![]() If you lose your job, nothing will bring you more comfort than having savings in the bank. Instead, cash flow them over time-aim to do one per month, per quarter or year, depending on what fits your budget. Resist the temptation to empty your savings or borrow extra money to do all your projects at the same time. One of the most helpful mindsets to embrace is the idea that your home will always be a work in progress-it’ll never be done and it’ll never be perfect. It’s tempting to make many improvements and customizations to your home, especially if it’s not in turnkey condition. Prioritizing these costs and planning for annual property tax and insurance premium increases, and the sometimes shocking costs of watering your yard in the summer and heating your home in the winter, mean you might want to trim non-essential expenses to give yourself a margin of safety. You might also have new or higher utility bills and maintenance expenses. These expenses will often cost more than what you were paying in rent-especially if you’re responsible for homeowners association dues, flood insurance premiums or mortgage insurance payments. Saving remains important once you have a mortgage, but staying current on your principal, interest, homeowners insurance and property taxes becomes more important. ![]() The adage “pay yourself first” is helpful when you’re learning to prioritize saving. Here are some tips to keep it from feeling overwhelming. Your mortgage payment might be your biggest monthly expense.
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