The stress and excitement of buying a house has come and gone — it’s time to hang a welcome sign and call it home.
But a new journey in budgeting begins once you’ve paid the closing costs and tipped the movers. Now it’s time to learn to budget as a homeowner.
If you’re new to budgeting, buying a home marks a good time to start. The 50/30/20 budgeting approach is a good foundation, where 50% of your household income goes to needs, 30% to wants and 20% to debt repayment and savings. See how your income breaks down using a budget calculator or a budgeting worksheet with pencil and paper.
Even if you’re not new to budgeting, there are many additional things to consider now that you own a home. Start with the following.