As you plan for future expenses (like buying a home), it’s important for you to have a clear picture of your budget and finances.
Do you ever look at your bank account a few days after pay day and wonder where all your money went? You’re not alone. Many people have a general idea of all their living expenses, but can’t quite pinpoint where they’re spending their cash.
As you think about becoming a homeowner or refinancing your current mortgage, a smart first step is to itemize your living expenses and begin to create a realistic budget. You’ll be able to zero in on where you may be overspending (buying lunch at work every day really adds up!) and determine how much extra money you can set aside every month.
On the flip side, you may find that you have very little wiggle room to save any money. In that case, a mortgage refinance could be helpful if you are trying to pay for a big expense or want to consolidate high-interest debt.
Whatever your current financial state, this calculator will help you taking a closer look at how you’re spending your money. Once you have an understanding of where your money is going, change some numbers around to see how much cash you could free up with a few small tweaks.
This expense calculator may help you analyze your financial needs, but the calculations do not infer any fiduciary duties. The Embrace Home Loans “how much am I spending?” calculator is just meant to be a helpful tool and calculations should not be construed as financial, legal, or tax advice. We cannot guarantee its accuracy and rates may change.