9 Year Mortgage: Are you ready to leave your parent’s house?
In recent years the bad economy and job market resulted in many young adults moving back in with their parents. This trend significantly limited the number of young adults starting new households or purchasing homes; However, the tide is beginning to shift as young adults and young families are leaving their parents homes and moving towards a more independent existence. It’s we will likely see far more young people starting fresh in a place of their own in the next few years.
9 Year Mortgage hopes these young people will take certain steps to ensure stability once they’re on their own. If you are getting ready to leave mom and dad’s (or have a son or daughter who has been living with you) here are some ways to prepare for independence and insure you’ll be success on your own:
- Know your financial limits. If you don’t want to find yourself moving in with the folks yet again, make sure you don’t get in over your head financially. 9 Year Mortgage recommends that you start with a modest home or apartment that will easily fit within your budget. One good way to ensure you can afford your expenses is to follow this simple budget formula: take your after tax income for the month and keep your necessary bills under half of what you’ve earned. Doing this will allow you to put 20% towards savings or paying off further debts and then allot the rest for unexpected expenses and even have a portion left over for entertainment. Knowing what you can and can’t afford will keep you on track to live within your means.
- Keep a close watch over your expenses. On your own you’ll be solely responsible for paying your bills on time so make sure you take steps to not miss your payments. Set reminders on your phone for when for when bill need to be paid or consider using online banking features to streamline your payments and keep you up-to-date on how much you have in your accounts and on your credit cards. Additionally, 9 Year Mortgage highly recommends you keep a faithful log of every bill you need to pay and all your expenditures. Using these tools can help you become a more thoughtful consumer and help you be informed about your spending habits.
- Improve your credit. 9 Year Mortgage recommends you build up credit by making reasonable purchases on credit and paying them off competently. Keep in mind despite what some think, you don’t need to carry a balance to build credit so pay your cards off each month and ensure you’re not paying the added interest. Using credit as a tool instead of a crutch in this way helps you stay on course for the financial goals you’re working towards.
- Be prepared for a rainy day. One of the most important things you can do before leaving your parents’ house is save for a rainy day; make sure you have an emergency fund in place. Unexpected bills can be difficult to manage while on a tight budget so 9 Year Mortgage strongly encourages you to have at least a $300 dollars available to cover small, unexpected expenses that can otherwise put you behind. Continuing to put money away for a rainy day will ease the strain if something goes wrong when you’re out on your own.
- And finally, put in place appropriate insurance coverage. Proper insurance is an essential part of your financial independence so have at least have sufficient medical, auto and renters insurance. Medical coverage will significantly limit the cost of getting medical treatment and keep you free from crippling doctor bills. Insurances keep you safe from falling financially therefore, 9 Year Mortgage invites you to do your research and find a good price for the coverage you need. Before you leave home make sure you’re covered in the event that something goes wrong so you don’t end up back in your parent’s extra room.
As you get ready to leave the nest, 9 Year Mortgage hopes you make sure you can handle the financial responsibility of being on your own. Take time to prepare for this big step so you don’t end up back at mom and dad’s or over your head in debt. Consider discussing your plans with your parents; get their advice and be sure to thank them for their help.
Will The 9 Year Mortgage Plan Work For Me?
To learn more about 9 Year Mortgage, and to find out if you qualify for the 9 Year Mortgage program. Find out how soon you could be completely debt free, including your mortgage, with the 9 Year Mortgage Financial Plan. Find out what thousands of satisfied clients already know about taking control of their finances, and using the power of reverse compounding interest to beat the banks at their own game! 9 Year Mortgage representatives are standing by to answer all of your questions about our program, including how soon you will be debt free, and how much money you will save in interest! For more great money-saving ideas visit 9 Year Mortgage on YouTube or go directly to the 9 Year Mortgage Money Saving Minute. 9 Year Mortgage recently launched their Eliminating Debt with 9 Year Mortgage site , which is also full of valuable, free information.