- Personal Finance
Save Your Home: How to Avoid Foreclosure
If you are not monitoring the flow of your money in and out of your home, then you are surely on the road to losing your home in today’s economy. Everyone has to tighten their belts financially and live simpler lives. I hope that you are reading this before it is too late and you can pull yourself up and save your family’s home. The question of, “How To Avoid Foreclosure”, is really just a series of common sense steps that need to become a part of a family’s every day life, and stop spending more than you have coming into the home.
Avoiding Foreclosure With A Budget in Mind
Ask yourself a few questions to see if you are in need of a personal financial tune-up. Are your monthly expenditures more than your monthly income? Do you have any debt other than your home and automobile? Does your mortgage take more than twenty-five percent of your income each month? If you answered yes to any of the above questions then it’s time to start taking a look at the situation. People have been taught through the commercial media that it is ok to spend, spend, and spend money. Even the government has been telling US citizens that the only way the economy can make it is to buy more and more products.
A serious look at writing a family budget is the first step to find out what your financial situation is right now. Write down everything, and analyze what are yours needs versus what is just plain frivolous spending. Just about every home in the United States could trim a couple of hundred dollars a month from their spending with a quick sketch of their bills, and income.
How To Avoid Foreclosures
Preventing A Foreclosure Through Careful Spending
Food is the number one item everyone can control, and economize on today. Giving up those five-dollar latte’s and seven-dollar combo meals daily can mean big savings. Replacing those over priced items with a cup of coffee from home, and taking their lunch. Buying prepared foods from a restaurant or the grocery store are budget killers, not mention that they are usually bad for a healthy lifestyle to begin with. If you spend six-dollars a day on lunch during a working days, that is one hundred and twenty dollars for the month. You can make your lunch for less than probably a buck fifty a day, or just take leftovers from dinner.
I know, this sounds more like budgeting than how to avoid foreclosure, but this is what leads to financial doom. The little things that add up, and take over your life. The bottom line is to keep your home and prevent foreclosure proceedings, we have to look at the cause and keep the effect in mind.