How to Organize Housing & Rent Expenses

Video Transcript

To present a topic on budgeting. Again with the help of Expert Village, I hopefully will be able to help people and assist people in terms of developing a budget. The biggest components of a budget again, as I indicated are your housing, food and shelter, transportation, those kind of expenses in addition to medical. What I like to start on this white board is show you how you really develop a budget. So again, the main items of the budget are going to be your housing. That would include your mortgage payment or rent, insurance that is associated with that and also any kind of a maintenance item that you might have associated with that. So again, for most people this is going to be their biggest expense, their mortgage or their rent. The insurance also is an expense that you have to include in your budget and also annual maintenance. That could be involved in maybe there is a replacement of a furnace, the replacement of a roof or there may be other things associated with the house that you have to cover. So this would be normally a major impact to the budget. What I like to do for clients is to look at this on a monthly basis. So look at what your monthly mortgage or rent, look at your insurance premium and divide that by 12 and also look at your maintenance expenses over a year and divide that by 12. Again, that is going to be the biggest component of yuour budget. We will go into the other components. This will probably have the biggest impact and this is what you need to pay the most attention to.

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