I broke my budget into 2 parts to figure out how much home I could buy - Business Insider

would be our biggest X factor, but we could at least start with what we were paying on our current home as a jumping-off point. Our energy bills vary with factors like the seasons and if we have guests that particular month, but we have a good general idea of what we spend, and understood as well that with a bigger home, this could go up.

If necessary, we could each deduct from our personal monthly spending to pad what might be needed for a new mortgage.We try to stick to the same projected grocery budget each month for our family of four . With a larger home, this number shouldn't change.Cell phones:Luckily, this is a number that stays approximately the same each month.All of these budget items stay roughly the same per month.

Having our fixed and non-fixed budgets in hand, we were able to guesstimate how much we'd be willing to pull from our non-fixed items for a new mortgage, and we could head into the house-search process with an actual monthly mortgage goal in mind. Doing it this way allowed us to rule out even looking at homes that were way beyond our means, and to really focus on the factors that were most important to us and give up the less-necessary things in order to stick with our budget.

At the end of the day, it does take a little bit of time to figure out how much "new home" you can afford, but if you want to keep most of your lifestyle the same and not struggle each month to meet your goals, creating this kind of budget is a means to reaching those objectives. find a new home within our budget, and I started 2020 off working from my brand new — and first-ever — home office, while still keeping our additional monthly budget items in tact.

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