6 Financial Mistakes To Avoid After Buying A Home


6 Financial Mistakes To Avoid After Buying A Home.

6 Financial Mistakes to Avoid after Buying a Home

Buying a home is exciting.  You’ve finally reached this milestone, the paperwork is signed, you’re all moved in and now what?

Here are 6 financial mistakes you want to avoid after buying a home:

1.)  Not Budgeting. — You’ve accomplished your goal of purchasing a new home.  You’ve worked hard on saving for the down payment, but if you haven’t started budgeting now is the time to do so. Start by building your emergency fund and make savings your first priority again.

2.)  Buy a new car  — Don’t get caught up into wanting to add a shiny new car to your driveway. Adding a new car payment on top of your new house payment can dramatically change your financial situation.  Get used to all of your new expenses before you add this major expense onto your budget.

3.)  Decorate all at once.  — Decorating can really kill your budget, especially if you are constantly picking up items.  Take a moment, live in the house and get a feel for your new place. Then plan and prioritize the items you want.  Be sure to watch for sales, visit yard sales, thrift stores and consignment centers for extra savings.

4.)  Factor in Maintenance. — Even though this is a new house, you’ll want to factor in the cost of upcoming maintenance.  Item’s such as carpet and window cleanings, AC/furnace checks, replacing the roof etc..

5.)  Start Charging.  — While you were in escrow you were likely told by your lender to stop charging on your credit cards because if you continued to charge, your financial status could change and it may prevent you from closing on your home.  Continue with this practice and pay cash for everything that you purchase.  Don’t go into debt for material items just to impress your neighbors.

6.)  Updating Life Insurance. — You’ll want to make sure your family is taken care of.  It’s time to review your life insurance and ensure you have proper coverage to cover your mortgage expenses.  If you don’t have life insurance now is the time to get some.

Have you made financial mistakes after buying a home?  Comment below and add on to the list!

Are you considering purchasing a home sometime soon?  Be sure to check out my article Buying Vs. Renting: Why you should never buy a home.

 

Women’s Money Conference Las Vegas

Woman’s Money Conference have you heard of it?  Neither had I until just a few days ago.  We’ll this Saturday, April 27th, if you are in Las Vegas, you have your chance to attend.

Women's Money Conference

The conference is designed to help women learn how to:

  • Reduce your financial stress
  • Feel confident with money matters
  • Fix your credit
  • Pay off your debt
  • Maximize your income
  • Save for college and retirement
  • Develop a financial support network
  • Build a secure financial future

That excites me because we really need solid financial teaching in order to make our money work for us to live the life we want.  I don’t know about you but I don’t want to struggle financially,  I want to know that I’m making the best financial decisions I can.  That’s why I’m really excited to attend the Woman’s Money Conference.  The speakers sound amazing and I can’t wait to hear all of their money tips.

I’ve also learned that the Direct Selling Education Foundation is a proud partner with the International Association of Working Mothers to sponsor the Nevada Women’s Money Conference.  What does that mean?  It means they are offering full scholarships to direct sellers.  So if you are a direct seller for companies like Avon, The Pampered Chef, Creative Memories etc.., you can attend for free!   Just use Scholarship Code: DSEF when you register here: http://www.womensmoney.org/nevada-2013

If you aren’t part of the Direct Selling Association don’t worry you can still attend this conference for $75.00, but hurry time is running out, be sure to register today.

Disclosure:  DSEF provided me a scholarship ticket to attend this conference. 

Simple Budget

Having a simple budget works wonders for me.  I personally dislike the budgeting forms that require you to budget out every single penny towards items such as clothing, future medical and so forth because that doesn’t happen each month.  I’ll budget for it when I need it.  If I did it every month we would have no money left to do anything with.

Simple Budget

 

Have you ever noticed that all financial gurus have one thing in common that they recommend?  Guess which one thing.  A Budget! Budgeting is key to keeping your finances under control and it’s by far one of the most hideous thing to do, especially when you start getting into tracking every possible events I listed earlier.  If I did budgeted that way every month we would have no money left to do anything with.  Therefore, I follow a simple budget and let me show you how I do it.

What I do first is pay all of the bills currently due:

Paycheck +$2000
Less Tithe – 200
Less Mortgage -700 (Half of the mortgage)
Less Power – 200
Less Insurance – 200
Less Cable – 125
Less Baseball Registration -100

Total Remaining $475.00

This $475 has to get me through the next paycheck.  I have to buy groceries, gas and etc.  As you can see I personally don’t have the funds to save 10% to go toward my savings from the top of my paycheck.  So what I do instead is I take 10% off the remaining amount left and I budget from there, which makes it simple.

$475 Remaining
Less $48.00 for Savings
Less $100 for Gas
Less $150 for Food
Less $40 for Date Night
Less $40.00 for Kids Shoes (Kids need new shoes this week)
Less $25.00 for Dr. Appointment (There is a doctors appointment this week)
Less $50.00 for Blow Money

Now $48.00 may not seem like a lot to put in savings, but it does add up overtime.

I’ll create and place this amount in my envelopes.  *You can use my free printable cash envelope template

That leaves $22.00 left… I’ll use this extra amount and pay it towards one of my credit cards.

Balance is $0 (You must assign every dollar you have towards something)

The final thing I do is strive to spend less than the amount you budgeted for and if you can do that, apply the saved amount towards something else.

This is what works for me.  I’d love to hear what works for you and what your tips are on a simple budget simple budget.

 

3 Budgeting Tips: Simple and Effective

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Three budgeting tips you’ll definitely want to remember.  Especially if you are finding that you have no money after your paycheck?

These budgeting tips are really simple.  It’ll help you get control of your money fast!  Simply by asking yourself the following question.. Are you thinking about the things you are buying?

Let’s look back the past week.  How many drinks did you buy last week?  How many times did you eat out?  Did you pick up a few outfits that you really didn’t need?

It’s all those little things that we don’t really account for that can add up and believe me they add up quickly and can be disastrous to your budget.

If you feel like this is happening to you, follow these simple steps:

  1. Start thinking about your purchase before you buy them.
  2. Control your spending is by tracking everything that you purchase.
  3. Find where your weakness is and cut back on it.  Don’t be alarmed if it’s a huge shocker!  You may find out that your Starbucks daily coffee is costing you $240.00 a month!  Been there, done that!  

You may want to take the next step and get organized by using this Simplified Home Budget Book.  Knowing where your money goes is key to budgeting.

How do you keep control of your spending?  Do you track daily?  Do you practice these budgeting tips?

Want more budgeting tips?  Check out my post 5 Ways you can take control of your money.

Manage Your Money by Setting Your Personal Money Goals

Image courtesy of vichie81 / FreeDigitalPhotos.net

Image courtesy of vichie81 / FreeDigitalPhotos.net

Manage Your Money… those are scary words, just like dieting.  But just like our health we need to take charge.

It’s easy to blame the outside forces for our money problems.  Some common excuses are:

  • My job doesn’t pay enough
  • My taxes are too high
  • My spouse spends to much

All of which are lies we tell ourselves.  Now granted, these situations are very real and can have a huge impact.  But, What if?

What if we could wave a magic wand to change all of those scenarios, Would this solve our money problems?  Probably not.  If you don’t know how to manage your money, you’ll like create the same impact.

Today, I want you to create a list of personal money goals.  This will help you later when you start working on your personal budget.

When thinking about your personal money goals – ask yourself:

  1. Where do you want to go?
  2. Where are you now?
  3. What is in your way?
  4. What’s your plan on how to get there?

Money worries can lead to a number of health problems such as high blood pressure, depression, insomnia, headaches, digestive disorders, aches and pains, ulcers, excessive smoking and drinking and gaining or losing weight.

It’s worth the time and effort to manage your money and ditch the money worries to get this aspect of your life under control.

Need ways to start saving money with your current income?  Check out our Saving Money page.

Family Finances – Make it a Family Affair

family finances

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Family Finances

Finances are one of the biggest chores we have to maintain.  Various due dates and the stress that comes along with ensuring everything gets paid can be a lot for one person to bear.

So my question for you is do you make your family finances a family affair?

My husband and I didn’t grow up with solid financial teachings.  Our parents “hid” their finances from their children.  It was disrespectful to talk about family finances.  Neither one of use grew up with the knowledge of how to live within our means.

Debt is what gets us into trouble when we live in a world of want.. and want.. and want some more.  We need to live in a world where we discipline ourselves to say no.   I wish I would have learned that at an early age.  Therefore, I want to ensure that my kids grow up knowing that debt is not the way of life.

Here are some tips to get started with making this a family finances a family affair:

1.  Allowances are a great way to start.  Assign a Payday, and let your kids deduct things from their paycheck.  Have them Give, Save then Live.

2.  Plan for a “Family Finances” Night — Set a date and time and plan out your budget for the week(s).

3.  Assign a task to each person of what bill and payment they would be responsible for.  Ask questions such as:  How can we reduce this, What happens if we pay this late, Is this payment a need or a want?

4.  Play Games – such as Monopoly  and explain as you play how real people go bankrupt because of not putting savings as a priority.  This game is perfect for that, because every time we land on a property — we want to buy it, we want it, even though we may not need it and if we don’t plan well.. we’re bankrupt.

5.  Get your family started early with savings.  Open up an online savings account that have no fees or minimums, such as ING Direct .  Online savings accounts are great, because you aren’t tempted to withdrawal the money.

Getting everyone involved in family finances, can change your family tree.  It’s a great way to hold each other accountable, set financial goals and good spending habits.

Do you make your finances a family affair?  If you don’t, is this something you anticipate doing in the future?  I’d love to hear your tips on how you keep your finances in order.

Need ideas for your child allowance?  Check out my Commission Chore Chart Post

Family Finances

 

 

MomsLifeboat ~ Las Vegas, NV
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