![]() The 28/36 rule stipulates that in order for a home to be considered within your budget, your housing expenses (such as mortgage payments, taxes and insurance payments) shouldn't exceed 28% of your gross monthly income. Your total debt (including credit cards, student loans and car loan payments) shouldn't exceed 36% of your gross monthly income. or a small percentage of your income in an easily accessible place every month. ![]() If you're looking to buy a home, some financial experts also recommend using the 28/36 rule to determine what you can afford. Once you know how much money youre spending every month, its time to. The 30% rule is based on how much a family can reasonably spend on housing and still have enough money left over to afford everyday expenses like food and transportation. That means if you earn $75,000 a year before taxes, you should spend no more than $1,875 a month on your housing. If you own your home, you should include interest, homeowners insurance, property taxes and utilities, in addition to your mortgage. ![]() The goal is to tap your emergency savings only for expenses directly.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |