Netter Real Estate Inc
Richard Bocchieri, Netter Real Estate IncPhone: (631) 848-0748
Email: [email protected]

The basics of making a budget for home expenses

by Richard Bocchieri 08/28/2024

Making a budget for home expenses is one of the first steps a new homeowner should take. While the extensive planning and budgeting for closing costs and buying the home might be over, your new financial life at home has just begun.

To help you get started, here is a basic guide to creating a budget for your home expenses:

Identify your goals

Make note of any financial goals you hope to achieve and when. For example, you might have a goal of paying off your mortgage early, or financing a major renovation project.

Record your expenses

Track your spending for a month to identify the details of your cash outflow. Make sure to include fixed expenses like subscription services and your monthly mortgage payment. Varied expenses, like entertainment, maintenance costs and transportation should also be included at least in estimation.

Record your earnings

Find your exact income amount by identifying all possible sources of money. This could include regular employment as well as gains from selling or renting any assets. Use your net monthly income rather than gross monthly income to account for taxes.

Do the math

To find a basic budget, simply subtract your total monthly expenses from your net income. The formula is: net income - total monthly expenses = budget.

Find ways to improve

Depending on your results, adjust your goals and habits accordingly. For example, you might want to change your spending habits or put aside more money into savings for an emergency fund.

These are only the basic first steps to creating a household budget. You can use this process as an example for building your own budget and managing your finances in your new dream home.

About the Author
Author

Richard Bocchieri

Welcome to Long Island Living at its best! The South Shore of Suffolk County is a suburban area that runs along the shoreline of the Atlantic Ocean. Homes in this area consist of primarily residential properties. This area tends to be diverse in culture and income as it varies by hamlet, village or town. Residents along the South Shore have access to many beaches, parks and recreational activities. I pride myself on my honesty, integrity, hard work and personal service. My first career was in education, starting as a teacher then finishing as a guidance counselor and achieving my Master’s and two PD's. In 1986, I began my real estate career. In a sense, I am still an educator and offering guidance; this time I am outside of the classroom educating my clients on the selling and purchasing processes; which have become so complicated recently and guiding them safely through the confusing and ever-changing real estate market. It is very satisfying to me to help people with not only the greatest financial asset in their lives but their greatest emotional asset; where they celebrate holidays, raise their families and live their lives. I take the needs of my clients very seriously and as a result, I am proud to say, over 90% of my sales are the result of referrals and recommendations. Primarily, my areas of service are the Townships of Babylon and Islip on Long Island’s beautiful South Shore, near pristine beaches and wonderful boating, yet only 55 minutes from Manhattan; truly the best of both worlds. I'm a graduate of the Real Estate Institute and am certified as a Senior Real Estate Specialist. I also hold a license as a Notary Public. Please feel free to call or visit so I can help you fulfill your real estate dreams. I am a Full Service Licensed Real Estate Associate Broker and provide the following: Free appraisal Rental Mortgages International relocation services Sales Home warranty new homes Free school report Waterfront specialist Notary public Please feel free to call or visit so I can help you fulfill your real estate dreams.

For every sales transaction, a a portion of my commission will be donated to Pronto of Long Island, a nonprofit community outreach center who feed the hungry, clothe the needy and provide hope for our neighbors.  

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