Are you Financially Ready to Purchase a home?
How much are you spending now? Calculate your household expenses. The first thing you need to figure out is how much you are spending now. What is your present household budget? How much are you now spending each month on household expenses? The Current Household Budget worksheet below will help you take a realistic look at your current monthly expenses. Fill in all the figures that apply to you, and add them up.
CURRENT HOUSEHOLD BUDGET: Detail average monthly expenses
|
Rent |
$ |
|
Electricity |
$ |
|
Heat |
$ |
|
Water |
$ |
|
Maintenance/Repair |
$ |
|
Parking Fees |
$ |
|
Cable TV |
$ |
|
Internet |
$ |
|
Telephone/Cell Phone |
$ |
|
Vehicle Fuel |
$ |
|
Vehicle Repairs |
$ |
|
Vehicle Insurance |
$ |
|
Clothes |
$ |
|
Personal Hygiene Products |
$ |
|
Groceries |
$ |
|
Insurance Costs |
$ |
|
Prescription Drugs |
$ |
|
Dental Expenses |
$ |
|
Public Transportation |
$ |
|
Child Care |
$ |
|
Household Furniture and Decor |
$ |
|
Entertainment |
$ |
|
Cigarettes, Liquor etc |
$ |
|
Gifts |
$ |
|
Pet Care |
$ |
|
Education/Classes/Gym Memberships |
$ |
|
Loan Payments |
$ |
|
Credit Card Payments |
$ |
|
Donations, Charity |
$ |
|
Daily Coffee/Pop etc |
$ |
Note: You may have other costs not shown on this worksheet
Note: You may have other costs not shown on this worksheet
Now you have an idea of what your spending a month. Are you able to reduce some of those expenditures? What are you willing to cut out? This is a great way to see if there are ways that you can put more money aside for savings as well. A great idea is to look at your bank statements or bank history, you will see where most of your money is being spent. Years ago I was told by one of my mentors," It's not what your earning that's the problem, it's what your spending". Those words resonated with me, I review my statements on an ongoing basis to see where I can cut out frivolous spending. I do have a great budget tool I can send to you. Contact me and I will share those details with you 403-342-2471.