Budgeting for a New Home this Year

Lennar Tampa

With more time being spent at home this past year, and many families having to adapt to recent lifestyle changes such as working/learning from home, it’s a great time to put down firm roots in a new Lennar home. While there are many things to consider when beginning your new-home journey, setting a budget should be at the top of the list- which is why we’ve put together these tips to help you start budgeting for your new Lennar home.   

Understand Spending Patterns

It’s important to have a strong understanding of exactly how much money you’re earning and how much you’re spending, so you can develop a clear picture of your budgeting capabilities. There are so many ways to track your hard-earned dollars, from online tools, to old-school spreadsheets, to modern apps, which can help you stick to a reasonable budget for your needs. By keeping track of your spending patterns over the course of a few months, you can also start to identify opportunities to save more money for your new Lennar home.  

Mindful Spending Habits

While it may seem obvious, cutting extra spending is far easier said than done. This doesn’t mean you can’t enjoy a few drinks on the weekend or order takeout now and then, but you should examine to what degree you could reduce the volume. It may be helpful to create a spreadsheet of all the expenses you could potentially live without, such as subscription services, and also examine methods for obtaining discounts on everything from daily conveniences to car insurance. 

budgeting for a new home

Establish Savings Account

Want to really create your own personal homeowner piggybank? Set up a homeownership savings account! Establish automatic deposits into this account so that you know you’re building up your dream-home savings, and be sure that it fits within your budget. By creating a separate account, you are not only setting clear goals for yourself, but establishing clear channels to bring your dream to fruition. 

Monitor Credit Score

It’s critical to make sure your credit score and history is in top condition when purchasing a new home. It’s incredibly easy to dive in with a free credit report, which will help you understand how much credit you’re using compared to what’s available, along with your credit history, including the number of times you’ve applied for new credit.

Your new Lennar home journey should be an exciting one, so don’t get too overwhelmed or discouraged if your financial situation isn’t exactly where you want it to be. There are so many great methods and tools for tracking and improving your spending habits, and establishing a firm budget that makes your new-home goals attainable. For more home tips on how to achieve your dream home with Lennar, be sure to ‘like’ Lennar on Facebook.

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