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How To Tighten Your Budget When You Buy A Home

by Mac Chinsomboon 11/12/2019

Once you buy a home, you realize that every penny of your budget matters. The initial purchase of a house can be financially overwhelming. You’ll be withdrawing thousands of dollars from your account to secure the home. Once you close on the house, it’s time to buckle down on your budget. Continue reading for some tips on how to do just that.


Food Spending


For most people, food spending is one of the biggest things that suck the life out of their budget. Whether you’re getting take out three times a week or spending massive amounts at the grocery store, it’s time to take a serious look at your food spending.


Shop With A Plan


If you head to the grocery store with a plan in mind, your shopping trip will be more successful and less expensive. Many people are unsure of what they have in their cabinets and fridge, let alone what to make for dinner. Make a list of meals to have for the week. Then, see what you need to complete those recipes in your kitchen and pantry. It’s also a good idea to stock your pantry with essentials when sales are going on.        


Supermarket ads can also be incredibly useful. You might have to store hop on a weekly basis, but shopping with the sales can save you a lot of money in the long term. 


Look At Your Credit Card Statements


Are you being charged for a monthly gym membership that you don’t ever make use of? You can do one of two things: Start going to the gym or cancel out your membership and begin a daily jogging routine. Look at your cable bill and any other monthly subscriptions that you have. See where you can cut back. Are premium movie channels a necessity? It’s easy to forget what we’re being charged for on a monthly basis if we don’t look at our bank and card statements. 


Cut Luxuries


Maybe in your life before becoming a homeowner, you went for a weekly massage or had a monthly housecleaning service. You can still have these luxuries, but they may need to be less often or less extensive. For example, a significant portion of time during maid service is spent loading the dishwasher or cleaning pots and pans. You can clean up after yourself and your family each night following dinner and cut back on the amount of time a maid would need to spend in your home. The cleaning person also now will have more time to spend on other things in the house that need attention. 


You can keep your massage; it may just have to be bi-weekly or monthly. Get creative to still have the things you want in your budget without going overboard.    

About the Author

Mac Chinsomboon

Degrees: BS Engineering, MBA Finance, Juris Doctor.

I'm your typical MIT-trained intellectual - but I also happen to be a top producing real estate broker that has a proven track record of results for my many clients that continue to refer their friends and family. I started in the business as a real estate investor myself. Having the mindset of an investor helps me understand the viewpoint of my clients as home owners, investors, and developers. My engineering background is what I use to determine what works and how to build what works - it's an ethos I live by. Along with my finance and legal backgrounds, they help me balance efficiency, reliable outcomes, return on investment, value, performance, and all with a calculated margin of safety to fully protect those around me.

I've closed hundreds of purchase and sale transactions over the past several years - everything from the lows, to the peaks of the market, and the rebound that we're currently in. This means that I've experienced just about every issue that one could ever expect in a transaction - and how to head it off before it becomes a real or bigger issue. Of course, as with Life, issues will "evolve", and my goals are to try to discover them as best and early as possible, to protect both my buyers and sellers - don't get me wrong, there will still be bumps along the road, but my goal is mitigate and minimize them for you.

Massachusetts Institute of Technology (MIT Sloan), MBA - Finance

University of Colorado - BS Electrical Engineering

Purdue Global - Concord Law School, Juris Doctor

Massachusetts Real Estate Brokers License

National Association of Realtors

Massachusetts Association of Realtors

Boston Association of Realtors