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How To Create A Household Budget!

How To Create A Household Budget!

Step 1: Write down your total take-home monthly income.
This is the easy part! Jot down what you earn. Because many expenses are billed monthly, figuring out how much you have to spend each month is easiest for your plan.

Step 2: Write down your essential expenses. Start with fixed bills like rent, mortgage, car payment, credit card debt and insurance, then factor in other monthly costs that are always the same. These are your essential fixed expenses.

Step 3: List your essential variable expenses.
You know you’ll have these bills, but the amounts vary. Examples are your phones, utilities, food, household expenses, gasoline, medication, public transportation, shoes and clothing. You can assign an estimated amount to each based on past experience, rounding to the closest $10.

Step 4: List reasonable amounts for nonessential expenses.
This includes entertainment, eating out, hobbies and other ways you spend money on a regular basis.

Step 5: Find the extras.
Go to your current method of tracking your spending (your checkbook register, credit card statements, Quicken reports) to see what expenses you’ve left out. You’ll likely see items for car maintenance and repair, gifts, vacations, Christmas and holidays. For items that do not recur monthly, determine the annual cost, then divide by 12 to see how much you should set aside each month to anticipate that irregular expense.

Step 6: Figure out your totals.
Add up your expenses, then subtract that amount from your income. With luck you’ll come out in the black, with at least a little money left over. But if your expenses exceed your income, you’ll see a negative sum. Don’t panic—this is just the start of an ongoing process.

Step 7: See where you can cut .
If you came up short, go back to your projected monthly expenses and see what you can get rid of. Look first to your nonessential expenses. Which items can you remove altogether for a while (eating out seems like a fine target; perhaps hobby expenses too, for a season)? Keep going through the list, making adjustments until your total expenses are less than your income.

Step 8: Follow your spending plan as closely as possible.
Track your spending every day by posting it on a sheet of paper. Take notes and research ways you’ll be able to do even better next month. At month’s end, add up your actual spending and compare it with what you planned. Use this information to create the next month’s spending plan.

Congratulations—you’ve just elevated yourself from being clueless to financially savvy. You should feel very good about this! As difficult as it might be to see in black and white that your income and expenses are not quite in sync, just knowing where you are is going to make all the difference.

Even if you find yourself in a particularly tight financial position right now, take heart. As you pay off debts and find more ways to cut expenses, you’ll begin to sense a significant loosening of financial pressure. Soon you’ll be ready to add new categories to your spending plan for things like saving for a new car, home improvements or going back to college.

The sooner you get started, the sooner you’ll be on your way to reaching financial freedom.

Source: Woman’s Day Magazineimages

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Just Listed Southlake, Texas Home For Sale!


Fabulous home on large lot in Lonesome Dove Estates in Southlake, Texas!


Overview
Maps
Photos
Description
Neighborhood
Market Stats

$529,000
Single Family Home
Main Features
4 Bedrooms
3 Bathrooms
1 Partial Bathroom
1 Unit
Interior: 3,727 sqft
Lot: 0.36 acre(s)
Location
1316 Hat Creek Trail
Southlake, TX 76092
USA

Jim Striegel

Jim Striegel

(972) 899.0634
JStriegel@Realtor.com
http://www.JimStriegel.com

   

Listed by: Jim striegel Team, Real Estate Connections

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Great news if you’re thinking of selling your home: Almost every area in Texas is a seller’s market right now.

That’s certainly the case on my street, where a house recently attracted six offers within 24 hours of the For Sale sign going up. (Four of the offers were above asking price.)

Another house on my street that hit the market last week took all of three days to garner a successful offer.

If you’re lucky enough to live in a similar selling environment, finding a buyer may not be too difficult. Does that mean you should try to sell your home on your own? I wouldn’t. Here are three reasons why:

Setting the right price is crucial. Do you know how much to ask for your home? Making a pricing mistake can cost you a lot of money. But a Texas REALTOR® knows what’s going in your market. He or she can help you analyze the latest data and the specifics of your house to arrive at a price that maximizes your profit.

There’s more to consider than money. How should you handle the termination option? Is the buyer’s earnest money enough? What if the buyer wants to make buying your home contingent on selling her existing home? And if you do get multiple offers, how do you respond to make sure you obtain the highest price possible and the most attractive overall deal?

Getting a buyer is not the same as selling your house. Accepting an offer is only the beginning. Real estate transactions can fall apart for a variety of reasons: financing difficulty, problems discovered during inspections, missed deadlines, contentious follow-up negotiations … even hurt feelings or cold feet. A Texas REALTOR® has experience dealing with potential pitfalls, though, and knows how to minimize problems on the way to a successful closing.

Source:

Marty Kramer | Consumer columnist http://www.texasrealestate.com

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10 mistakes when pricing your home for sale

1.  Picking the wrong asking price for your home can cost you a lot of money. Here are nine don’ts when coming up with your number:

2.  Don’t compare apples to avocados. Your neighbor’s home sold recently, but it has a three-car garage, a pool, brand-new appliances, and a cracked foundation. Your house doesn’t have any of these things, so it probably isn’t worth the same amount.

3.  Don’t go way back in time. Real estate prices can move up or down quickly. Old sales have little bearing on the amount you should ask for your home today.

4.  Don’t look far away. You know that location matters. A recent sale of a property just like yours doesn’t mean much if the home is across town. Sometimes property values can even vary from one block to the next.

5.  Don’t put a price on your memories. No buyer will pay more because the house was in your family for three generations.

6.  Don’t start high to allow room for negotiations. Most home seekers ignore overpriced homes. They don’t want to deal with unreasonable sellers. Plus, buyers wonder what’s wrong with a house that sits unsold. You may eventually have to Kramerr the price below what would have attracted an offer if you had started out with a reasonable number.

7.  Don’t take the tax man’s word on it. Yes, valuations from your county appraisal district are supposed to reflect the real market vale of properties. That doesn’t mean they do.

8.  Don’t think that anyone cares about your needs. You may want to net a certain amount from the sale of your home to buy another property or pay down debt; unfortunately, that doesn’t matter to buyers.

9.  Don’t add in the exact cost of your upgrades. Sure, a remodeled kitchen boosts your home’s value, but how much? It could be more than you paid or less.

10.  Don’t rely on unreliable sources. You can find websites that tell you how much your home is worth. Look closely at what they say about their accuracy, though. Depending on the source and the market, as many as half of those estimates are off by at least 20%.

So how should you arrive at an asking price? I think your best bet is to hire a Texas REALTOR®.  www.JimStriegel.com He or she can show you the data that matter in your market right now and what details of your property affect your asking price. Once you and your REALTOR® sift through all the pertinent information, you can come up with a pricing strategy for a successful sale.

Source:

Marty Kramer | Consumer columnist www.TexasRealEstate.com

Apr. 18, 2013

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3 Acres of Prime Southlake, Texas Real Estate & Home For Sale!


Serene Acreage With Home For Sale In Southlake, Texas!


Overview
Maps
Photos
Description
Market Stats

$784,900
Single Family Home
Main Features
4 Bedrooms
3 Bathrooms
1 Partial Bathroom
1 Unit
Interior: 2,747 sqft
Lot: 3.00 acre(s)
Location
1439 Sunshine Lane
Southlake, TX 76092
USA
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Jim Striegel

Jim Striegel

(972) 899.0634
JStriegel@Realtor.com
http://www.JimStriegel.com

   

Listed by: Jim Striegel Team, Real Estate Connections

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Subscribe to our listing feed

Nearby properties for sale

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Fixed and Adjustable Mortgage Interest Rates – Basic Facts

There are many different types of mortgage loans. Various types of loans make the whole process of home-buying quite intimidating.

Mortgage interest rates influence the borrower’s choice of mortgage to a great extent.

There are two most prevalent mortgage interest rates. These are fixed mortgage interest rate and adjustable mortgage interest rate. This article briefly describes the two types.

o Fixed Mortgage Rates:

In case of ‘fixed mortgage rates’, the principle and the monthly payments for interest do not change throughout the duration of the loan.

As long as the borrower is in a fixed term agreement, the interest rates remain the same.
The advantage of this type of mortgage interest rate is that the borrowers can keep a track of the exact amount of their payments. They can, thus, manage their personal budget easily.

It is advisable to have a fixed-rate mortgage in case the mortgage interest rates are rising. This is because fixed-rate mortgage fixes the current rate and the borrowers need not worry about the future hikes in rates.

Thus, the long-term fixed mortgage rates protect borrowers from any sort of upward fluctuations in mortgage interest rates.

o Adjustable Mortgage Rates:

The mortgage interest rates that are adjusted from time to time on the basis of an index are termed as the ‘adjustable mortgage rates’.

It is advisable to go for adjustable mortgage rates when there is a downward fluctuation in the interest rates.

These mortgage rates change periodically, that is, every one, three, or five years. Therefore, borrowers can easily capitalize on the new rates that are lower than the previous rates.

Source: By Eshwarya Patel & Business & Finance on Twitter at: @OnlineBizss

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