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Ep183 “All I Want for Christmas is a Brand-New House!”
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As we continue through the final month of the year and begin to plan for all that 2024 has to offer, many of you may be asking yourself, “Is buying a home part of my plan for 2024?!” If it is, now is the time to begin financially preparing yourself BEFORE the holiday season consumes your life and more importantly, your wallet! Today, we are going to be talking about some things to consider financially with respects to the holiday season if you plan to buy a home in 2024! TALKING POINTS (3-5):
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- Introduction
- Are you thinking of purchasing a new home in 2024?
- Money for a down payment and closing costs on a house doesn’t appear in your bank account overnight!
- You have to budget!
- What are you doing to set money aside for the down payment and closing costs for that new home?
- Budgeting is the key, especially during this time of year!
- You must factor in the extra expenses!
- Gifts
- Food for parties/holiday festivities
- Happy hours/work-related events
- You must factor in the extra expenses!
- Maybe this is the year, you scale back on Christmas!
- How can I make additional money during this time of year (this is a great time of the year to pick up additional seasonal work)?
- Driving for Uber or Lyft
- Playing Santa
- Delivering for Amazon, UPS, FedEx, etc.
- Working for any retailer, especially those who have extended hours for the holiday
- Budgeting is the key, especially during this time of year!
- More experienced budgeters may have a sinking fund set aside for the holidays, but it is too late to start now for this holiday season (however, it’s a possible for next holiday season if you’re not thinking of buying a house until 2025)!
- We’ve been talking about money, but let’s not forget what opening up new credit cards and maxing out current ones do for your debt-to-income ratio as well as credit score!
- PSA – CREDIT CARDS THAT GET CHARGED IN DECEMBER GO ON JANUARY’S BILL WHICH HAS TO BE PAID BY THE BEGINNING OF FEBRUARY (IF YOU PAY YOUR CREDIT CARD BILL OFF EVERY MONTH – IF YOU DON’T PAY IT OFF EVERY MONTH, IT GOES TOWARDS YOUR DTI THAT THE LENDER WILL BE LOOKING AT WHEN GETTING PREAPPROVED)!
- Final thoughts
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