Know Your Budget

Budget Basics Work Sheet

Buying a home requires much preparation before your become active in actually looking for that next home. This should be read to continue that preparation, and it fits nicely into my series: 8 Ways to Improve Your Credit, [pre-] First Things First: 8 Steps to Getting Your Finances in Order and First Things First: Pre-approval to Purchase a Home

The first step in getting yourself in financial shape to buy a home is to know what you make and what you spend now. Print this blog and list your income and expenses below.

Income

Take-Home Pay/All Family Members

Child Support/Alimony

Pension/Social Security

Disability/Other Insurance

Interest/Dividends

Other

Total Income

Expenses

Rent/Mortgage

Life Insurance

Health/Disability Insurance

Vehicle Insurance

Homeowners or Other Insurance

Car Payments

Other Loan Payments

Savings/Pension Contribution

Utilities

Credit Card Payments

Car Upkeep

Clothing

Personal Care Products

Groceries

Food Prepared Outside the Home

Medical/Dental/Prescriptions

Household Goods

Recreation/Entertainment

Child Care

Education

Charitable Donations

Miscellaneous

Total Expenses=

Remaining Income After Expenses=

Contact me for a FREE consultation and to find out what to do next today! Thanks. MH

Posted by Matt Hecker on 03/15/2008 09:20 AM

Comments (2)

buy, home, budget, finances, spend, income, expenses

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2 Comments on Know Your Budget

Great worksheet but it doesn't really facilitate what the lenders use to qualify. None the less it does help a consumer know whats left over for there home purchase.

03/15/2008 09:28 AM

by Laura Jefferson..Lexington's Realtor (Asset Realty)

People do need to budget their money. I don't use a form like this. I don't think it will be very accurate. I think if you keep your receipts for 3 months you'll know what your spending on average for the year.

03/15/2008 09:49 AM

by Brian Kreick (Kreick, Inc.)

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What does the graphic say?