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I have a little nest egg from my father's estate after he died just over a year ago and I would like to hang onto it but my husband has, sensibly, pointed out that we need a new washing machine and freezer and we should buy them now while we have the money. I'm reluctant to spend money though! Would you?
Will you have to buy one soon whether you want to or not? If so you might want to check into any rebates or tax credits from the government that might still be out there for purchasing energy saving appliances for your taxes.
On the other hand if they will last then you might want to save it in case a bigger emergency comes along but if it doesn't then when you have to buy that washer or freezer go ahead and buy it.
It all depends if you really want to spend the money on it. Inheritance are not community property. If you want to contribute to the household by buying the appliances, it has to be completely up to you. We women tend no to have a nest egg for ourselves, and frequently found ourselves alone and with not a penny to our names.
If your appliances are still working, you should hold on to the money. It is very difficult to save money, and having savings is very important in any family. Just make sure that you don't start wasting 20 dollars at the time for nonsense, because that is the way to end up without the appliances or the money.
Well, I compromised and, because my son needed a washing machine, I bought a new one for myself and gave him my, still working well, old one. The freezer can wait awhile and I still have savings!
Well it depends. Something you want to factor in are the cost to run the current washer and dryer. If they are more than 15 or 20 years old then buying new ones might actually bring your costs down and benefit you in the long run.
And you have to remember, todays washers and dryers use so much less electricity and water than they did just ten years ago. So, even though you may have had to spend four, five hundred dollars on a washer, it will save more water and power than your old one.
I was very surprised that my new washing machine is now cold fill only whereas my old one, which was eight years old, was both hot and cold fill so, yes, it is costing me less to run.Quote:
Originally Posted by JimBob
I too agree with you!!Quote:
Originally Posted by JimBob
The cost of things is always rising. I hope you find an investment, even if it is only a Certificate of Deposit (CD). That way, your savings won't shrink in value.