A broken furnace or refrigerator can hit hard when there's no money set aside for it. Setting aside a little each month in a dedicated home repair fund, sized to the age and condition of your house and its major systems, can turn a surprise breakdown into a manageable expense.

Some homeowners pair a repair fund with a home warranty, which can cover covered repairs to appliances and home systems for a service fee. Plans vary widely in what they cover, their limits and exclusions, so read the contract details before choosing one.

Either way, regular maintenance — changing HVAC filters, flushing the water heater, cleaning dryer vents — helps prevent many expensive breakdowns.