. Having a will and purchasing insurance are two ways to do this. With no will in place, you should seek the guidance of an expert attorney in wills, trusts, and probate. The beneficiaries of your estate will be protected if you die. A death benefit from life insurance might be reassuring if you have a property or dependent children to consider. Making these types of arrangements is never pleasant, but it is useful to be prepared for any eventuality. You can save both time & expense by using online insurance comparison services when you’re looking for a policy.

Invest in yourself
If you’re wanting to increase your savings balances or build a retirement fund, it’s a good idea to look into prospective options to grow your money. Investing in real estate or stocks and shares, for example, is an option. Be sure to obtain advice from experts and assess the dangers before making a big investment. If you’re considering purchasing a rental property, do your homework on the area, select your ideal buyer or renter, and establish a budget that won’t put you in a tight spot financially.

There’s no way to predict what the future may bring, which is why it’s beneficial to plan ahead and handle your money properly.

So, we had this discussion at home about the major appliances we have. In particular, we focused on three appliances: refrigerator, microwave oven, and washing machine. The discussion was about the appliances we have at home, how long we have been using each, and whether it be best to buy a replacement or just use it until it gets broken.

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We were actually just talking about a new house. My sisters and I, being unmarried and all, planned to get a big house where we can all grow old together. While talking about a new house, I noticed that the refrigerator door was ajar. I asked who open it last and my youngest nephew said that he took out a cold drink and closed the door. I tried closing the door myself and that’s when I found out that the door magnet is malfunctioning already. One of my sisters suggested right away that we get a new one. I suggested otherwise. Hiring a good local appliance repair company is not as expensive as you think. And that’s the truth! We did it numerous times in the past when an appliance gets broken. We’d pay a small fee and parts replacement, and the appliance was returned to us good as new.

My sister who was suggesting to get a new refrigerator had this argument: there are far more choices in energy-saving appliances out there right now. We can choose an inverter model, according to her. A bit pricey than the one we have now but the future cost savings will far outweigh the immediate spending. And I totally agree on that. The question is do we have enough to spend on a refrigerator right now when we are also planning on buying a new inverter air conditioner?

Anyway, I made my research about the three major home appliances we discussed.

Refrigerator. The average lifespan of a standard fridge is 14 years, 10 years minimum and 18 years maximum useful life. According to my research, in order for the lifespan of the refrigerator to be maximized, you need to adjust the settings in such a way that it will benefit both the appliance and the food inside. Zero degrees Fahrenheit for the freezer and 36 to 37 degrees of the rest of the fridge. Those settings will lighten the load of the compressor.

Microwave oven. This appliance’s lifespan is six years. Just about right as the one we had broke down after close to six years. Quick reheats only, according to my research, and leave the heavy cooking to the big oven.

Well, this one we really need to buy already. It’s far more convenient to use a microwave oven in the middle of the night when food cravings hit anybody at home.

Washing Machine. This one will last five to seven years, according to my research. Currently, we go out to get our laundry done in a service place a few blocks away. They have these heavy duty washer and dryer machines. My sister does the laundry there and it’s very convenient because we don’t have to hang the clothes to dry afterwards. But my sister worries about the rainy season and if it will be a hassle should we still need to get the laundry done elsewhere.

We need to discuss some more on whether we need to buy new appliances or just get it repaired for now, in the case of the refrigerator.

Rickety steps. Leaky faucets. Uneven flooring. And a million other things inside the house in need of repair or maintenance. Ugh!

There are two things that are crucial in fixing or maintaining something at home: a reliable professional and a sizable budget. Do you agree?

It all started when we are discussing about how to fix driveway interlocking before winter. My sisters and I want everything secure and safe at home more for the kids than for us. The discussion turned from the driveway to the garage door to the main door barrel bolt lock. After locks, CCTV made a grand entrance in our discussion. It was one topic after another, all related to securing our home.

Then, came the ceiling, faucets, flooring, and a million more items on our list of things in need of repair or maintenance in our house.

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When we moved into this house several years ago, it was already an old house. In good condition but old. We loved the house instantly because the neighbors were quiet, the house sitting along a wide road so there is not much interaction with annoying neighbors which we were very unfortunate to encounter in our old residence. The rickety old house was perfect for us!

Over the years, one by one, the things that need fixing made itself known. It started with the pipes in the laundry area. We fixed it by replacing the old pipes. Then, the leaky shower heads. All of it were replaced as well. Then, leaky faucets, a broken bathroom sink, and toilet flush acting up. All of it were replaced.

Truth be told, replacing the old fixtures is totally fine with us. The budget of fixing those things is quite sad. We are all earning good salaries but the bills and everything else together with the repairs and maintenance are putting a dent into our savings. My sisters and I were discussing setting aside a budget account in the bank so we can deposit to it every payday. Then, in summer, we will hire a good professional company to come fix whatever needs fixing and to maintain whatever needs some tender loving care in the house. No more sporadic repairs this time around. If it is a small repair, then it’s fine. We can dip into the budget account. If it will require time and money, then we need to schedule it when we have enough.

There are days when we scratch our heads in unison after huge sighs of frustration. Old house means lots of tender loving care needed. And TLC means budget needed most of the time. But we love this house! It saved us from that old neighborhood when we needed a dramatic rescue from it. This house has blessed us with so much more than we expected from it, and it continues to bless us in unexpected ways.

So, off we save for that summer repair scheduie.

Like any other large family out there, our family also struggle with space. Currently, our home is a three-storey, fully-functional old structure that we first rented out before we purchased it. The ground floor is being used as home office, the second floor as dining and living area combined, and, the third floor has the bedrooms. What we love about the old house is that every space inside it is being utilized by every member of our family. No space is wasted.

So, why the thought of upgrading the house, then?

This side of the world was put in lockdown back in March 2020. Scary times. Also, being stuck inside, it became a time when you zoomed in every little thing at home. Number one thought: why haven’t someone from the family noticed how cramped we are with the space we have now? Every sound echoes and can be heard in your meetings and online classes. Every space is being occupied by computer tables/desks, laptops, printers, and even writing areas. With three kids in the family and a couple of adults all in Zoom meetings every few hours, the cramped space is making us crazy!

Thus, the thought of an upgrade. Several considerations have to be discussed amongst family members, of course. Finances, for one. Timeline. And, there’s also the matter of a temporary house for everyone while the upgrade is being done. If you are considering a home upgrade like us, here are three considerations we are currently mulling over.

Financing the home upgrade. These are scary times to be shelling out our hard-earned money but this is also a time when banks and other lending institutions are lenient in loans. Why not take advantage of it? Interest rates are down, amortizations are more affordable. We are actually considering a home remortgage. Remortgage the house to upgrade and repay it in a couple of years. One idea is to use the space above the garage. We can convert it into two rooms to be used for online classes of the kids. Another idea is to put up a fourth floor which will give us ample space a room for home office and two rooms for online classes. We are tossing the ideas and we have been computing, using a mortgage calculator.

With the budget for the upgrade secured, how long will it take for the construction to finish? Timeline is another big consideration. Time is money. The time for the upgrade to complete is the money we will have to spend. We are also reading up on help with the home upgrade. We are weighing the pros and cons of a bigger budget and shorter timeline, or a smaller budget and longer timeline.

A temporary shelter for all of us should the upgrade begin. We are a large family consisting of six adults and three kids. Work and school will be interrupted with the internet connection being affected, plus, the noise of a home construction will cause havoc in our online meetings. This is another consideration being weighed by the adults in the family. We might rent out a house temporarily or stay with a relative but it will put a dent on the upgrade budget.

This pandemic has put so many things into perspective. That is one positive outcome of the lockdown, being inside the house 24/7. You see issues and you find ways to solve it. Every problem is now being zoomed in because we all have time, and that’s great, if you think about it.

So, is a home upgrade in this crisis doable? Yes, I believe it is. Just make sure the whole family is on board the idea and every little aspect will be discussed and decided on.