03 Oct 3 Tips for Managing Your Budget Before and After Buying Your Home
The Australian housing market is ripe with home selling offers today, which means you might be considering such a purchase in the near future. Making a decision on buying a home is one of the largest – if not the largest – financial investment you will make in your lifetime. That means now is the time to start managing your budget before the purchase, as well as for after the purchase when those mortgage payments kick in.
None of us want to think about budgeting, yet it’s a necessary evil if we want to keep our finances properly managed for years to come.
Here are our top tips for managing your budget before and after buying your home:
List Out all Future Monthly Expenses:
When you buy a home, you can no longer defer management expenses to the property management company. It’s now on you. That’s why, before you buy the house, budget out the new expenses that are going to be coming your way, like bills, utilities, insurance, groceries, and even transportation if your home is situated far away from shopping centers. There are a lot of free apps today you can download to start tracking your forecasted expenses, such as Pocketbook, Daily Budget and Goodbudget Budget Planner.
Once you review your expected upcoming expenses, factor that into the home you are looking at today. If you think the expenses plus the mortgage are going to be too much, it might be time to consider a home of more reasonable value.
Identify Areas That Can Be Cut Down:
Did you spend $400 on going out to eat last month? Are you paying for a subscription to over 3 different TV apps that can be cut down into one? Do you really need that extra bike in the garage? These are all things you can review when it’s time to get some more petty cash.
Again, you can look at free apps like Goodbudget Budget Planner to track your spending.
Find Home Loans That Are Right for You:
You don’t have to shoulder the burden of home-buying by yourself. There are home loan solutions available to you that will assist your finances and budgeting while you begin to pay off your investment. That’s where our team comes into the picture.
Here at First Step Homes, we leverage over 20-years of experience securing low and no deposit home loan solutions for our clients. We understand how difficult the Australian housing market can be today, which is why we provide loans for those that may not have the deposit to satisfy bank requirements at this time. You deserve a place to call your own, too.
Follow these tips to make home ownership a true reality for you and your family this year.