There is one thing I never want to think about: budgeting. But sometimes I just have to sit down and figure out if I have any money. Now it is more important than ever that I have a budget, not only am I thinking about what I’ll eat tomorrow, but what I’ll eat for the month; I have to plan an adult diet, and an adult wardrobe to go with an adult life. And my adult life probably includes a house one day. A first time house buying will likely come with a first time buyer mortgage, something not to take lightly.
Just like with any piece of clothing you invest in, your home is a huge investment, something you may live in for years, but will definitely be paying for, for many years to come. Luckily, we have things like credit cards and mortgages. Pay some now, pay the rest later, always keeping that budget in check and never letting the debt get too out of hand. Depending on how much you have now and how much you anticipate, you can plan how much to pay for, or how big of a deposit you can initially place.
Everyone wants it all, but sometimes you have to manage expectations. I’d love to have one big shopping spree, get my fall, winter, spring and summer wardrobe all at once, full of trendy and on style items. But that wouldn’t necessarily be the most practical or reasonable. Just like picking out your mortgage, you pick out your staple pieces, and lay down the groundwork for your wardrobe. What can your initial investment be, and what will your future plans dictate your future investments will be?
If you know your options and budget accordingly, you can have your house and you can be fashionable too!
Disclosure: This post is sponsored by The Mortgage Broker