New Freezer, Paid Cash – But Where Did The Money Come From?


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New Freezer, Paid Cash – But Where Did The Money Come From?

New FreezerWe have built the emergency fund, but that is for emergencies. It would be easy to just grab some money out of there for something we want, but doesn’t that defeat the purpose of labeling it as an emergency fund?

You decided to invest in a new freezer, fridge, dishwasher, or  a DIY project  in your home. Where do you find the money?

Most of us think we don’t have $400 or (maybe more) just lying around, but would be surprised at how easy it is to find. How many nights do you eat out? How many trips to the coffee shop do you make? Just by cutting a few “luxury” expenses out of your budget each month can add up. I know people that weren’t serious about couponing, but were actually able to cut enough money out of their food budget in three months that they paid cash for a new deep freeze.

At the first of the year, my husband and I decided to invest in an upright freezer. I want an upright for meat and pre-made meals to stay more organized. I started looking at stores, styles, and the size we would need. I began to wonder, how will we pay for it? We have a couple of  “luxury” expenses built into our budget. One being 4 restaurant nights per month. That was dropped down to 2, which immediately added $60 into the budget each month! As you may have guessed, it went straight into the new freezer fund!



Our New Freezer was Not an Emergency Purchase

We have an emergency fund in a separate bank from our normal checking account. We have a local bank for checking and regular savings accounts. Each paycheck, some of our money goes to the emergency fund and some goes into regular savings. This savings is for basic expenses we know will come up like car inspections/tag renewal, clothes, basic household upkeep and repair, etc. I keep a spreadsheet allocating how much of the money in there goes to each fund. In January we added a “New Freezer Fund” to the list. The extra $60 went into that fund.

It took 4 months of saving to pay cash for our new freezer, but was worth it! We did not have to put it on a card or take from another fund and say “oh, I will replace it later.” I had to face the facts; something would come up and we would never “replace it.”

Instant Gratification is Not Your Friend

The world has become a place of instant gratification. I lived in the world of instant gratification in my early 20’s. Never again after the years it took me to straighten out my finances! Delayed gratification is a hard term to get used to, but the feeling of saving for something you want, not going into debt over it, and not stealing from that emergency or any other fund you worked so hard to accumulate, is priceless!

You can do this too! First you need to create a plan. Then, EXECUTE IT!  We have decided that we can live with 2 restaurant nights a month. We will keep putting $60 a month into the new “something we want and saved for fund.” Not sure what it will be yet, but we know we have a plan. If we decide to take an extra date night for a special occasion, we still can and not feel guilty about doing it!

~Lisa

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Comments

  1. Love this article!!
    So agree with the comment about ‘instant gratification’. If we don’t have the cash for it, we don’t get it. When we got married hubby had credit card bills and several ‘small’ loans for this that and the other. I paid those off and said I never wanted to even hear him think about doing that again!!

    We eat out 2x a month, sometimes 3 if it’s like a subway (we split a foot long, lol). any monies that are left from the ‘dinner’ envelope at end of payday goes into the ‘special dinner’ envelope. That’s what we use for anniversaries/birthdays, etc to have a really nice dinner and have the cash to pay for it.

    We had been saving for a camper for when he retires so we can pay cash (he works too much for us to even think about getting one right now). My lab’s vet expenses and medicines are pretty much taking over the camper funds for awhile but that’s okay. I would rather have her.

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