If you are planning on buying your very first home, kudos to you! This is by far one of the most satisfying and liberating feelings you could be experiencing. If you are not yet ready to finance your mortgage, but you plan to do everything in your power to get there sooner than later, you've reached the right page. Shortly put, you will need to learn how to budget for your new house. Most people despise the limitations of budgets and they are not sure how to create them. In reality, budgeting is not rocket science. In fact, it can be broken down pretty easily into several small components that we are going to explain within these next few lines.
Mortgage Payments And Monthly Budgets
If you believe you can pay for your new home in cash, you can consider yourself extremely lucky. Not a lot of people can afford to save money and pay for their property. Unless you have won the lottery or a huge casino jackpot prize at a game of slots, or your favorite great-aunt has left you her 1953 Buick Roadmaster Convertible and you plan on selling it, chances are you can't pay for your home upfront, in cash.
Don't worry, this is what mortgages were invented for.
Start by factoring in your mortgage payments into your monthly budget. There are lots of free mortgage calculators you can find online, if you still need to determine exactly how much of a house you can afford.
Determine your monthly income by adding up all of your sources of income. Find out what are your fixed monthly expenses, including transportation, utilities, personal expenses, savings and the list goes on. Learn what are your non-housing expenses in total and figure out how much money you still have left for your housing costs. Keep in mind to put some money aside each month for maintenance needs. New homes are usually older properties that have had previous owners, which means they have already been subjected to the wear-and-tear factor. Small repairs and maintenance will be needed from time to time. Get ready for them.
It is essential not to let your mortgage payment take up more than 25% of your monthly income.
Keep in mind it is advisable to give every cent a purpose while preparing your budget, even though this may mean having to find new meaning and purposes for some budget categories and have them replaced with others, as suitable.
Take Care Of Your Debts
You are strongly recommended to pay off all of your non-mortgage related debts prior to becoming a homeowner for the first time. This way, you will no longer have any part of your income be taken up by money you owe, which is holding you back from buying your dream home. If possible, wait until you can also set up an emergency fund you can rely on for any unexpected expenses.
Do not ignore the down payment on your future home. Think in terms of 10 to 20 percent and you will thank yourself later.
Find Extra Sources Of Income
Some people look for a second, part-time job, or new projects they can work and get paid for outside their regular job place. Others use their jewelry making or carpentry skills to make an extra buck in their spare time. Some will try to round their income by playing the lottery, waiting for that great breakthrough. And, of course, there are those who will try to play at a real money casino and turn pro. Poker, blackjack, and roulette games are some of the most engaging games that have captured the interest of lots of players over the years. The best and most diligent of them decided to put in the hard work in an attempt to beat the odds and hit a life-changing jackpot. They've joined the greatest tournaments on the planet, both online and offline, and they've managed to forge their professional gamblers careers. They've won million-dollar prizes and they continue to be an inspiration for people who are still trying to budget for a home.
Places like gamblersbet.com are a good starting point. They enable free practice via free spins and games in practice mode. They throw in excellent match bonuses for players' deposits and they give them the chance to play with free money and a chance to make nice earnings. While gambling is a form of entertainment and you are not advised to rely on it to build up your budget for a new home, there are plenty of examples of players who have made this big purchase with casino wins, so it's definitely something worth looking into.