Yusra3
VIP Contributor
If you're in the middle of a house-purchasing whirlwind, it can be hard to keep your head above water. You've got to find a place that fits all of your needs and that takes time! And then there's the worry about what will happen if you don't get approved for a mortgage.
But don't sweat it. We've got some tips on how to avoid being house poor and what to do if you ARE already house poor.
1. Start by making a budget! If you're not sure where your money is going, start tracking it down right away so that you can figure out where there are gaps in your spending habits and then work on those areas first before tackling more expensive areas like home ownership.
2. Make sure you have enough cash saved up for emergencies and unexpected expenses (like moving costs) so that no matter what happens with the housing market you'll always have a way out!
3. Have a plan. When you have a plan, it helps you stay organized and on task. This can help reduce your stress and keep your mind in the right place during stressful situations.
4. Get a roommate or two! Having roommates can help each of you cover the costs of living together and share income, which helps keep housing costs down while still providing extra money for essentials like food and transportation. all while making it easier to afford personal expenses such as clothing and entertainment (plus, having people around who care about your well-being will make any anxiety about finances fade away faster).
5. Know your limits. If you want to live with roommates but don't have anyone in mind yet, consider waiting until after graduation before looking into it more deeply so that there's enough time for things related to finding an apartment/housemate situation to settle down before you move!
But don't sweat it. We've got some tips on how to avoid being house poor and what to do if you ARE already house poor.
1. Start by making a budget! If you're not sure where your money is going, start tracking it down right away so that you can figure out where there are gaps in your spending habits and then work on those areas first before tackling more expensive areas like home ownership.
2. Make sure you have enough cash saved up for emergencies and unexpected expenses (like moving costs) so that no matter what happens with the housing market you'll always have a way out!
3. Have a plan. When you have a plan, it helps you stay organized and on task. This can help reduce your stress and keep your mind in the right place during stressful situations.
4. Get a roommate or two! Having roommates can help each of you cover the costs of living together and share income, which helps keep housing costs down while still providing extra money for essentials like food and transportation. all while making it easier to afford personal expenses such as clothing and entertainment (plus, having people around who care about your well-being will make any anxiety about finances fade away faster).
5. Know your limits. If you want to live with roommates but don't have anyone in mind yet, consider waiting until after graduation before looking into it more deeply so that there's enough time for things related to finding an apartment/housemate situation to settle down before you move!
