![]() Taking on more debt and responsibility isn’t going to make your life any easier if you’re not ready. Okay, so I know this is a tough point, especially if your heart’s set on buying a home right away, but remember there’s no shame in renting while you clean up your finances! None! The housing market is looking good and should hold out for plenty of time. Are your bills paid off? Before you take on the big responsibility of budgeting for a house and saving for a first down payment, you should be debt-free (or very close). Check Your DebtĮxamine any debt you’re holding-credit cards, student loans, and medical bills. This will give you the full picture of your financial landscape and help you determine if you’re ready to start saving for your first down payment. Use a budget planner or another budgeting tool where you can carefully record monthly bills and payments. If you’ve been budgeting for a while now and feel comfortable with the process, search your budget for areas where you can cut and save. First, you need to get in the routine of budgeting and get your finances under control. If “budget” sounds like a foreign term to you (“Eet is pronounced budgé, no?”), then it’s probably NOT time to budget for a down payment on a house…YET. ![]() ![]() I’ll walk you through all the steps you’ll need to take to become a budgeting PRO. If you need help getting started budgeting, check out my 90 Day Budget Boot Camp. Check out your monthly income, your savings, and any wiggle room in your budget. When you’re ready to start working toward a down payment (or when you think you MIGHT be moving toward the big goal of homeownership), the very first step is to assess your budget. It’s a good time to buy if you’re in the right spot.ĭon’t fret! You CAN become a homeowner! Here’s how to budget for a house… Assess Your Budget The worth of your home will increase over time and if you eventually decide to upgrade, you’ll earn money from the sale. Good news! We’re currently in a great housing market! Home values are rising, so in most areas, homes are still affordable AND good investment. So how do you do it? How do you budget for a house? How do you begin saving for a home? How do you go from renting and living paycheck-to-paycheck to saving for your first down payment? For others, it’s more than a little anxiety provoking (especially if you’re a little commitment phobic when it comes to monetary obligations). For some it comes naturally-the next logical life step. ![]() It’s a lot of debt to take on and it means committing to making mortgage payments for the next 15-30 years. Either way, in most cases a home’s a multi-year commitment.īut owning a home is a BIG goal. More often, these days, your first home is your starter home and there are upgrades in your future. It’s your place! Some people buy a home and that’s their place for life. ![]() You can paint the walls, decorate, landscape-the works! When you own a home, it’s all in your control. It means you’re “adulting.” You’re all grown up. When you turn the key and walk in the door, it feels like *ta-da!* you’ve just realized the American Dream…and it really is the American Dream, right?!īut if you’re wondering how to budget for a house or how to start saving for your first down payment, you’re probably feeling intimidated, especially if you’re renting and barely making it to your next paycheck. So, how the heck do you get there? Buying your first home is one of life’s most exciting moments! ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |