Friday, January 15, 2016
Are You Money Smart?
It happens more often than you might think. An eager buyer requests my help in finding a dream home. I start by asking a few questions about their hopeful criteria. A few minutes in to our conversation the topic leans toward affordability. I am recognizing a new trend that many are in denial about their finances and require some time to repair credit before considering buying a new home.
An estimated 70% of Americans are living paycheck to paycheck with one third of adults admitting to spending more than they can afford. When it comes to money, we have to deal with reality regardless of what we think we need, want and desire.
Wise money spending habits are key to your successful purchase of a property down the road. Do you neglect bills for impulsive buys? Do you buy based on affordability or desire? Do you buy out of guilt? Do you spend money on name brands? Do you finance vacations, boats, RVs? Do you borrow money to pay your credit cards? Do you purchase things based on monthly payments instead of actual cost? If you answered yes to any of the above questions you might have unhealthy spending habits which could negatively effect your home purchasing ability.
Consider getting your finances in solid order. Start saving 10 percent of your income, contribute to your pension plan, use coupons, comparison shop and pay charge cards off in full when the statement arrives. When you are confident about your money smarts give the team at Kohan & Associates a call! 727-565-1658 or