Rebuilding Your Savings After Purchasing a Home

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If you're like most homeowners, you probably had to cash out your emergency reserve (and perhaps borrow more money on top of this) just to be able to cover your down payment and move into your new home.
One of your first goals after moving into your new home should be rebuilding your emergency cash reserve.
It is very wise to build up an emergency reserve that would cover about 3 to 6 months of living expenses in case you find yourself unemployed or have any number of other emergencies pop up.
You might want to consider putting this money in a money market mutual fund that has a higher interest rate than the typical bank savings account.
Of course, rebuilding this reserve is going to take some commitment and discipline, especially now that you have your monthly mortgage payment to think about.
You'll have to do your best to live within your means until you have saved up some extra cash again.
There are simply too many things that can pop up when you least expect them (like medical bills or car repairs), even though you may not like to think about that.
Try to avoid the temptation to spend a lot of money on home improvements until you've built up this savings account.
This last point is important, because there will always be possible additions and improvements that you can make to your new home, and you could quickly wipe out your bank account (and even go deep into debt) buying new furniture and doing any number of remodeling projects.
You may even be feeling a bit of buyer's remorse as you see small flaws in your home that you would like to fix as soon as possible.
Do your best to build up savings before you begin spending money on home improvement.
Be thankful for your new home and learn to live within your means.
You could always increase your means overtime, but until then watch that spending!
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