The information provided on this website does not, and is not intended to, act as legal, financial or credit advice; instead, it is for general informational purposes only. Information on this website may not be current. This website may contain links to other third-party websites. Such links are only for the convenience of the reader, user or browser; we do not recommend or endorse the contents of any third-party sites. Readers of this website should contact their attorney, accountant or credit counselor to obtain advice with respect to their particular situation. No reader, user, or browser of this site should act or not act on the basis of information on this site. Always seek personal legal, financial or credit advice for your relevant jurisdiction. Only your individual attorney or advisor can provide assurances that the information contained herein – and your interpretation of it – is applicable or appropriate to your particular situation. Use of, and access to, this website or any of the links or resources contained within the site do not create an attorney-client or fiduciary relationship between the reader, user, or browser and website owner, authors, contributors, contributing firms, or their respective employers.
Credit.com receives compensation for the financial products and services advertised on this site if our users apply for and sign up for any of them. Compensation is not a factor in the substantive evaluation of any product.
Moving to a new home can be very stressful and also exciting. This may be your first time on your own without financial support. You want to ensure you are financially prepared and ready for the big step, so here are a few money tips to help you get started.
Before signing on the dotted line, you should consider building solid credit. If you have a good credit score, then you may get a low, fixed-interest rate when applying for a mortgage. If you ignore your credit score, then you may get a high interest rate or even possibly denied on your loan. If you are moving in with a partner, then consider sitting down with him or her and looking over your credit together. (You can view a free snapshot of your credit report, updated every 14 days, on Credit.com.) Whether you have a joint account or not, you are now both responsible for your mortgage and other expenses that come with your home. (Note: Landlords, too, often check credit, so it’s in your best interest to make sure yours is in good shape before filling out rental applications.)
While you are still living at home, you might want to plan out your budget before moving into your new home. First, write down all of your current expenses, then include your “new home” expenses and how you will be paying for them. Your “new home” expenses may be furniture and appliances to start out, but you also want to include your mortgage or rent, utilities and any loans you plan on taking out. It might be difficult to guess how much all of your bills will be, but it’s beneficial to provide an estimate of how much you think it might cost. This way, you will be prepared and have enough money aside to pay for it.
Moving to a new home comes with a lot of additional expenses. You might want to pay down a little (or all) of your debt now before taking on more. It might be impossible to eliminate a debt as large as student loans, but you should try to at least get your number down. So, if you already have steady monthly payments, consider putting a little extra toward it each month. Any little bit helps.
Take out a pen and paper and write down all of your financial goals for your new home. Let’s say you’ve always wanted a large dining room table or a leather love seat. Try and find the cheapest option and start saving! You can choose to save one at a time or tackle each goal separately.
Whatever your strategy is, saving before you move will help you stay organized and avoid going into debt.
You might want to consider putting 10% of your net pay (take-home pay) toward your savings for your new home to help you get ready. You can even have a little fun with this and give your savings a name such as “A New Beginning.”
You might want to practice paying your bills before you move out so you can get used to not having the money. This might be a little difficult at first, but it will only help you become more financially prepared for your move. If you find yourself struggling to meet your payments, then you may have to cut back on some expenses from your budget. If you are comfortable taking the money out of your account, consider putting it into your savings so you are ready to pay for it when you officially move in.
Image: XiXinXing
September 13, 2021
Uncategorized
August 4, 2021
Uncategorized
January 28, 2021
Uncategorized