Create a Monthly Budget for a New Home

Life can be overwhelming, there are lots of curve balls Things get complicated but before you get too overwhelmed take a breath and listen. You’ve got questions we’ve got answers. A little guidance just might go a long way. When dealing with life’s biggest moments we could all use a little simple advice. Hi I’m Elizabeth. Hi I’m Chris. I am from Glenark, New Jersey, Chris is from North Little Rock, Arkansas. We’ve been together for eleven years come March seventeenth. I work in marketing for a frozen yogurt franchise. I’m currently launching a business where I’m going to run a smart phone application. We’re living in a one bedroom-one bath, which is crowded. So this is our living room, this is our entertainment center which Chris had picked out, I’m not really crazy about it. We are moving into a two-bedroom, two-bath in about two months, it will be great because we’ll get our own bathroom which is key to a continued relationship. I’m really excited for the new place. We could definitely use some advice about moving into a new home, purchases that we’re gonna make for the new home, and most importantly about budgeting the entire move itself. Today we’re catching up with Chris and Elizabeth. And this couple is looking to move into a new home, I hope I can offer them some simple advice. How are you guys today? Good. Thanks. How can I help you today? Well we’re getting ready to get a new place, and we’re kind of interested to know what we can budget for uh price-wise to make this place more our own. First I recommend just to take a few months and assess what your monthly average expenses are going to be. Any time you move chances are your average expenses are going to change so by allowing a few months you can determine if there’s any expenses that will increase or decrease as part of the move. For example you might find utility bills are higher or the gardening fees are higher than expected so after a few months of review you can assess what are my average expenses every month. Okay. So by having a few months under your belt you can see okay I’m spending an average of X-amount per month and then from there you can decide to allocate some additional money toward home remodel projects, improvements, or buying new furniture or home décor. That’s a good idea, yea. And finally I also recommend that you budget for insurance. You’re moving into a new space, you’re not sure of the environment, sometimes unexpected events happen where the water pipe can break, and ruin all your furniture and if you’re renters, renter’s insurance is not that expensive, the policies average about fifteen to thirty dollars per month so it’s very important to get the insurance in place to protect your assets inside your house. I guess it’s time to do that. That’s my nightmare, is that I start on every single room and then none of them get done.