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Buy your dream house Using this Simple Financial Tricks - Alldamoney

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Buy your dream house Using this Simple Financial Tricks


About one-third of Millennials worldwide feel their financial life is worse than they ought to be. Based on a new study by the National Endowment for Financial Education (NEFE) which reveals that many in this group believe the world economic situation has put them behind with basic expenses such as transportation, rentals, or paying medical bills eating up the most of their finances.


If you are in this group the good news is turning your financial life around doesn’t require much more than a good dose of discipline. Spending less than you make, putting off unnecessary expenses, and saving the rest is the recipe for financial success.
Truly, small drip-dropping expenses often lead to financial frustrations that put buying a home out of reach for many, but with a good money management technique and principles everyone can achieve their dreams.


Even as the prices of necessities shoot up, the issue of owning a house and being able to pay the mortgages will become a less major concern. Now the question is, how do I go about it.
I want to buy a house
Well, if you’re thinking of buying a home, there are many factors that can help you decide if it is the right time to do so. First, been how low is the mortgage rates, and if you are willing to stay for the next five or more years in the same city. Are rents rising or falling in your city?  The answers to these questions will help determine when and where to buy a home.
Taking into note that one’s ability to repay a loan has become essential in today’s much stricter lending environment,. Therefore, to be approved for a mortgage, one need to have  enough income to make the monthly payments of principal and interest, real estate taxes and insurance, and enough savings in reserve. This seems a pretty high bar.
How to get the money -: Making savings your priority will go a long way in helping you find money to do your mortgages. Understanding how numbers work is the first step to achieving your financial goals which could be boosted through Reverse engineer in your savings process. You must first outline How much you wish to save? Is it $10,000 or $100,000 whatever the amounts, write it down, and then reverse engineer the process of saving to that specific number. For example, if you wish to save $10,000 by the end of the year, you’ll need to save $27.40 each day to get there. If you want to save $100,000 $270.40 is all you need per day to achieve that by the end of the year.


How do I start?  
Just Start with how much you budget to spend each month on housing, like earmarking 28% of your post-tax income for house payments, including your homeowners insurance and property tax. For example, if your annual income after taxes is $60,000, 28% of that is $16,800, or $1,400 per month.


Every situation is different, however; if there are other costs in your monthly budget that affect your bottom line, such as childcare, parent’s car payments, or student loans, finding a monthly payment that one feel comfortable with is the important thing is to do.

And, remember this: it's important to hit your target by the end of the year, but should in case you don’t never be discouraged,  you’re trying to  build a foundation of financial stability, with good money habits, that will last you a lifetime start from where you stopped and continue from there.

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