Premiere Plus Realty Co.
Jonathan Maines, Premiere Plus Realty Co.Phone: (239) 682-2019
Email: [email protected]

How to Build a Household Budget

by Jonathan Maines 11/06/2022

The financial aspects of buying a home don't end with the purchase. Home ownership comes with its own ongoing fees and future expenses you'll need to prepare for. The best way to do so is to establish a balanced household budget. Here are some tips for how to get started:

Set Your Goals

Once you have a clear idea of what's important to you, managing your household budget won't seem as daunting. The best place to begin is by identifying and setting some financial goals. These can be short-term goals like purchasing a new appliance or long-term goals like a large renovation project. Make a list of the most important goals for your household so you have a clear idea of how to manage your finances accordingly.

Identify Income & Expenses

Once you've established your financial goals, it's time to consider the actual numbers. The key to budgeting is to know how much money you have coming in and where it's going. Tracking income is typically as simple as consulting pay stubs or deposit statements. You can also include other income like tax benefits and commissions.

Then, identify what you spend your money on. Try making a list with various categories to separate annual, monthly and everyday expenses. In addition to things like groceries, utility bills and transportation costs, make sure to include things like credit card payments, entertainment subscriptions and savings.

Once you have both numbers as a starting point, try tracking your spending for a few months. You can do this in a variety of ways including collecting receipts or using online budget apps. The more you know about your financial situation, the more control you'll have.

Prepare for the Future

In building a household budget, it's crucial to include seasonal expenses. Even if there are parts of the year where you spend more in any category, plan for these expenses in your regular budget. Examples of seasonal expenses include holiday gifts, summer childcare, travel and weather-related utilities.

While these are only a few basic tips for household budgeting, they should get you started. The more practice you have tracking and managing your expenses, the easier it will become.

About the Author
Author

Jonathan Maines

After graduating from the University of Wisconsin- Eau Claire, Jon moved to Naples, Florida in 1989 where he took a job with the Naples Police Department. In 1991 Jon married his wife Kathy, also from Wisconsin, and had two children. During the next 19 years Jon continued to work for the Naples Police Department ultimately becoming a Lieutenant. During this time he and Kathy also became successful real estate investors. In June 2010 Jon retired from the Naples Police Department to focus his energies into being a successful Real Estate Professional. Jon believes that his faith, honesty, integrity, knowledge and hard work have been the key principals to his success in the Real Estate Business. If you are looking for an agent you can count on and trust to give you an honest perspective when looking to buy or sell your home, Jon is here to serve you. Call today for a free market analysis!