Budgeting and Savings

Finance

By: Nykole Wyatt

I am certified to teach real estate through the North Carolina Real Estate Commission. I was telling my new agents the other day how important it is for first time homebuyers to understand that budgeting is everything. I even gave them tips to give to their prospective clients that would help them with budgeting. Those steps lead me to today article. Why is budgeting even important when it comes to home ownership? Well here is the thing, budgeting is not just important for how ownership, budgeting is important period. When you want something that you can’t buy right away, getting a on a budget to save is the best way to get what you want faster. But that’s not all. What is the end goal for your budgeting/savings? In other words, what exactly are we budgeting or saving for?  

Once you have decided why you want to budget and save for, the next step is to implement ways to cut out unnecessary expenses and save more money. When I started in real estate one of the first thing I did was get rid of cable. Cable was costing me $150 per month. I got Hulu for eight bucks a month saving me over $100 dollars a month that now went into savings. This is a prime example of a way to decrease your expenses. Below are a few more tips that you can use to save.

1.     Use coupons

2.     Cancel unnecessary subscriptions

3.     Refinance your car or mortgage for a lower payment.

4.     Buy store name brand items

5.     Bundle internet and cable

These are just a few things you can do to kick off your budget. For other way to save feel free to reach out to me by sending an email to Nykole@KolesKeys.com.

Taking a multiple approach to budgeting is always the best way to get to your savings goal(s) faster.