Northshore rental homes – creating a budget

  • 7 years ago
  • 1

The less financial overhead that you have, the bigger budget you’ll have when it comes to shopping for Northshore rental homes Figuring out how much rent you can afford to pay after figuring in all of your other
expenses is a great place to start. Below is some tips courtesy of Dummies.com that will assist you in creating a sufficient
budget. Moving is always a good time to try and tie up any loose ends and see if there’s any areas of
your life that you can cut back on. After all, if you can save a few hundred dollars elsewhere it means
that you can spend a few hundred more on your rent potentially to hopefully escalate you into the
home of your dreams.

Does the word budget send chills up your spine? It shouldn’t. Budgets allow you to have some control over
what you spend. A monthly budget can help you to decide how to spend your money, plan for your future,
pay off existing debt, and save a few pennies each month by reducing wasteful and impulsive purchases.
To create your monthly budget
• Categorize your expenses.
• When you begin setting up a monthly budget, start with big categories before breaking your
budget down into smaller expense categories. Your Northshore property management company can send you a list of potential homes to view once you figure out what your monthly home budget is.
• From your list of expenses, develop two separate budget lists, one for essentials and the other for
extras.
• Within each general budget category, some items are essential (the rent payment, electric bill, and
groceries); others are extra (new furniture, gifts, and pizza delivery).
• Look through these lists to find flexible budget expenses where you can cut back.
• Put a star next to these flexible items so you can identify them.
• Estimate what you spend.
• Go through your checkbook and any other receipts or records you’ve kept over the past few months
so you can track how much you actually spend on both essentials and extras.
• Add up your budget essentials list and the extras list separately.
• By keeping the lists separate, you can make cuts more easily, if you need to.
• Subtract the essentials total from your monthly income and, if you have money left over, subtract
the extras total from that amount.
• If you still have money left over, great! Look into a savings or investing plan (talk to your bank or a
certified financial planner for help setting up a plan).
• If your extras list takes you into negative numbers, start looking for places to cut back.
• You can also trim from the extras list to put more money toward debt repayment if that’s a high
priority in your financial picture.

There’s likely dozens of Northshore homes for rent in your budget range, so lets figure out what that exact range will be!

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