Healthy personal finances give you peace of mind. At the same time, they are beneficial if your goal is to buy a home. In that sense, the real estate portal Propiedades.com shared some reasons why it is good to have a budget at home.
Depositphotos.comWhat is a budget?
The National Commission for the Protection and Defense of Users of Financial Services (Condusef) says that the budget is a detailed record of your income and expenses within a specified period.
For this exercise to be useful, you must first set goals. How? Write down everything you want to achieve. Then do your research and calculate the amount you need to raise for each goal.
The Condusef adds that it is important that you order your goals according to their importance and the time it will take to achieve them. Also, that they are measurable, relevant, clear and realistic.
What is a budget for?
On the other hand, the Real Estate analyst of Propiedades.com, Leonardo González, says that a budget at home will help you:
Control your expenses
To have healthy personal finances it is important that you know exactly how much money you receive per month. As well as how much you spend to pay for food, housing, transportation and personal expenses.
To achieve this, Condusef recommends the Family Budget application. With this tool you record your income and expenses in a timely and simple way.
In addition, it says that to avoid a situation of financial insolvency, the ideal is that the payment of your debts is not greater than 30 percent of your net income.
Say goodbye to financial stress
According to moneysahorita.mx, financial stress is a state of anguish, pressure and fatigue. In addition, it can lead to mental or heart conditions. This problem is caused by financial situations such as debts, expenses and feeling that the money is not enough for you.
In this regard, González says that, in addition to affecting your health, it prevents you from making long-term plans. For example, collecting for the down payment of your new house or doing a remodel in your home.
Know your ability to save
The ability to save helps you to know what percentage of your capital you can set aside and then allocate to a certain goal. This benefits you if you intend to buy a house or apartment.
To know how much you can save, you must first be clear about your income, how much you spend and what your level of debt is.
Tips for making a budget
“To make a budget, you must follow an orderly, realistic and feasible strategy,” says González. Some of their recommendations are:
- Registers all expenses, consumptions and acquisitions and income by items. For example, in housing it includes rent, services, taxes and insurance
- Make a balance between assets and liabilities
- Review your budget periodically. Every fortnight, fiscal period, year-end or at the conclusion of a project, monitor how your numbers are going
- Identify areas of opportunity. For example, review the expenses that you can reduce and compare prices before making a significant purchase
Finally, the specialist says that as a household has more members, making a budget becomes more necessary.
How to budget for your home
Source: Manila Trending PH
0 Comments