Navigating the Maze of Senior Housing Options – Setting Your Budget
Written by Admin | September 26, 2018 | In The News
When you’ve decided it’s time to move to a new home – for example, downsizing to an apartment or living in a senior community – it’s important to know what you can afford. Setting a budget helps, especially as you begin searching for your future home. Expenses add up quickly, and without a budget, you won’t realize how much you’re spending. Sticking to a plan can make managing your money stress-free.
Some benefits of budgeting include:
- Seeing the big picture of your total income.
- Identifying things that cost more than you expected.
- Understanding what you can afford.
To create a budget, you need to consider all expenses, including unexpected ones that may come up. According to a U.S. News article, financial experts suggest applying the 50/30/20 rule: to allocate 50% of income after tax towards living needs, 30% towards flexible spending and 20% towards savings or an emergency fund.
To help determine what your budget should be, fill out the form below and we’ll share our free Setting Your Budget worksheet.