Here are some tips to help you on your journey as a new homeowner…
1 – Carefully keep track of all your new expenses – Consider creating a spreadsheet to keep all your expenses organized. There will be many new expenses you may not have considered.
2 – Create a separate account for taxes – Property taxes can creep up on you if you’re paying them annually or semi-annually. Having a separate account where you deposit the money monthly will help alleviate the stress of not having that large payment ready when it’s due.
3 – Look for creative ways to spend less – With all the extra expenses, consider doing a few DIY’s, or shopping second-hand when decorating and buying furniture.
4 – Create an emergency fund for unexpected expenses – With homeownership, you never know when an appliance may go out or you need a plumber. Start saving for an emergency fund to cover these unexpected expenses.