You've closed on the house, using up a lot of your savings in the process, so what do you do next? Try these tips to build your money back up.

Image of US dollars

1.  Put that credit card away! Make a list of what you want to buy for the house, then, as you rebuild your savings, you know what you will want to purchase next!

2.  Your first priority should be to rebuild your emergency savings!  This is more important than redecorating! If you dipped into your reserves to buy the house, then you need to build it back up as quickly as possible to offset any unexpected expenses.

3.  Your mortgage company will make it easy for you to automate your payments. Late payments are now even more damaging to your credit than ever before. Automating them insures that your payments are timely and that helps your credit score!

4.  Establish a filing system and keep good records. You'll need receipts and other documents at tax time. Keep a list on your computer of home maintenance and upgrades.

Drawer of filing cabinet

Using these steps will help get your homeownership off on the right foot.

 

Leslie Green (225) 202-7935 Leslie@PatWattam.com

Leslie Green headshotThe Pat Wattam Five Star Team logo