It’s your biggest investment, so you better protect it! That would be your house, of course! More importantly, protect your wallet so you can protect your home. That starts with a home planning budget and includes everything from maintenance and repairs to taxes and mortgages.
In your budget, make sure you know how much you have to spend and determine your long- and short-term goals.
One of the best feelings you can have is finally owning your home, so do it sooner rather than later. Paying as little as $100 more each month on your mortgage can save you tens of thousands of dollars in the long run — not to mention you will own your home years earlier than anticipated. However, if you are saving for retirement or need the extra $100 to put toward an education savings plan, then it may not be wise to add more to your mortgage payment.
These are two beginner’s steps in creating a home financial budget. However, as novice as they may seem, they are crucial to developing the rest of your budget.
If you are unsure of how to budget for your new home, ask your local REALTOR for advice!