Revisiting your finances after buying a new house will make you feel all broke as the money that you build over time is gone Puff! You are happy yet a little panicked about how to recover financially. But it’s never too late to start building on your wealth again. All it needs is the continued perseverance and zest.
Rome was not built in a day. Likewise, when re-building your wealth will take time. But don’t lose the zeal. After one big purchase of a house, you will have many more things to achieve and build in the future, so let’s be future ready.
Revisit your Finances: Buying a new home changes your financial situation and you need to revisit your budget as there is a new addition of monthly EMI which will be going out from your income. New house in also going to call for expenses like interiors and decor which needs to accounted too. So, you will have to shuffle things here and there and reduce your other expenses for a while.
Shift in Lifestyle: Like I said earlier, getting a new house also gets you additional expenses and to build on your funds, a shift in the lifestyle is a good solution to it. If you use to dine out every weekend, make it once a fortnight. Have movie nights at your new adobe rather than spending on movie tickets. Downgrade on your cable connection or wi-fi connection. Small changes can save big bucks and even before you know, you will be having a good amount of money in your kitty.
Additional Source of Income: Lot of work opportunities are available online like work from home, content writing and data entry job which you can go for to add some extra money in your bank. Start tutoring or bake, convert your passion as a mean to earn some more.
Go 50/50: The best way to save when you want to rebuild your corpus is to go 50/50. Save half of your income and spend the other half. If you can’t go completely on half, make is 40/60 or 30/70 but do it. Have a commitment towards your savings
Choose cash over card: In my earlier blog Cash or Card- What should you use?, I have highlighted how spending in cash can help you refrain from unnecessary expenses and overspending. Cards are easy to swipe and make a purchase but if you lose control over your swipes, your coming months could be jeopardized with a new debt in case you are not able to pay your card bill.
Set an attainable goal: When you are starting fresh with your savings, especially after a big purchase, set your new goals which are attainable. Don’t keep it so low that it doesn’t even require any effort but also don’t keep it too high that you feel like you failed. Challenge yourself but don’t make it an impossible task.
Things grow with time and likewise give time to your financials to grow too. Buying a new house adds new financial responsibilities on you but if you plan it out right, you will not feel so overwhelmed by it. When it comes to money, planning should be your priority.
Stay around, in my next blog, I will be talking about “To Rent or To Buy.
Till Next time
Plan your finances well
This blog is a part of Blogchatter’s #blogchatterA2Z challenge.