Deferred Maintenance
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Good Wednesday morning to you!
As I type this, it’s Thursday morning July 27th, and I just dropped Elizabeth’s car off at the dealer for a manufacturer’s recall service.
Something to do with her sunroof…
Which got me to thinking about the idea of deferred maintenance.
Sure, we could have ignored this recall notice on her car, but ignorance isn’t always bliss.
Sometimes it can be costly… financially and otherwise.
I use an app called Todoist almost every day to help with to-do items and reminders, including ongoing maintenance items related to our vehicles, our home, our dog Winnie, our personal health, and much more.
As David Allen - the creator of Getting Things Done - says,
"Your mind is for having ideas, not holding them."
Which is why I use tools like Todoist, Evernote, and some new apps I’m starting to use called MyMind and Twos.
And why am I looking at new apps?
Because Squirrel! 😉
We all have plenty of things competing for our attention, so it’s easy to forget things like when to replace the filters in your HVAC system or when it’s time for Winnie’s heartworm pill.
But whether you rely on software, your memory, or good ol’ pen and paper, it’s easy to get busy with life and find ourselves putting off things we want to do.
Things we need to do.
Which can result in deferred maintenance despite our best intentions and efforts.
I’m guilty of this. 🙋♂️
Maybe you are too.
Just in the past few weeks I’ve:
had an HVAC service call because one of A/C units was freezing up
had to replace an irrigation pump (with the help and patience of two wonderful neighbors)
gotten our driveway and back patio pressure washed
been working on getting a replacement part for a pump sprayer so I can attempt to knock back some weeds in the yard
And when I think about what I need to do in the coming days & weeks, well this is just a short sampler:
Need to get pinestraw and mulch delivered to spread around the yard
Will get some quotes for some repairs around the house that are a little beyond my skillset
Finally get around to flushing our water heater and possible replacing the anode rod
Aggressively prune back some azaleas and other landscaping that has become overgrown due to my deferred maintenance
Check the engine and cabin filters in my 4runner to see if they need to be replaced
Some of the above aren’t that big of a deal, while others - if left unaddressed - could become problematic.
And lead to bigger issues.
Some of which might be much more expensive than the time, energy, and money it takes to tackle these items now.
Guess what?
Your personal finances and financial plan are exactly the same.
You might be telling yourself that you don’t need to worry about that right now because you don’t have enough money to warrant a financial plan.
Or maybe you’ve said something like, “I’ll start working on that as soon as __________________.” (you can fill in the blank with things like pay off that credit card, or build up my emergency fund, or get that promotion at work, or any number of other things.)
But just like your home, your car, and your health, deferred maintenance gets more expensive the longer you put it off.
Especially when it comes to your money.
Because the longer you wait, the greater your opportunity cost becomes.
Plus you’re missing the chance to start benefitting from compound interest.
Even if you already have a financial plan, don’t let it sit and collect dust and become disconnected from your current reality.
Only by regulary reviewing and “maintaining” your financial plan will it best serve you.
So whether it’s your home air filters, your car maintenance, your personal health, or your personal finances, don’t let any of it go unaddressed for too long.
The longer you wait, the more costly it will likley be to get things back on track.
Links & Things
Watch my latest educational webinar with Caribou, my healthcare consulting partner. In the video below, Christine - Caribou’s CEO and co-founder - covers “Taking Care of Parents & Children: Healthcare Cost Planning Tips for the Sandwich Generation”
Thank You!
I’m grateful to have you as a reader.
If you have any questions or an idea for a future newsletter, blog post, or YouTube video, I'd love your input.
Just hit reply - I read (and truly appreciate) every email you send.
Until next Wednesday,
Russ