Home > Washer/Dryer Fund?

Washer/Dryer Fund?

March 9th, 2022 at 05:33 pm

I read another blog that has an idea I love… I would like to start doing it too, but I don’t actually know how to start.

Every time she does a load of laundry, she adds $1.50 into a fund for a new washer/dryer. I’m not sure if she has a separate savings account for it or if she just keeps it on a spreadsheet, but I think it’s something worth considering.

For myself, I feel like I would need a separate account for it because I feel like it would be too easy to spend the money if I just kept it in my general savings account. Another idea would be to physically put the cash in a jar each month. I would just have to keep track of how many loads were done each month and then pull that amount of money out.

I think this would be a great thing to do, but then I wonder where would I get the money from? We barely have enough money at the end of each month to meet our obligations to pull another $30 - $50 out a month.

We make plenty of money but for many years, we lived above our means, which we are paying for now in credit card debt! It’s no one’s fault but our own, but it makes finding an extra $30 - $50 difficult! Definitely something to mull over though and to try to work into our budget.

6 Responses to “Washer/Dryer Fund?”

  1. MonkeyMama Says:

    A better idea is to just buy a used washer/dryer when it's time. I know super wealthy people who have never bought a new appliance. (& is how we stayed out of debt when we had less money). This works better in large metro areas, I seem to think you are in a large metro area (if I am remembering correctly). There's always someone practically throwing away a 1-year-old washer because they need to move.

  2. Brunette Says:

    That's a great idea... Something we can try when next our washer/dryer goes out!

  3. Lots of ideas Says:

    If you have credit card debt, send every penny that is ‘extra’ to bring down your debt. - assuming you have an emergency funded at a level you are comfortable with.

  4. crazyliblady Says:

    I don't do it quite the way your friend does, but I have it built into my budget every single payday to put funds aside for replacing appliances. I call it a sinking fund and it is in a regular savings account. I also have sinking funds for house maintenance, car replacement, professional savings, car property tax & AAA, income tax filing, and escrow. I have not had to replace my washer or dryer, but I have replaced dishwashers, a fridge, and bought a new upright freezer this way.

  5. disneysteve Says:

    "A better idea is to just buy a used washer/dryer when it's time."

    Or just keep fixing what breaks whenever possible. YouTube is an amazing resource. I am not what anyone would mistake as a handyman, but over the past couple of years, I have taken apart and repaired both our washer and our dryer using YouTube as my guide.

    For the dryer, the drive belt that turns the drum had snapped. I found the belt at Lowe's for $8. Took the whole thing apart, took took the opportunity to vacuum out the TON of lint that was built up inside (which is also a huge fire hazard), replaced the belt, and we were up and running in an hour or so.

    For the washer, the lid switch had busted so the machine couldn't tell that the lid was closed to start the washer. I found the switch cheapest online but decided to spend a little more to get it the same day at the local appliance parts store and I had it fixed that afternoon. I think it cost $20-25.

    No way I ever would have attempted either of those things without the great step by step YouTube videos.

  6. VS_ozgirl Says:

    I love the idea too, but more as a reward for doing the washing lol! Our previous washing machine lasted 20 years and then we got a fairly new one from our FIL - the cost of it was to take him out for a lovely lunch ($130 all up), which we were happy to do. Instead of a washer/dryer fund, maybe it could be a new appliance fund that generally covers all house appliances to be replaced?

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