All decisions require a certain degree of planning. To help avoid running into a financial disaster when buying your home, we’ve created a Monthly Home Budget Planner. This tool is designed to help you consider costs before purchasing a home, and will help you gain a better understanding of all the costs you can expect to pay after the sale has gone through.
In completing your budget it’s important to consider your monthly fixed expenses such as your mortgage and insurance payment, as well as variable expenses including groceries, transportation, and uninsured health services. You also need to keep in mind how much you are spending on entertainment like dining out, vacations, and shopping expenses.
Financial institutions recommend that your total housing costs should not exceed 32% of your monthly income and this checklist will help you ensure you stay within this guideline.
How to stick to a budget
Budget planning is something that is important throughout home ownership. Thankfully, technology today makes it easier than ever to stay up to date on your expenses, making it foolproof to stay within a set budget. Consider apps like Mint, MoneyWise, or Expensify to help track expenses and act as an online home budget planner.
Now that you have the tools you need, it’s time to get started. Remember to be honest when creating your budget – even if it means you’re forced to admit you likely don’t need to buy that five dollar coffee each morning!
