Hi all, perhaps my google fu is off but if someone could point me to a thread or post a suggestion or two I'd appreciate it.
Trying to do some 5-7 year savings goals specifically for big ticket items like a new roof, new used vehicles, HVAC system, etc. Basically large expenses that are not if but when on a somewhat loose schedule meaning the roof could go in year 5 or in year 7 but it will inevitably need replacement. Seems like I've got on the order of 65k+ of expenses that will hit somewhere in 5-7 years (the roof being the biggest expense and question mark).
Currently I've got a capital one online savings account that funnels a weekly amount into a roof fund, car fund, etc. However, after a couple of years its going to seem wasteful to have so much cash sitting earning a paltry return. We're in the bad habit currently of having a large checking account balance and while fortunate to be able to just write checks as needed I'd like to get our little soldiers working more efficiently for us.
How do others handle these large cash expenses? Funnel it all into the index funds and sell positions when the actually need arises? Thanks in advance!