New Year's Resolution: Staying on Budget

Most of my life, I've done well managing my money. But lately, with the expenses around getting my real estate salesperson and broker license, buying a few of the tools of my trade, and marketing myself, I've gone astray. The best thing to do when this happens is just to get back on track. There's no time like the present.

I found this article about budgeting helpful. It's both simple and strict. I'm going to try it. If you're getting ready to buy your first home, you might want to try it, too.

A hint I've found helpful is to write things down, and not just the obvious things, like the budget itself. Keep a running tally of your debt so you can see it decreasing every month. Watch the savings grow. And as often as possible, when you want to buy something you don't need, use that money to take down debt or raise your savings. It's difficult at first, but once it's a habit, it becomes motivating and even fun. (As you prioritize whether to pay down debt or save first, it's good to do your homework or talk to an expert.)

Here it is: For Home Budgeting, Try the 25% Strategy