How Healthy is Your Housing Budget?
Rent and home prices are hitting record highs recently and many of us face challenges when it comes to affordable housing.
While certainly not a hard and fast rule, think of this ratio as a guideline to use when budgeting for housing costs.
Take time to assess your monthly income against current expenses to review the suggested housing budget ratio. How have things changed? Do you have a realistic plan for the money that comes in each month?
Be sure there is a line item in your budget for groceries, gas, healthcare and medications, childcare, savings, and entertainment. If you haven’t been following a budget, take time to create one, no matter how simple, to track your expenses so that you can go back, review, and adjust as needed.
If you are feeling stressed by debt, exploring options such as a debt management plan or working with a trusted financial counselor could help you reduce monthly payments and reduce the overall cost of your debt.
The earlier a household reaches out to GreenPath’s HUD certified counselors who can examine their entire financial picture and prepare them to manage housing payments, the better.
Connect with a GreenPath Counselor Today 877-337-3399 Your Partner in Financial Wellness
Who We Are
As an active part of the community for 92 years, Neighborhood Credit Union is a not-for-profit financial organization serving the state of Texas with branch locations in Collin, Dallas, Denton, and Ellis counties, as well as the city of Arlington. With assets topping $1 billion, Neighborhood Credit Union has a continuously growing membership of 60,000. For more information, call (214) 748-9393 or visit our homepage.