Actually that title should read No New Tires for my Vehicle… the last couple of times I had to buy tires, I needed them in about eighteen months time. With my last purchase of tires I finally set up a sinking fund so I would have enough money set aside when I needed tires again. I started putting away $22 a month because I anticipated having to replace tires again in eighteen months, and calculated the cost to be $400. My sinking fund for this account is now over $400, so I have been wondering if it is time to replace my tires. Just because I replaced them at 18 months the last two times doesn't mean I need to do so at 18 months this time since it also depends on how many miles I've put on my vehicle in the last 18 months, how many miles the tires are supposed to last, and how the tires themselves look. I learned early on how important it is to make sure my front end is in alignment because that can tear up tires faster than anything. In fact, it's important to keep up with tire maintenance to help get the most out of your tires, and keeping them aired up properly is another important thing that needs to be checked regularly. I've done well because my tires are in great shape.
I forgot that my vehicle has not been driven as much recently as in the past. Since Mr. A has two business vehicles, and AJ has his own car, and I was given permission to work from home one day each week, my vehicle has been getting less miles. That is good, since it is so elderly!
I finally had a chance to check my last tire purchase receipt, and found that these tires should last 85,000 miles! I have only put 25,000 miles on them since purchasing them in October 2009. I was so happy to see that. I anticipate I won't need tires for at least another two years.
That is really fantastic because recently my glasses sprouted two hairline cracks in the left lens! It has been over two years since my last eye exam, and although I talked about setting up a new sinking fund for eyeglasses, since I typically get my eyes examined every two years, and my prescription has usually changed enough that I need new glasses, I forgot to follow through with setting up a new sinking fund.
Now that I don't need to replace my tires I will be able to take the money from the tires fund. I will then set up a new sinking fund for eyeglasses and exam two years from now. I anticipate spending about $265 so that means I should set up a new sinking fund and aside $11 a month for eyeglasses. I will continue to put aside $22 a month for tires. Who knows what tires will cost in two years!
I am curious how my eyes will be this time. Sometimes there is no change, but since I have modified my diet and am eating clean, real food, it will be interesting to see if my eyes at least have stayed the same.
As a child, I had a bad experience with glasses. I actually needed them at the age of nine, but my mother was too poor to buy me glasses and I guess I slipped through some crack at school because I was fourteen before I was finally hooked up with the Lions Foundation for a pair of free glasses. I ended up wearing those freebie glasses for over five years. The foster family I lived with was too poor to buy me a new pair of glasses, and so that first pair was terribly broken by the time I had money of my own. The frames were broken in half and I had to glue them together with super glue. Both arms lost their screws along the way, and I had to use fishing line to wrap them together. This made for a terribly rickety pair of glasses and really made me feel like a dork. My second pair I was able to buy with money I received from my paternal grandparents when they passed away. They left $2000 to each of us. I was allowed to have $500 and was required to give the remainder to my foster mother… I bought glasses and had cavities filled in two molars.
So, as a result of my childhood experiences with glasses, I want nice new glasses. I am reluctant to go with Zenni Optical because I cannot get progressives in fashionable frames. The frame I want is too narrow for progressives at Zenni… and although I'm happy with my Zenni Optical glasses, I really want to be able to pick out something fashionable at Costco.
I will do as I have done in the past, and I buy a single vision pair from Zenni Optical once I get my new prescription. I might even take a chance and buy a pair of progressive sunglasses to see how those work.
Saving $11 a month for new glasses makes them much more affordable for me. Do you keep sinking funds? What kinds of things do you save for?
I have quite a few sinking funds: Car repairs (brakes, tires, etc), Major home repairs (new roof is the current earmark), and eventual new car purchase are the major ones. I also have ones for recurring items such as carpet cleaning, tree trimming, etc. that make it a lot easier to deal with when those items come up.
[Reply]
Mrs. Accountability Reply:
June 2nd, 2011 at 11:27 pm
@Money Beagle, I need a sinking fund called “home repairs”! Every home owner should have one for that. Otherwise if you don’t have the money it is easy to just let it slide until it causes more damage and then costs even more money in the long run! Thanks for visiting and commenting!
[Reply]
Do you count Christmas funds as a sinking fund? Ever since I was a little girl, I’ve sacked away money for Christmas. I remember getting a $2 allowance, and I would save $1 each week so I had enough money to buy mom and dad gifts & stocking stuffers and cards for everyone else. I still do that now, but slightly more than $1/week 😉 I also save for birthdays. I really want to start sinking funds for car repairs & upkeep, doctor co-pays, property tax and vehicle registration, etc. But my husband is currently changing jobs, so it’s on hold until finances stable.
[Reply]
Mrs. Accountability Reply:
June 2nd, 2011 at 11:21 pm
@adoseoftlc, you know actually I *should* create a birthday and Christmas sinking fund, and also for other holidays! I understand wanting to wait until finances are stable. My husband’s business is struggling and he has not been able to contribute anything to our household finances all year and it is really taking a toll on our personal finances. So far though I have been able to take money from here or there and cut expenses in other places to continue paying our bills and keeping the sinking funds going. Thanks for visiting and commenting!
[Reply]
Oh, and I forgot to mention. My husband and I just purchased new frames and lenses (he hadn’t had a pair in YEARS), and it cost us a little over $400 :-/ But worth the money since we both wear our glasses all day long.
[Reply]
Mrs. Accountability Reply:
June 2nd, 2011 at 11:42 pm
@adoseoftlc, that sounds like about the norm. I ended up paying just under $200 for my new glasses at Costco this week. You should check http://www.zennioptical.com to order a second pair for emergency backup. That is what I am going to do – I started ordering a second pair from Zenni Optical two years ago because Costco has a great warranty but they need your frames for two weeks in order to replace them! That would leave me without glasses since I only buy one pair and can’t afford a second pair at $200! You can get a pair of single vision with frames for as little as *8* dollars and $4.95 shipping for as many pairs as you order. So you and your hubby could get a second pair for as little as $21!
[Reply]
It sounds so hinky to me that you were required to give YOUR inheritance to your foster parents. Seems shady to me.
Yes we have always had funds for specific things, like life insurance annual payments, Christmas, the next car. Right now, we have a car fund, window replacement fund, bath remodel fund, 2012 vacation fund and more going….
[Reply]
Mrs. Accountability Reply:
June 3rd, 2011 at 12:55 pm
@Marie, it’s a long story… it is easier to just refer to the situation as a “foster family” but it wasn’t through the state or anything official. Basically my mom was scared silly by the pastor of our church who told my mom I was anorexic and that I must be removed from the home situation… and then my mom paid “child support” while I was put to work as the main breadwinner for the family. Granted as a 16 year old I wasn’t making a heck of a lot of money, but I was the only one working full time and giving every dime of my money. I considered myself fortunate to get the $500 to buy a new pair of glasses and get my teeth worked on. Anyhoo… water under the bridge and all that… thanks for visiting and commenting!
[Reply]
Sinking funds are such a great idea! I keep one for car repairs, one for vet visits, and, my personal favorite, a vacation fund. Hoping to visit Ireland in 2012! I think it’s also good to have a multipurpose “rainy day” sinking fund for those random, unexpected expenses and emergencies. Just a little here and there, and you’re always prepared. Thanks for the tips and the great post. Good luck with the new eye glasses! I’m due for a new pair myself..
[Reply]
Mrs. Accountability Reply:
June 3rd, 2011 at 6:37 pm
@Financial Planner Lady, your trip to Ireland sounds pretty cool. I am not into traveling much, but have recently decided that I do want to go to Hawaii one day to see the clear blue water of their oceans. Thanks for visiting and commenting!
[Reply]