It’s fun to be in the news. Just found out that I was quoted in a piece for Credit.com titled “A Home of Your Own: How to Evaluate Your Financial Readiness and Save for That Big Down Payment.” I hope you all find it useful!
Everyone wants a piece of the American dream, and for many people that dream includes owning a home. But owning a home is one of the biggest financial steps you can take in your life, so it’s important to carefully assess your financial situation before jumping in headfirst.
We’ve asked some financial and real estate experts to share their tips to help you prepare for the exciting plunge into homeownership.
1. Keep Track of Your Spending
Creating a budget—and tracking your spending to ensure you stick to it—is an important first step to get a sense of where you stand. Roshni Chowdhry, innovation and product development lead at SafetyNet, says, “Understanding where you allocate your money will give you a realistic expectation of what you can afford.” Whether you use a pen and paper, Excel, or an online tool, tracking the inflow and outflow of money for at least a month is a good place to start.