article thumbnail

Why You Should Be Skeptical of Financial “Rules of Thumb”

Prairie Eco-Thrifter

And what happens when you add in property taxes, utility, home insurance, and maintenance? If you are buying a home, start with the 30% rule, and then evaluate where that puts you in terms of finances. If you bring home $4,500 each month, are you truly comfortable with putting $1,350 of it toward a mortgage payment?

article thumbnail

How We Paid off Six Figures of Debt

Family Balance Sheet

We have thought about moving to a larger home with more space, but a smaller home means lower utility bills, homeowners’ insurance premiums, maintenance, and property taxes. Living a life focused on paying off debt is not always easy. Health Sharing Ministry. Read: How We Watch Great TV without Cable.

Debt 130
article thumbnail

How to Start a Budget (and be successful at it!)

Family Balance Sheet

I came up with strategies to help us pay for yearly bills, large expenses, and we were able to pay off debts. Personal Escrow – Use this spreadsheet to plan for your high yearly expenses, such as property taxes, association fees, home/auto insurance, etc. During that time, I started to budget for everything.

Budgeting 133