Eden Homes LLC

How To Budget Easily

by Eden Homes 11/24/2019

If budgeting isn’t your thing, you’ll be glad to discover that it’s quite simple. There’s a way to categorize your spending and save money easily. If you learn the rule, it will become so automatic that you won’t even think about it. If you’re saving money for a home, this practice will be essential. Break your budget down into three categories: 


  • Living expenses
  • Financial goals
  • Personal spending


Half of your budget should go towards living expenses. This number includes all of the essentials like rent or mortgage, utilities, groceries, commute costs, and insurances. 


20 percent of your income should go towards other financial goals like savings, investments, or paying down debt. Credit card bills, student loans, and other bills would fall under this category. This category is also where you’d save for your down payment, closing costs, and other expenses. This percentage can be adjustable depending on how much debt you have or how much you need to save for retirement. 


The remaining 30 percent of your income can go towards personal spending. This category includes everything that you use your money for but isn’t a necessity. This percentage is also flexible. If your lifestyle doesn’t require you to use all 30 percent each month, you can indeed save more money.


A Clear Plan 


These categories simplify your budget. Even if you make some adjustments to the numbers, the outline truly makes budgeting easy even for the most scatterbrained among us. It allows you to see where your money goes clearly. It also works no matter what kind of living situation you have.


The great thing about this budgeting plan is that you have some future needs built into it. Many times, when we budget, we think of our immediate needs and our shorter term goals. Saving for any occasion can never happen too early. You are able to not only focus on your current goals and the future.   



Steps


First, determine your monthly income. This number is how much money you take home after taxes. From here, you’ll be able to split your money into categories by percentages. If your income fluctuates frequently, you’ll need to take an average of your monthly income to determine your numbers. 


Next, you should take a look at your spending habits. These include everything from your morning latte to your monthly rent payment. From here you can make adjustments. Perhaps you need to look for a less expensive apartment. Maybe you need to cut down your weekly pizza to a bi-monthly purchase. Whatever you see in your finances, a simple percentage rule gives you the tools you need to become a saver and be well on your way to the purchase of your first home.     


About the Author
Author

Eden Homes

About Simone Duhamel

 Simone Duhamel has been working as a Real estate agent since 1996 and has owned and run "Cobra Construction LLC" a builder of fine homes, since 2003.
Her clients come from a wide spectrum of needs and desires.
She has been a member of the Manchester Nashua Board of Realtors since 1996, and has worked diligently to establish good working relationships with a variety of professionals in the industry of home ownership. 

She's been working 10 years in the mortgage industry and is currently working on her MBA
 

*Graduate of Buyer Broker School of Real Estate.

*Graduate of Kathy Roosa School of Real Estate for sales and marketing.

*Member of the National Association of Realtor's.

*Bilingual, fluent in German.

*Member of the NNEREN (Northern New England Real Estate Network).

*Servicing from Laconia, to Nashua, east to west.

*Regional Member/Agent for HUD (Housing and Urban development) homes.

*Member of the Greater Manchester Nashua Board of Realtor s.

*On the Goffstown NH Planning board.

*Owner of Alpha and Omega Group since 2009. (Various Home services)

Mrs. Duhamel is a strong believer in Volunteer work and is therefore involved in multiple efforts to help those in need. 

In 2009 she founded "Chains of Freedom", in an effort to abolish modern day slavery/human trafficking.

This is a non-profit organization that diligently works on the funding of missionaries, one of the many organizations we support, is the well known "Salvation Army" that has made such tremendous strides 

for this cause in recent months...however they need continued funding in these efforts and we at "Chains of Freedom" seek to meet that need. 

About Samantha Mulvaney

Samantha Mulvaney acquired her Real Estate License in December of

2010. She is a graduate of Kathy Roosa (New England) School of

Real Estate. She has a strong background in mortgage lending and

financing with experience in the field for over five consecutive

years. Samantha is currently working toward her Bachelors degree

in Business Administration at Southern New Hampshire University.

She is excited to take on this new endeavor and will strive to

meet her client’s needs.