How to Build a Bulletproof Budget: Worksheet + 50/30/20 Rule

Don’t like watching TV? Cancel the Netflix subscription. What about the gym subscription? Is it possible for you to get the same results at home? 

Now move on to things that are a little more serious. Let’s talk about your property, for instance. There is a truckload of other expenses that you need to consider when buying a property. You’re not just going to have a long-term mortgage. 

Before you even own the house, you need to have the down payment, closing costs, and reserves on hand. While the down payment and reserves are in your best interest, it may take time to build it up. 

Ongoing costs to consider include HOA costs, insurance, property taxes, maintenance, and utilities. Now, ask yourself whether you’re still okay with it, or whether you might just be better off renting until you’re 100% sure you want to settle in a specific location. 

Now, this might be an unpopular opinion, but owning a house is not the be-all and end-all our parents made it out to be. It’s damn expensive and you need to be financially secure enough to take it on. It’s not for everyone. 

You may not want to cut out everyday items that you love, like lattes and dinners out with friends, but if you can make cuts on major expenses like housing, that’s a huge win.