The American Dream
The satisfaction and pride that you feel when you walk in the door and gaze around your home, there's nothing like it. It's truly an accomplishment that you should be proud of. Your home will serve as an investment, a place to live and raise a family. But make no mistake, as a homeowner you have taken on a big responsibility, a responsibility that will involve smart planning.
Before the purchase of your home, I hope you took time to create a budget to include new expenditures and increases in existing ones. The fact that you were approved for your mortgage does not necessarily mean you can afford it. Your lender may not be aware of all the expenses you have apart from your monthly mortgage payment. If you did not prepare for changes in your expenses you may encounter difficulty making ends meet. You certainly do not want to realize that you will not be able to pay bills when you are in your home, especially your mortgage. For help with post purchase budgets contact our office at 800-498-0766 ext 190 or complete an online inquiry. Together, you and a Certified Credit Counselor will create a budget to meet your needs.
Don't get in over your head
Remember you will be in your home for the long term so don't over spend. Projects may need to be completed when you have the resources to do so. Many consumers will resort to borrowing from credit cards to finance home improvement projects. Indeed home improvements will increase your home value, make sure don't irresponsible spend more than your budget will permit. Your mortgage payment must be made every month. Failure to do so will ultimately result in foreclosure if payments continue to fall past due. Remember you will need to give yourself plenty of room between your income and expenses for unexpected events which may cause fluctuations in your budget. If you find yourself having difficulty making monthly credit card payments you may be eligible for our debt management program. A Certified Credit Counselor will let you know if you're eligible. You will be contacted shortly by a Certified Credit Counselor.
Will you be able to survive three months without falling past due with bills if you lose your job, or become ill or injured? Experts recommend that you save from three to six months worth of living expenses for emergencies. It's smart to be prepared for financial thunderstorms. An integral part of every budget is the determination to save. ADR recommends, if possible, that 10% of your net pay go to some form of savings. If this percentage is too much for your budget to withstand then consider a lesser amount. An estimated seventy-five percent of families will experience a major financial setback in any given ten-year period. You may feel that things are good now and there is no need to prepare however, the unexpected is usually right around the corner. Loss of a job, reduction in hours at work, illness, or divorce, to name a few, can have a profound impact on one's ability to maintain their current level of living. America Saves is a nationwide campaign in which a broad coalition of nonprofit, corporate, and government groups help individuals and families save and build wealth. Through information, advice, and encouragement, we assist those who wish to pay down debt, build an emergency fund, save for a home, save for an education, or save for retirement.