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Home >> Finances >> Personal Finances - 8 Steps To Financial order

Take A Look At Your Personal Finances


Get you personal finances in order.

8 Steps to Getting Your Finances in Order

bullet1. Develop a family budget. Instead of budgeting what you’d like to spend, use receipts to create a budget for what you actually spent over the last six months. One advantage of this approach is that it factors in unexpected expenses, such as car repairs, illnesses, etc., as well as predictable costs such as rent. Use this Budget Worksheet Calculator to help you.
bullet2. Reduce your debt. Generally speaking, lenders look for a total debt load of no more than 36 percent of income. Since this figure includes your mortgage, which typically ranges between 25 percent and 28 percent of income, you need to get the rest of installment debt—car loans, student loans, revolving balances on credit cards—down to between 8 percent and 10 percent of your total income.
bullet3. Get a handle on expenses. You probably know how much you spend on rent and utilities, but little expenses add up. Try writing down everything you spend for one month. You’ll probably see some great ways to save.
bullet4. Increase your income. It may be necessary to take on a second, part-time job to get your income at a high-enough level to qualify for the home you want.
bullet5. Save for a down payment. Although it’s possible to get a mortgage with only 5 percent down — or even less in some cases — you can usually get a better rate and a lower overall cost if you put down more. Shoot for saving a 20 percent down payment.
bullet6. Create a house fund. Don’t just plan on saving whatever’s left toward a down payment. Instead decide on a certain amount a month you want to save, then put it away as you pay your monthly bills.
bullet7. Keep your job. While you don’t need to be in the same job forever to qualify, having a job for less than two years may mean you have to pay a higher interest rate.
bullet8. Establish a good credit history. Get a credit card and make payments by the due date. Do the same for all your other bills. Pay off the entire balance promptly. (Note: Get only one card! If you already have more than two, now, cancel them. Too many credit cards will actually lower your credit score even if you don't owe anything on them.) See: 8 Ways To Improve Your Credit >>
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Your dream home come true! Nows a great time to buy real estate!

Your dream home come true!

Now’s a great time to buy a home!

With affordable interest rates and plenty of properties to choose from, stepping up to a new home just got a lot easier.

Find out today what’s available in your area from the folks who know it best – your  RE/MAX Valley Real Estate agents.

RE/MAX agents average more sales than other agents. They have the experience it takes to
bring buyers and sellers together, in any kind of market.

If you’ve been dreaming of a new home, explore the possibilities with RE/MAX Valley.

You’ll be glad you did.


RE/MAX Valley Real Estate; 1006 Boardman - Canfield Rd.; Boardman, OH 44512
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Revised: 11/18/09.
RE/MAX Valley Real Estate

is an independently owned and independently operated franchise of RE/MAX International Inc. The RE/MAX franchise network is a global real estate system of franchisee owned and operated offices, and their affiliated independent professionals. RE/MAX affiliates lead the industry in professional designations, experience and production. RE/MAX Valley Real Estate and RE/MAX International are Equal Opportunity Employers and support the Fair Housing Act.