Budgeting For A Big Purchase

Hey there, everybody! If you’re like me, you’ve probably had to make a big purchase once, like when you bought your first house or first car. For a lot of us, those purchases were pretty stressful. But it doesn’t have to be that way! Whatever you’re thinking of buying, follow these tips:

• Save First. Borrow Later.
  Sure, you might have to take out a loan for that big buy. But that doesn’t mean you shouldn’t save! You can pay a lot less on those payments if you take the time to build up a down payment, first.
  
  
• Even The Big Stuff Gets Budgeted
  We all want the car or home of our dreams. But we should always pick one we can afford! Calculate exactly how much you’ll be able to spend each month. Then, shop in your price range. If something is too expensive, move on – or take more time to build up that down payment first.
  
  
• Shop Around. And That Means For Loans, Too!
  You wouldn’t buy the first car or home you see. You shouldn’t get any loan, either. Local credit unions can get you low rates on your purchase, and they can often have fewer fees as well!

Remember. The mint makes it first, but it’s up to us to make it last.

Budget Surprise! Now What Do You Do?

We sure like to talk about financial fitness. Starting a savings account, getting prepared, planning a budget. But sheesh! What do you do when something unexpected happens?

Sure, I hope all of my fans have enough savings to handle everything that life throws at them. But that doesn’t mean life can’t surprise you! Think about what you’d do if your car broke down or you had a big home repair.

Here’s a few tips on how to handle the unexpected and keep yourself financially fit:

• If you have the savings, use them: We’ve talked about saving up a six months of income for emergencies, if you can. Well, use it! Just be sure that it’s really an emergency, guys and gals. Wanting cool new sneakers doesn’t count.
• If you have to borrow, do it the right way: If you don’t have savings, that’s ok! But don’t rush out and put everything on a credit card. Think about home equity or personal loans with better rates. That means less money out of your pocket.
• Make sure you have a plan: Sit down and write out a new budget. How long will it take to pay off a loan? Is there anything you can give up to stay on track?

If you follow tips like these, even emergencies won’t push you off the path to financial fitness!

Stay Cool About Your Budget

Hey there, guys and gals! It’s sure getting warm around here. Everyone I talk to says the same thing: “I hope this summer is better than the last one!”

Of course, the warm weather doesn’t just heat up Texas. It also heats up our budget! Taking care of those air conditioning bills can take a bite out of our wallet.

Paying that electricity bill isn’t fun. But did you ever think about making it a learning experience for your kids!?
Sit down and talk to your children about the bills you pay. Do you pay rent or a mortgage? What about phone bills? An auto loan?

Letting them know about the types of things that go into a budget will help them be more prepared when they’re older.

Remember – the mint makes it first. It’s up to us to make it last.