Debt snowball and savings

**jills55** · 12-02-2010, 10:31 AM

We're working on our debt snowball (one CC paid off this month! YAY!). We'll have our cc's paid off by this time next year (if not sooner) according to the debt snowball plan we've got made up.
My question is this though: our stove is on its last leg, one burner is not working at all another is a bit finicky. I'd like to start putting some aside for a new one once this one finally bites the dust. Our fridge has also been giving us some issues lately, but mostly just the freezer so we just use our deep freeze for the most part.
So, do we put aside a small amount each month knowing that we'll need to replace some appliances in the probably not too distant future? All these appliances (stove, fridge and dishwasher) are around 15 years old so I'm guessing we don't have much time left with them.
Thoughts??
Thanks

Jill

**Mom2-3** · 12-02-2010, 10:48 AM

I guess it depends on how much your snowball is. Could you cash flow an item once it breaks? Are you going to get a stove to replace your stove or do you have to get THE stove of your dreams?

We kept sinking funds through BS2, plus we had BS1 completed. We were lucky and didn't have any major murphy during that time. Our microwave died and we cash flowed it.

Personally, I would have used my sinking fund for house repair and used some snowball if the stove went out.

**jills55** · 12-02-2010, 11:08 AM

That was my other thought, should we instead use our emergency fund for this once the stove breaks? And no, I don't need anything fancy. Our long term goal is to move in a few years so this would be just getting us through til then

**jills55** · 12-02-2010, 11:09 AM

Oh and our snowball amount is about $1000 each month, give or take what else is going on that month. Like during a birthday month it's a bit less, when we get our tax return it's much more.

**Greebo** · 12-02-2010, 11:13 AM

Gas or electric stove?

**Greebo** · 12-02-2010, 11:13 AM

And, since you mentioned it - how big is your tax return usually?

**jills55** · 12-02-2010, 11:17 AM

Gas or electric depends on if we have a connection for gas. My preference would be gas, but we need to make sure that if there isn't a connection there we can add one cheaply. We do know some people who can do this for us for free

Our tax return is usually around 1k or so, maybe 1500 with state. It's basically all due to the child tax credit, we don't generally over pay too much.

**Greebo** · 12-02-2010, 11:19 AM

No - I mean what is your current stove? Gas or Electric?

If it's electric, you can replace the burners for about $15 each.

**jills55** · 12-02-2010, 11:24 AM

really?! it's electric. I didn't know they were that cheap. do you know where i'd go to get them?

**Greebo** · 12-02-2010, 11:43 AM

How to Fix an Electric-Range Element | eHow.com

Pretty much any local hardware store should carry replacement heating coils.

**Greebo** · 12-02-2010, 11:44 AM

Maybe more like $30 - looking at homedepot.com

**jills55** · 12-02-2010, 11:45 AM

Awesome! I'll have my husband check this out. I cook on the stove, he can fix it, right?

**Greebo** · 12-02-2010, 11:47 AM

Originally Posted by jills55

Awesome! I'll have my husband check this out. I cook on the stove, he can fix it, right?

Damn skippy!

**jills55** · 12-02-2010, 11:48 AM

Ok, but now onto another question.... assuming our appliances have a life span of about 15 years and they are coming up on that time line. When they give out, do we use the emergency fund or do we start putting away a little each month for that? Or do we keep paying off the cc's til no debt?
I'm new to this. Before we'd have just bought a new one on credit!!