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Step 4: PREPARING A HOUSEHOLD BUDGET

Now that you have decided to buy a home, the next step is to consider how much you can afford. To do this, you need to prepare a budget of all of your monthly expenses. When you do this, you have to take into consideration all of the costs that are involved with owning and maintaining a home. Underestimating the monthly expense to own a home can cause a lot of stress and is a financial headache. There aren’t many things worse than being “house poor”. That is to say, spending so much of your income on housing-related expenses that you struggle to meet other financial obligations. The good news is that you can avoid this by planning ahead and preparing a household budget.

A household budget is something you should use every month.

A household budget will help you do the following:

  • Preparing a Household Budget know what price of home you should be looking to buy (i.e. know what you can afford),
  • see where you spend money,
  • see where you can save,
  • find ways to spend less money, and
  • make a plan for how to spend and save your money.

Preparing a Household Budget

A household budget is a great tool that helps you plan and keep track of how and when you are spending your money.

Start preparing a household budget by gathering your paystubs, bills and bank statements. Take a good look at how you spend your money besides your monthly bills. Do you buy a cup of coffee every day? Do you take your lunch to work or do you eat out for lunch? How much of your TV bill is made up of optional pay-per-view services? When you pay with cash, what are you spending it on? Do you keep receipts?

When you have gathered your paystubs, bills and bank statements, do the following:

  • List all current, regular, net monthly income for your household.
  • Net income is your take home money, so make sure to account for all of the items that are deducted from your pay checks.
  • List all current monthly bills.
  • List all of your optional spending items.
  • List how much money you put into savings.

Here is a budget template in excel that has been modified for Arizona first time home buyers that you can use.

Budget to Actual Review

After you set your budget, you should review your actual expenses at the end of the month, you will be able to analyze whether or not your budget was realistic. You may need to go back and adjust your budget accordingly.

A budget to actual review identifies where you are wasting money and helps you discover opportunities to save. You can use this information to take action to fix your bad spending habits. By taking action, your budget becomes more accurate.

Follow these steps:

  • If you have accounted for all of your expenses, including your savings, the difference between your projected and actual balance should be $0.00.
  • If you come up with a positive number, you may want to consider allocating the extra money toward your debt and/or savings.
  • If you come up with a negative number, you are spending more than you make. Review your budget thoroughly to examine where you can trim your expenses.

Why You Should Save Money

Let’s face it, it can be hard to save money. This is especially true when your expenses go up and your income does not. This is another reason why preparing a household budget is so important when you buy a home. You have to know how you can save money.

You should have money saved for the following:

  • Emergencies – You need to have money for emergencies. No matter how good your budget is, we all have unplanned emergency expenses from time to time.
  • Job Changes – If you have to (or choose to) change jobs, you could have a gap in income. This includes if you are at the same job, but your hours (normal or overtime) decrease. You should have money set aside for times when your income is lower than expected.
  • Expensive things – Sometimes, we have to pay for expensive things like appliances or major repairs. If you have money saved, you will have more choices as to what you want to buy and you won’t have to go into debt.
  • Life goals – Plan and save for your major goals and bucket list items.

It is Expensive to Be House Poor

What does that mean?

If you live paycheck to paycheck and start to stretch beyond you means you find yourself paying late fees, deposits on utility accounts and re-connection fees. If your credit score drops, you will find that your cost for some services like auto insurance could go up. What’s more, your credit cards may charge you higher interest rates and cut your credit limits.

Here is some friendly advice:

  • Try not to use your credit cards. If you have to then pay them off as soon as possible or keep the balance below 30% of the credit limit.
  • Pay your bills when they are due. That way, you will not owe late fees or other charges.
  • Keep the money you are saving separate from the money you spend.

Legal Disclaimer

This home buyer series is intended to provide general information regarding the process of how to buy a house in Arizona. It is not intended to provide buyers with legal, accounting or financial advice. You are advised to seek the services of a skilled professional this those fields.

Additionally, this home buyer series does not set forth all qualification criteria for any of the loans described herein; all interested persons must successfully meet qualification criteria and complete the application process to obtain such loans.

HOMES WE CAN HELP YOU FINANCE

$314,000
2 Beds ⋅ 2 Baths ⋅ 7067319 MLS ⋅ 1,128 SqFt.
Move-in ready and meticulously updated, this Questa Vista condo delivers the rare combination of modern finishes, low-maintenance living, and an unbeatable Tempe location -- all just minutes from ASU, Downtown Tempe, and Tempe Town Lake. Step inside to a fully reimagined kitchen featuring brand-new countertops, a new sink and faucet, and freshly refaced cabinetry with soft-close hinges and updated hardware throughout. Both bathrooms have been refreshed with new vanities, and the home is finished with all-new lighting -- including updated fixtures in the kitchen, bathrooms, and living room -- plus new light switches and kitchen-safe electrical outlets for true peace of mind. Comfort and efficiency were top of mind here too: a newer AC unit has cut summer utility costs nearly in half, a Nest smart controller puts climate control right at your fingertips. A newer water heater rounds out the major mechanical updates, so the big-ticket items are already done. Beyond the interior, enjoy thoughtful touches like a private balcony finished with tile flooring and greenery -- a perfect spot for morning coffee or evening downtime -- along with a new front door lock and handle set and refreshed bedroom hardware throughout. Located within the well-maintained Questa Vista community, this home offers effortless access to ASU, major employers, freeway systems, and everything Tempe's vibrant dining and entertainment scene has to offer. Whether you're a first-time buyer, an investor, or looking for a low-maintenance lock-and-leave lifestyle, this condo checks every box.

850 S River Drive Unit 2041, Tempe
$385,000
2 Beds ⋅ 3 Baths ⋅ 7067299 MLS ⋅ 1,184 SqFt.
Check out the unquestioned best value in all of Villagio. Boasting one of the few larger back yard lots, this unit is priced to sell. Check out the inviting open floor plan filled with wood-look flooring, abundant natural light. Spotless kitchen offers plenty of white cabinets adorned with crown moulding, built-in appliances, quartz counters, and a center island with a breakfast bar, perfect for casual dining or entertaining. Powder room is located on the main level for guests. Large primary bedroom provides a walk-in closet for easy organization and a private bathroom with a shower & tub combo. When it's time to unwind, relax under the covered patio, or take a refreshing dip in the Community pool.

280 S Evergreen Road Unit 1344, Tempe
$469,900
3 Beds ⋅ 3 Baths ⋅ 7067245 MLS ⋅ 1,735 SqFt.
Welcome home to your beautifully renovated townhouse tucked away in the highly desired neighborhood of Spectrum at Val Vista! Featuring 3 bed/2.5 bath + a loft upstairs & a bright open concept downstairs, perfect for entertaining. Enjoy cooking in your gorgeous new kitchen with Corian countertops & stainless-steel appliances. Relax outside this fall & winter in your private backyard while being just a five-minute drive to San Tan Mall, shopping and dining. This is a must see for anyone looking in Gilbert.

1498 E Hopkins Road, Gilbert
$255,000
2 Beds ⋅ 2 Baths ⋅ 7067238 MLS ⋅ 1,038 SqFt.
Welcome to this beautifully renovated 2-bedroom, 1.5-bath townhouse in the established Villas Mesa II community. Thoughtfully updated throughout in 2026, this 1,038 sq ft home offers a fresh, modern feel with extensive improvements, creating a truly move-in-ready home. The completely remodeled kitchen is the heart of the home, featuring stylish white shaker cabinetry and hardware, white, veiny quartz countertops with a convenient pass-through to the great room, new stainless steel GE range, range hood, refrigerator, sink with pull-down faucet, dishwasher, disposal, and updated LED lighting. Both bathrooms have been completely refreshed with stylish finishes, including a new downstairs vanity, faucet, updated plumbing, and attractive gold accents. The upstairs bath has also been updated with a brand-new vanity, hardware, toilet, faucets, and accents, along with professionally regrouted tile with durable epoxy grout and a new exhaust fan. Extensive updates continue throughout the home, including the dramatic 15-foot ceiling above the staircase, fresh interior paint, new baseboards and trim, new carpet and pad throughout the upstairs, and new tile at the stair landing. New lighting and ceiling fans add to the modern, comfortable feel, while every switch, outlet, and cover has been replaced for a clean, updated finish. Additional improvements include three new windows with matching stucco repairs, a new security door, new blinds, updated locksets, and freshly painted fencing. The property also includes two assigned parking spaces, one covered and one uncovered, for added convenience. Step outside to the private patio, offering plenty of space for outdoor seating, dining, and entertainment. Low-maintenance artificial turf creates an inviting outdoor setting, while the laundry room has been enhanced with new, spacious shelving. With extensive renovations completed by licensed contractors and documentation available, this home offers the opportunity to move in and enjoy. Conveniently located in Mesa with easy access to shopping, dining, entertainment, and major roadways, this beautifully updated townhouse combines modern style, thoughtful improvements, and comfortable living in one inviting home.

1342 W Emerald Avenue Unit 403, Mesa
$275,000
2 Beds ⋅ 2 Baths ⋅ 7067190 MLS ⋅ 850 SqFt.
*QUALIFIED BUYERS MAY RECEIVE UP TO AN ADDITIONAL $68,840.00 IN DOWN-PAYMENT ASSISTANCE*** incredible home and opportunity is only available to income eligible buyers who don't currently own a home. Income limits are based on household size (have not owned a home in the last 3 years or ever) who meet income criteria based on household size (less than) 1- $94,440 2 -$108,000 3 - $121,440 4 -$134,880 5 - $145,680 6 - $156,480 7 - $167,280 8 - $178,080

2333 E Mcarthur Drive, Tempe
$348,900
3 Beds ⋅ 2 Baths ⋅ 7067119 MLS ⋅ 1,456 SqFt.
Welcome home to this ADORABLE and well-kept townhome in the middle of Mesa! Tasteful remodeling EVERYWHERE (see supplemental)!! End-unit corner lot means privacy, and close to the community pool! Fireplace, open floorplan, updated fixtures, and luscious landscaping screams LUXURY without the price tag. This home will not last long! Updates, Remodels, and Renovations: - Luxury Vinyl Plank flooring throughout - Carpet in Master Bedroom and Bedroom 1 - Guest Bathroom COMPLETE OVERHAUL - Master Bathroom: Victorian bathtub, tile flooring, cabinets, mirrors, and countertop - Newer washer and dryer and laundry cabinets - Kitchen: cabinets, countertops, stainless steel appliances, plantation shutters, and pot lights - Three skylights throughout

3510 E Hampton Avenue Unit 114, Mesa
$410,000
2 Beds ⋅ 2 Baths ⋅ 7067111 MLS ⋅ 1,321 SqFt.
You must see this 2 bedroom 2 bath Lock & Leave - Low maintenance Townhouse - The HOA maintains front /back landscaping. You are left to enjoy Country Club style living at its best w/countless amenities in this Beautiful Gated Resort. Encanterra Features 4 Pools & htd Spa -GOLF- Tennis & Pickleball Courts - A great Workout Facility- Inviting Lakes -5 Community Restaurants and much much more. Open concept is at the heart of the home w/expansive Great Room-Dining Nook & Gourmet Kitchen; which features Large Island w/Quartz Counters, Stainless Steel Appliances. Host can serve meals, Entertain and stay part of the action. Enjoy a split Master Suite w/Designer upgrades. The Front Office Cove keeps work separate. 12x24 design set Tile throughout. Relax on your private covered patio.

810 E Verde Boulevard, Queen Creek
$357,500
3 Beds ⋅ 3 Baths ⋅ 7067000 MLS ⋅ 1,432 SqFt.
Welcome to Aspire Sun Valley! This home is the cream of the crop. Its perfect position in the community gives you increased privacy, grass right out the front door, and close proximity to the pool, mailbox, guest parking, and play structure! These modern single family attached homes are less than 7 years old and boast impressive features. 3 bedrooms, 2.5 baths, 2 car direct entrance garage, granite counters, stainless appliances, tiled backsplash and floors, and more! This home has been meticulously cared for and it shows. It needs nothing and is move in ready now!

7531 E Billings Street Unit 111, Mesa
$310,000
2 Beds ⋅ 2 Baths ⋅ 7066884 MLS ⋅ 1,032 SqFt.
Discover this charming 2-bedroom, 2-bath townhome in Fountain of the Sun, a 55+ community. The inviting living room features neutral tones, vertical blinds and wood-look flooring. The kitchen offers granite counters, white shaker cabinetry, recessed lighting, stainless steel appliances and a pass-through breakfast bar. The primary suite includes backyard access, dual sinks and a walk-in closet. Enjoy the open patio, nearby golf and community amenities. Qualified buyers may have several down payment assistance options available, including programs for eligible first-time buyers. Financing and program eligibility are subject to lender guidelines, income limits, credit approval, property eligibility and funding availability. Buyer to verify all community, golf and amenity information.

507 S Palo Verde Way, Mesa
$265,000
2 Beds ⋅ 2 Baths ⋅ 7066836 MLS ⋅ 892 SqFt.
Great 2 bedroom townhome conveniently located close to major freeways, ASU, shopping, dining & Sky Harbor Airport. New carpet. Covered patio with storage closet and private yard. Security screen door. Ceiling fans throughout. Community pool & tennis courts. HOA includes water, sewer, trash & exterior maintenance. Two assigned covered parking spots.

609 W 14th Street, Tempe
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