Updated: Mar 26, 2020
Your possessions may not be lasting as long as it should, leaving you with expenses that can drain your wallet.
Knowing the life expectancy of the products that you use and depend on, in your everyday life, can help you save a good amount of money. You may shy away from a high quality product with great performance, due to its high price. But that same product may be able to run for years, thus saving you on money in comparison to a scenario where you would be buying two or three lower quality products during the same period. Taking care of your stuff helps them last longer but eventually it will wear out and need to be replaced. An unplanned expense such as a sudden replacement of a refrigerator or a laptop may strain your finances even more so when on a tight budget. By knowing the life expectancy of your possession, you can estimate the amount that you would need to save by the time it wears out.
1. Refrigerator - The life expectancy of a good quality refrigerator can range from 10 to 12 years. However, you can extend the life expectancy with regular maintenance.
2. Oven - An electric oven can last for about 15 years, a gas oven can last for even longer - about 20 years. On the other hand, a gas stove has a life expectancy of about 15 to 18 years.
3. Dishwasher - A dishwasher has a life expectancy of about 10 years. With regular maintenance, it can last for longer and still clean as good as a new dishwasher would.
4. Washing Machine - A washing machine can last for about 10 to 15 years. However, you can expect your washing machine to break down before that as it is quite normal. Consider repairing it instead, and you may be able to get it fixed.
5. Computer/Laptop - Businesses often run by the policy of keeping their computers and laptops as an asset that depreciates over three years. In most cases, a laptop or a computer can run perfectly well way beyond those three years. The rule of thumb is to however, plan to save money for a new one at the end of three years and then upgrade to a new one, only if you really need it.
6. Television - Expect to have a life span of about 5 to 10 years for your television. Position your TV away from heat sources, like windows or a fireplace and you may extend the life span even further.
7. Car - It has been said that the average age of a vehicle on the road today is about 11 to 12 years. However, in most cases, drivers tend to keep their cars for around six years. But with regular maintenance and repairs there is no reason why you may not meet the life expectancy of 12 years or even more.
Related - How to create an emergency fund!
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