How to budget for a new washer and dryer set - HMS National, Inc.

How to budget for a new washer and dryer set

March 11, 2015

Saving up for a new clothes washer and dryer might be trickier than you think. Don't fall for the "skipping morning latte" bit to stash some money. Instead, plan your washer and dryer budget as you'd prepare yourself to buy a new home or car. 

Picking the "one"
Start with some basic research. Pull up different websites to check out price points. In some cases, you'll find you can save $20 here and there just by shopping around. Once you find the appliances of your dreams, write down the exact prices. Take quality into consideration. You might come across a washer and dryer set that goes for $500, but will it last? 

According to This Old House, dryers last 13 years on average. Be sure to invest in equipment that looks like it'll hang in there for a good portion of the decade because repairs and replacement will only put you back to square one - unless you have a home warranty from HMS. 

Once you have your price points, it's time to plan ferociously. One of the most important parts of budgeting is being real with yourself.

Setting up a budget
Apartment Therapy explained that it can be easy to lie to yourself. You'll think you have the ability to save an unrealistic wad of cash. It may look good on paper, but in the end, you'll be able to afford about a third of a dryer. Don't fall victim to this common error. 

There's nothing wrong with extending your budgeting timeline, as opposed to stretching yourself too thin or coming up with an unrealistic plan. Hunker down and be truthful in your budget.

Say, for example, you pick out an appliance set that's about $2,000. You can either square away $166 per month for a year or extend your budget deadline to 15 months and save $133 a month. It's really up to you. 

Staying on track
Making your budget is the easy part. Sticking to it will be more difficult. That's because it requires a lifestyle change. You'll need to be more conservative in other aspects of your life. This means cutting back on some of the fun stuff, like going out to eat. It'll be tough and you'll need to be strong to meet your goal. 

Here are some pointers provided by U.S. News and World Report:

  • Tell people about your budget, as this creates accountability.
  • Don't use your credit cards, just cash.
  • Make lists for shopping trips.
  • Give yourself non-monetary rewards.

Getting started is the hardest part, but you'll be happy you did. Buying a new washer and dryer has never felt so good. 

The information in these articles is intended to provide guidance on the proper maintenance and care of systems and appliances in the home. Not all of the topics mentioned are covered by our home warranty or maintenance plans. Please review your home warranty contract carefully to understand your coverage.