It’s incredible how much money simply having a budget can save you. You probably know approximately what your monthly costs are, and you understand how much money you need to get by. Actually sitting down and laying out a budget can really save you some money though. When you look at the hard numbers on what you’re spending and how much you’re saving, it can help you to adjust certain lifestyle habits that you may have picked up. If you don’t currently have a budget that accounts for homeowner costs, it’s time to start.
Know What Your Hard Costs Are as a Homeowner
There are certain spending areas that will fluctuate for you on a month-to-month basis, but homeownership costs are relatively fixed. This makes it easy to budget in this area. Start with your mortgage. This is almost certainly a fixed cost that you can count on paying on a consistent date each month. Then look at your utilities. How much are you paying on average for gas, electricity, water, and Internet? Do you have to pay for trash service separately? Do you have HOA fees that are due each month? Be sure to account for homeowner’s insurance here too. Make a comprehensive list of each cost and determine averages for utilities that fluctuate.
Measure Your Homeowner Hard Costs Against Your Income
Once you have a figure on what owning your home is costing you, you can measure it against your income and create a realistic budget for the other areas of your life. What percentage of your monthly income is going toward these hard costs? How much is left for other monthly costs that aren’t necessarily luxuries? You need to budget money for groceries, transportation, auto loans, auto insurance, home supplies, and pets. Knowing your fixed costs for the month will allow you to break out your luxury costs.
How Much Fun Money Can You Afford Each Month?
Dining out all the time is fun, but it gets incredibly costly. When you understand your fixed monthly costs, it can help you act more rationally when it comes to fun money. What percentage of your income are you spending on entertainment and dining out? How much money is going to monthly subscriptions? Are you saving for retirement? What about simply saving for a vacation? Budgeting can get litigious, but it’s incredibly helpful when trying to save yourself money!
If You’re Saving for a Home, Start Searching with Bill Swanson
Finding the right home for you can take time. It’s important to start saving well in advance, and it’s important to work with the right real estate agent. Bill Swanson knows the Omaha area, because he’s an Omaha native. Work with Bill Swanson to find the ideal home for you by contacting his Omaha, NE office at 402-679-6566.
Buying or Selling a Home in Omaha? Call Bill Swanson Today!
As a long-time resident of Omaha, I know the area and the surrounding communities intimately, and can give you access to information that you could never find online. If you want to know more about the community, are looking to buy a home in a new one, or need the help of an agent to sell your home quickly, conveniently, and successfully, then email [email protected], or call (402) 679-6566.