Buying a home is a huge accomplishment, but also a big responsibility. Just as you planned and worked hard to save money for a down payment, you will need to continue to plan and save as a homeowner.
Being Financially Prepared
Life is unpredictable and you will likely face issues or events throughout homeownership that require you to be financially prepared so you can always fulfill your obligation to pay your mortgage.
Some of the most common unplanned events include:
- Unemployment or curtailment of income
- A sudden Illness in your family
- Home maintenance and/or repairs
- Divorce or separation
- Steep and unaffordable increase in your mortgage payment
Budgeting and saving for these emergencies is key to being financial prepared and to successful homeownership.
Tips to Protect You and Your Investment
- Start saving today and work toward setting aside between three and six months of living expenses as an emergency fund.
- Build and follow a spending plan, making sure that you budget for new expenses you'll face as a homeowner such as property taxes and insurance, repairs, utilities and maintenance.
- Think about non-essential expenses you can cut, if necessary, such as entertainment.
The more financially prepared you are for life's uncertainties, the more successful you will be as a homeowner.
Tools & Resources
Get Smart About Credit
Take our online, interactive training courses to learn about credit, money management, and responsible homeownership.