No matter where you are in the homebuying process, a budget is a great tool to use. It’s important that you understand how to create (and stick to) a budget. Here are some tips to help you utilize a budget and master your money in no time!
Why Bother Budgeting?
Simply put, a budget acts as a financial map to help you reach your goals. Whether you’re working on getting out of debt or saving for a down payment on a home, having a budget is essential for trimming down excess spending and monitoring where every last dollar is being spent.
Tools of the Trade
While you’re setting up your budget, it’s important to have a way to measure your progress. Whether you’re using pen on a legal pad, setting up columns in Excel, or using a dedicated app like EveryDollar, recording your spending is the most important aspect of the budgeting process. This keeps your eye on your account and holds you accountable for making progress.
Master Your Money
Sit down before the beginning of each month and spend an evening planning out how the next 30-odd days will look financially.
When you’re budgeting, make sure your budget is zero-based. This means that every dollar of your income has a purpose. Also, make sure to be aware of payment due dates. Knowing when each of your payments is due will help you avoid unnecessary pitfalls, like overdraft and late fees.
Make Your Move
If you’re building up an understanding of your finances from scratch, it’s a huge help to have somebody to walk with you on your journey. If you’re saving up for a home, go beyond the budget and check out Lennar’s Make Your Move workshop series. At these events, the expert panelists will share their insights, expertise and tips. Register ahead of time at MYMTampa.com.
With an understanding of how a budget works and a team of experts ready to guide you in the homebuying process, you’ll soon be well on your way to having a handle on your money and getting ready to make a down payment on a home. For more tips, tricks and relevant news updates, be sure to like Make Your Move Tampa on Facebook.
