Life

The Price of a New Roof: The Benefits of Having an Emergency Fund Available

By Nest Wealth on 04/07/2019Article 3 Minute Read

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We all want to be financially secure. Why? Because it provides us the freedom and stability that we need in order to feel happy and safe. We’re told you can achieve financial security by reducing debt. You can check out our latest blog post about the power of compound interest to learn more about the ins and outs of debt and interest. We’re also told we can reach financial security by keeping spending to a minimum and putting away money for that rainy day, but now that the warmer weather has arrived, it’s easy to take your spending to new heights. What does that rainy day look like for you? Well to start, your home has weathered the harsh Canadian winter and now it’s about to face the elements of summer, so rainy days could cost you.

With more rain and stormy weather on its way, the summer can be tough on your roof. In fact, we see an increase in Google search results for the terms, “roof repair” during summer for this very reason. We’re here to help you stay ahead of the game! It’s time for your semi-annual roof checkup because let’s face it, a fresh new shingle roof can be pretty expensive!

Breaking Down the Costs of a New Roof

Obviously, roof repairs vary depending on the size of your home and the type and quality of the shingles you prefer. Let’s get a better sense of the average cost of a new roof using this guide by Roofpedia.

To start off, you will need to understand the size of your roof. Your roof is measured in squares, and one square is equal to 100 square feet. If you consider a 3000 square foot home, the roof size would be 30 squares. One square of shingles can cost around $78 (before taxes).

If we do the simple math and factor in an average roof size of 30 squares, with one square of shingles costing $78, you’re looking at $2340 for shingles alone, before tax. And with all costs considered, the total cost of a roof replacement averages out to be somewhere close to $6190. That’s a pretty hefty price tag, right?

The Importance of Saving for That Rainy Day

Ensuring you’re prepared for whatever life throws at you is just one less stressful thing to worry about. Although it takes an effort to start and to maintain, the return of having an emergency fund is well worth the cost.

Roofs are just one of the necessities we tend to neglect. Since it’s over our head, out of sight and out of mind, we just assume it’s doing its job properly and doesn’t require a checkup. There are actually many other things to consider having an emergency fund for as well, like losing your job or having an unexpected illness.

So be sure to save for that rainy day, because if life throws you lemons, at least you’ll have the resources you need to make a really good lemonade. Keep your spending to a minimum, lower your debt and start saving.

There are great tools out there to help you! Like contributing to a low-cost investment solution like Nest Wealth to help make saving, effortless.

Try running your own numbers to see how we can help make a difference in your future.