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How
much Can you Afford
You will need a few hours to develop
your budget once you've gathered the necessary information. You can
print out a budget form for developing your household budget.
Some items you'll need are:
Current monthly loan payments.
Other monthly expenses (childcare, dues, etc.).
Records of variable expenses from the last 12 months (utilities, food,
car repair, etc.).
Records of annual or semi-annual expenses (insurance, taxes, etc.).
An estimate of what your new mortgage payment will be. To get this use
our mortgage payment calculator.
Records of other non-fixed expenses for
the last year (medical expenditures, etc.). This will give you an estimate
of average expenses of this type.
Records or an estimate of personal expenses (entertainment, travel,
etc.).
Be realistic. Make provisions for possible increases in some items (
school tuitions, insurance, taxes, etc.). Then look for ways to get
and keep control over your budget.
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