Buying your first home can feel like one of adulthood鈥檚 true markers and a dream come true. For today鈥檚 millennials, however, that dream may seem daunting, especially when they consider the other financial responsibilities that people their age commonly face. Student loans, credit card debt, and a higher cost of goods are all obstacles to becoming a homeowner today.

But with planning and hard work, millennials can get on the path to buying a house of their own. Here are some expert tips for maximizing dollars and ensuring that homeownership is a reality for every generation.

Set a budget 鈥� and use it.

Budgets seem easy enough, right? Set reasonable spending and saving limits, then follow them monthly. So why don鈥檛 more people use them? revealed that only 30 percent of consumers regularly plan using a budget. This simple tool doesn鈥檛 require an advanced degree or even paid software to implement. Set a goal for money coming in, track money going out, and shore up the difference to ensure you鈥檙e meeting your obligations and putting aside extra for that down payment. You can use a basic Excel sheet or download one of the many apps that make it easy to budget from your smartphone.

Personalize your budget.

Your budget should include categories for every area of spending, from food to transportation to entertainment. However, your life might not fit into the same boxes as someone else鈥檚 does. This is why it鈥檚 essential to personalize your budget for your specific expenses. If you have special interests, unique work expenditures, or purchases that aren鈥檛 quite category-friendly, go ahead and make your own budget categories. Tweak budget templates as you need to make them yours. Customize software and apps to work best for your situation.

Be realistic.

When you sit down to create your first budget, it鈥檚 tempting to set your goals first, then create an account of your spending that fits those goals. Unfortunately, a budget isn鈥檛 enough to change bad spending patterns and rewrite our lives to match our goals. We鈥檙e capable of change, but lasting change tends to be gradual.

If you鈥檙e looking for places to trim your budget, look first to your 鈥渄iscretionary鈥� spending. Expenses like entertainment, food, and travel are areas where we have the freedom to cut costs. Rent, utilities, and student loans are much harder to pare down, especially quickly. It can feel frustrating to only make small changes, but those changes will add up if you stick to your plan.

Check your credit.

Your someday home may be a dream on the horizon for now, but it鈥檚 never too soon to make improvements on your credit. Once you finally have the cash for a down payment, you don鈥檛 want credit issues to keep you from buying a home.

Many home shoppers start exploring the market and deciding how much house they want a year or more before they are ready to buy. There鈥檚 no better time to make sure your credit score and history aren鈥檛 hiding any unpleasant surprises. Run your free credit report from all three agencies every year and take advantage of any free credit score reports offered by credit card accounts. Use this information to get a handle on late payments, an unhealthy debt to available ratio, or other concerns on your profile.

Reconsider interest.

You probably already know how much you pay each month in credit card payments, student loans, or your car lease. Do you know how much of that amount goes to interest? If you don鈥檛, start examining what you鈥檙e paying and look for ways to cut that number down. Paying off your balances as fast as possible is the best way to ditch interest quickly, but not everyone has the means to throw cash at the problem. Instead, explore whether can offer you a better interest rate while you pay down debt steadily. You may also want to inquire with your creditor about getting a few points knocked off your rate. It never hurts to ask.

Maximize income.

While much of our budgeting advice focuses on cutting costs, there鈥檚 another side to the financial coin that鈥檚 just as important. Boosting your budget by making more money is an effective way to make big progress on your financial goals and can also make you a more attractive customer for a mortgage company. Not everyone can take on an extra job, but picking up some overtime pay or asking for a raise can help you make progress quickly. For every dollar you cut from spending, see how you can pair that with a dollar in extra income.

Make a mock 鈥渉omebuyer鈥� budget.

As you move forward on your spending and saving goals, owning a home may feel closer and closer. If you have your down payment squared away and your credit is in good shape, chances are you鈥檒l be house hunting soon. But before you start calling realtors, research what it costs to own a home in your area. After your budgeting adventures, you know that number will be much higher than your monthly mortgage payment. You鈥檒l also be responsible for costs like:

• Utilities
• Insurance
• Property taxes
• Repairs
• HOA fees

Research the average costs for these items in your area to figure out what kind of home you can afford to buy.

Buying a home is a huge goal, but it鈥檚 one that鈥檚 within your reach with patience, perseverance, and a commitment to making your budget a proactive tool. Saving for goals happens best with a budget. Soon enough, that set of keys will be well within your grasp.

Linsey鈥疜nerl鈥痠s a personal finance expert, author, public speaker and member of the ASJA. She writes for鈥�鈥痑nd has a passion for helping consumers and small business owners do more with their resources through awareness of the latest financial services.鈥�鈥�

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It鈥檚 no secret every homeowner eventually wants to add value to their home. Not only does it boost the resale price, but it can create a more inviting and cozy space. When you stop and think about a home renovation, an overwhelming wave of stress overcomes you because all you can think about is the price tag. Well you鈥檙e in luck; adding value to your home doesn鈥檛 have to cost a fortune.

One good option to pay for your home updates would be to. Since the duration of a personal loan is anywhere from 3 to 7 years, compared to a home equity loan which ranges from 20 to 30 years, you鈥檒l end up paying way less in interest. Another alternative would be to apply for a to finance some of the smaller projects. Be wary, as it can be very easy to overspend when using a credit card. Set up automatic payments each month to chip away at the balance.

We鈥檙e not here to talk about a $40,000 kitchen remodel. Most people don鈥檛 have that kind of cash laying around. There are many inexpensive projects you can do around your home that will boost the financial worth of your home. Expect to spend around $300-$3,000 to complete some decent projects. Here are some great ideas for how to increase the value of your home at a smaller cost:

Give the Kitchen a Facelift

With a kitchen update, it can be very easy to get carried away. Before you know it, you blink and suddenly you鈥檙e $40,000 in the hole. While a full kitchen renovation is not going to be easy on your wallet, there are some small upgrades you can make to give your kitchen a facelift.

The kitchen is the heart of the house, and a house with a nice heart will generally sell faster than one with an outdated heart. One of the first things buyers tend to see when they step into your kitchen is the cabinets. While replacing the cabinets will run you a premium, there are several ways to give old cabinets some TLC and have them looking brand new. Hardware stores have kits ranging from $50-$100 that make it really easy to refinish your cabinets. After you re-paint or stain them, grab some new hardware and you instantly have a completely different feel to your kitchen.

Update the Bathroom

Just like a full kitchen remodel, a full bathroom reno can put a pretty big dent in your bank account. An updated bathroom can entice buyers and help sell your home quickly. A fresh coat of paint and some new accessories such as towels and other small d茅cor items will improve the look and feel without costing a fortune. If you need to put in a little more work, changing out the vanity and toilet can be inexpensive options if you shop around at discount stores or the clearance section at your local Lowes or Home Depot.

Let There be Light

Outdated light fixtures can draw attention to certain parts of your house in a negative light. An easy way to add value to your home is to upgrade the main fixtures in your home. Like with many other home upgrades, you can easily get caught up in the excitement of redesign and end up choosing a $3,000 chandelier. However, if you shop around and browse online and in stores, these updates can only cost you a few hundred bucks. Much friendlier on the wallet.

Leave No Door Closed

If the doors in your home are in rough shape, replacing them is recommended. A new set of doors can run you a pretty penny, but if your current doors are salvageable, painting them would be sufficient. Replacing the door handles and a fresh coat of paint can give off a great first impression. If you can鈥檛 swing the cash to replace all of the doors in your home, a new front door can increase the overall value of your home since it鈥檚 the first thing that buyers see.

Freshen Up Curb Appeal

One of the most common mistakes sellers make is neglecting the curb appeal. Aside from the other improvements mentioned in this article, the outside of your house is going the be the first thing buyers see when they pull up to the property. With summer approaching, now would be a great time to shop around for new shrubbery and flowers. Simple things like mowing the lawn, raking leaves, and a few bags of fresh mulch can spruce up the appearance while staying within budget.

Making simple, inexpensive improvements to your home can reap some big rewards in the end. Investing a few hundred dollars can make the world of difference between selling your home quickly versus spending months on the market. What are your tips for home improvements on a budget?

This post is intended for informational purposes only and should not be taken as professional advice. The point of view and opinions expressed in this post are those of the author and do not necessarily reflect the position of 皇冠体育app International. This post was written for 皇冠体育app by Jamie Wharton. Jamie loves to write about personal finance and enjoys educating others on financial management. She has a goal of making budgeting fun for everyone and loves a good thriller novel while enjoying an iced coffee.

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