Creating a Budget As a Homeowner


An important part of helping homeowners keep their homes safe from foreclosure is helping every homeowner budget their money properly. Often, all homeowners need to make their house payments and other bills more affordable is a good spending plan.

Anyone can take advantage of credit.org’s free online budgeting courses through the FIT Academy, and access free educational guides and downloads, and we have an excel budget worksheet to help with the budgeting process.

Of course, our free one-on-one housing counseling includes a budget review and expert advice on making ends meet financially. We want all homeowners who need help to get it before their situation spins out of control. It’s never too early to contact us and get counseling and advice to avoid a foreclosure. And if you’re already facing foreclosure, it’s never too late to call us and learn your options and create a plan to resolve your situation.

Often, our counseling is just the beginning of the process. Once we’ve helped homeowners avoid foreclosure, get a mortgage modification, or take some other positive action to save their homes, then the real work begins. Living on a budget can be tricky at first, but those who stick with it will quickly get used to living with a spending plan.

A sound homeowner budget accounts for everything, not just monthly expenses. One must be prepared for emergencies, annual expenses, and regular repairs and maintenance. 40 years of helping consumers recover from credit card debt has taught us that unexpected household repairs and expenses can often lead to excessive revolving credit card debt. Putting together a workable budget is the best step one can take to avoid being derailed by unexpected household expenses.

Remember, these downloads and guides are for educational purposes, and your budget may look different than the examples we offer. Call us for free personal counseling and we’ll help you create a budget that is tailored to your unique situation.