Money and Success

Surviving the Credit Crisis

Karen Simpson-Hankins,CTACC

Surviving the Credit Crisis – Owning and Keeping Your Home, The Responsibilities Continue…

Buying a home is usually one of the biggest dreams we have as adults, but signing and closing on a mortgage loan is really just the beginning of your homeowner responsibilities.

I recently ran across a great blog post on How to Budget for Home Maintenance by Adam Faughn and I just had to share it with you.

It’s always important to factor into your life the unpredictable or unexpected things that can show up and blindside you, if you are not prepared. Buying a home, owning and keeping a home, each have their own set of requirements. I discuss your options and how to always be prepared in my new book, “Conquer Your Closing: Insider Secrets for Today’s Savvy Home Buyer!” Unexpected home repairs and maintenance can wreak havoc on a monthly budget and… what usually happens? Out comes the plastic and credit card debt!

Adam and his family have a established a Household Maintenance Fund and have come up with a very creative way to contribute to this fund for both small repairs and large expenses.

It’s also important to have an Emergency Fund set aside for what truly is a real emergency! If the dishwasher breaks…don’t panic…it’s an inconvenience, but should not be classed as an emergency!

Having an emergency fund and a home repair fund will give you the confidence that you can handle anything! When you’re prepared, you will rarely be caught in ANY financial storm that may come your way!

Do YOU have a plan?