Lots of couples and families dream of purchasing that “perfect” home in Flower Mound or other upscale communities in the Dallas area, yet their budgets are just “on the edge” when it comes to deciding if they really have the financial resources to make the move. Even when your boss is on the fence about a raise or refuses one, there are several things you can do yourself to increase cash flow and make your financial situation less stressful. Our real estate professionals have a few tips to help you generate cash flow when you’re looking to buy a North Texas home.
What you already know – slash costs that aren’t essential. Many people pay hundreds of dollars every year for subscriptions or services they don’t need or use, especially online. For instance, are you really watching all those extra channels on satellite that are costing you an extra $30 bucks a month? How much do you (or your spouse, or both) spend on Starbucks on a weekly basis? All of the little things can add up to a substantial amount of money. Track your spending for a couple of months, writing down every penny. You may be surprised how easy it is to cut costs that are unnecessary, or even those you’ve forgotten about if you’re self employed.
Make a budget, and stick to it. Making a budget doesn’t get you very far if you don’t stick to it. When you don’t develop a budget, it’s easy to lose track of how much you and your family spend on groceries, gas, internet, cable, health & home insurance, clothes, even lunch every day if you work and eat out often. When you write out a budget you’ll likely find there are some things you can negotiate on, and others you can completely eliminate. Does it really need to be 68 degrees in your home during summer months? How much “stuff” are you buying at the grocery store that wasn’t on your list? How much are you spending on overages on data usage? You get the picture.
Are those necessary expenses really non-negotiable? Probably not. In fact, everything is negotiable if you think about it. If you’re currently renting, chances are your landlord would take $20 or $30 per month off the monthly rent if you give a legitimate reason. Make a complete list of the expenses you have every month, including those for insurance, utilities, and rent. It’s worth your time and effort to call every company you spend your hard-earned money with to ask about potential discounts, service options, or about any tips they have for lowering monthly costs. Unless you ask, you definitely won’t know if there’s room for negotiation.
Could you forego that tax refund? Many people look forward to those refund checks from the IRS, but don’t realize the only reason they’re receiving a refund is because they overpaid taxes. Adjust the tax withholding, and use the extra money you receive in your paycheck to build a savings account or invest. Why give the government your money that’s essentially an interest-free loan? Put your money to work for YOU.
These are a few of the dozens of things you can do to take control of your own financial situation. If you’re dreaming of buying a Flower Mound home, it could be that it’s within your reach but you don’t even realize it! For more tips and advice, contact the Dallas realtors at Team Nelson today.