Weblog Real Simple lays out 6 financial goals you should be shooting for if you want to have a successful budget. Arguably the most important, given the events of the past few years, is aiming to spend 28% or less of your income on housing costs.
Whether you're just starting out on your own or you're in need of serious budget restructuring, your housing costs are probably the number one thing you need to reign in. It's especially important if you're trying to get a loan, now that most banks have pretty strict lending rules:
These days, [banks] may not lend to someone whose housing payments are liable to exceed the benchmark of about 28 percent. (Some experts say that up to 38 percent of pretax monthly income is a reasonable target.) If you want a home that takes you over this limit, it won't be easy to get a loan: Typically, you'll need a minimum credit score of around 740 and a down payment of 10 percent or more, says Carolyn Warren, the author of Homebuyers Beware ($20, amazon.com).
Even if you aren't trying to grab a loan, it's a nice goal just in terms of creating a balanced budget. And if you're straddling the 28% line, Real Simple has some recommendations for lowering your monthly costs, too. Hit the link for more tips, and five other budgetary goals you should be striving for. Photo by Images of Money.
6 Numbers for Financial Success | Real Simple
You can contact Whitson Gordon, the author of this post, at whitson@lifehacker.com. You can also find him on Twitter, Facebook, Google+, and lurking around our #tips page.
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