The first time homeowners purchase their house isn’t the last time they’ll be spending money on it; months and years after the initial purchase, owners will still need to maintain and repair their home which of course will cost some cash. With some foresight, homeowners can save on their home’s upkeep with the right home repair fund.

When budgeting for your own home, remember that all areas of the house ( including the yard outside ) must be taken into account. Go through each room and space and look at the possible fixtures and appliances that might break down. Start with the easiest items first, like room lights and cleaning costs, and move to more expensive items such as air conditioners and refrigerators.

Add all of the expected costs and see how much you’ll need. Remember that the total cost isn’t something you’ll be paying at one time, so take 10 to 20 percent of that amount and start saving up towards that figure. Over time, some items may be added or taken away, so keep your list handy to note down any changes in your home.

Your home maintenance fund should be kept in a separate account to ensure that it doesn’t eat away at your other savings accounts. Keep your target amount in mind and divide it into 12 ; that will be your monthly target savings. If you keep your account active, you’ll soon see your maintenance costs going down.