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Budgeting & Planning Ahead

 

What You'll Learn

  • Sticking to a budget and contributing to your savings is important for successful homeownership.
  • It's recommended that you set aside between 3 to 6 months of living expenses for unexpected emergencies.
  • When budgeting ahead, be sure to account for taxes, insurance, and home maintenance costs.

Life is unpredictable and you may face events during your lifetime that require you to be financially prepared so you can always fulfill your obligation to pay your mortgage.

Some of the most common unplanned events include:

  • Unemployment or reduction in income
  • A sudden illness in your family
  • Home maintenance and/or repairs
  • Divorce or separation
  • Steep and unaffordable increase in your mortgage payment

Budgeting and saving for these emergencies is key to being financially prepared and to successful homeownership.

 

Tip

  • Start saving today and work toward setting aside between 3 to 6 months of living expenses as an emergency fund.
  • Build and follow a spending plan, making sure that you budget for new expenses you'll face as a homeowner such as property taxes and insurance, repairs, utilities, and maintenance.
 

Key Takeaways

  1. Budgeting and saving for life’s unexpected emergencies is key to successful homeownership.

  2. Unplanned events you may encounter as a homeowner include a reduction in income or a sudden illness in your family.

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