Money Talk With Slater

Making Money Across the Board

Monthly archives "January 2018"

How to Make Your Personal Budget

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Creating your first budget can be very overwhelming. So overwhelming since less than 50% of folks have a monthly budget. Truthfully, having a budget is worth the effort. Crafting a budget that you can sustain over the long term has been ultimately linked to building wealth, while at the same time helping you cut expenses and get out of debt.

When getting a budget together, you should take how much money you make a year and divide it into categories to figure out how much you can afford on a recurring basis, as well as how much you can regularly invest.

This stops you from spending money on things you need and want without seeing if you can truly afford them. This also stops you from overdrawing your account and using credit cards unnecessarily.

If you’re a first-time budgeter, here are some steps to make the procedure as painless and as smooth as possible.

Know How Much You Have
If you have accounts (checking, savings, investment), you need to know how much money is in each account and the interest rates and expenses of every one of them.

Determine Your Average Recurring Monthly Expenses
This can be the hard part for many folks. The best way to decide your monthly expenses is to create a list of household expenses for a month. Keep your receipts, your utility bills, and any other expense that occur during a 30-day period and divide these bills into categories.

Track, Monitor, and Be Disciplined
Keeping track of your budget takes an hour or so per week. But this will save you a lot of time over time. Once you have created a budget, you need to keep it in check. The understanding that you’re making good long and short term financial choices will give you with a great deal of comfort. It will take you from living from paycheck to paycheck to being able to see the long-term results of your budget.

Buying a Home: What You Should Know

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Life is full of exhilarating firsts. Your baby’s first steps. Your child’s first day of school. Your first love. Your first job. Your first place.

It doesn’t matter if you want to move out of your parents’ home for the first time or have your own home after renting for years, buying your 1st home is a huge step. It takes plenty of preparation when you’re at this place in your life and a little luck never hurts.

When you have no home to sell, you can take your time looking around and then jump. You could look at more than 50 condos and home to find the right one.

Renting instead of buying a house may seem like the most affordable or convenient way to go. It pays to do some easy research to know the advantages and disadvantages of renting vs. buying. You may find that purchasing a residence is really your best option.

Once you determine it’s the right time to purchase your first house, here are a few things you must do:

Accurately track your expenses

To really know the financial effect of owning a house, begin by tracking precisely how much you spend every month on all things, whether it’s entertainment or food. Write the figures down.

Set and stick to a strict budget

Once you have a precise picture of what you’re spending, craft a real budget. Remember to factor in your monthly debts and leave some room for savings. Anticipate shelling out at least 10% of the purchase price for a deposit and another 5% for closing. This budget will work as your roadmap to finding a house that is affordable. Once you have decided what your budget is, contact several agents and pick one that you feel a connection with. Get started on the exciting process of owning your own home!