Is Personal Finance Budgeting Necessary for a Home Buyer?
Posted: under Financing.
Tags: Allen Davis, personal finance budgeting, Realestatesearchdirect.com, Technorati
Do you dread creating a budget? If you are preparing to buy a home, you may be wondering if personal finance budgeting is necessary.
Ivana Newhouse didn’t pay much attention to her spending habits. She felt that it would be too much of a burden on her lifestyle to keep track of the occasional mocha latté and a round of drinks at the bar with her girlfriends after work.
Ivana felt if she kept track of her bank balance, she knew whether or not she could afford to buy that new pair of shoes on sale. But in the long run, she didn’t know how much she was spending on what.
Ivana and her fiancé, Homer, were planning to buy a house when they were married. Homer asked Ivana to create a list of all her income and expenses in order to come up with a financial plan for their future.
Homer felt that without a plan it would be difficult to achieve financial goals to maintain the lifestyle they wanted. Homer was not just interested in what they could afford today, but also in their long term financial situation. After all, isn’t buying a house a long term financial commitment?
Comments (7)
Apr 27 2009
