Buying a home is likely to be the biggest financial transaction you make, and preparing your budget beforehand makes the whole process less stressful. The following tips can help you get your budget in order before you buy a property in Ibiza.
You might be aware of your checking and savings accounts but do you know how much extra expenses you have each month? It’s important to get a clear idea of where your money goes in order to figure out what you can afford and what your home buying timeline looks like.
2. Do the Math
Before setting your eyes and heart on a property, do the math to figure out how much you can afford! This will also dictate how much you need to save in order to buy a property in Ibiza.
While the overarching goal is to buy a property in Ibiza, setting smaller goals will help you stay on track and feel successful while you make your way there. Keep in mind that goals don’t need to be solely focused on saving – instead you may want to set goals for cutting back on spending as well!
You’ve done the math, the goals have been set, now it’s time to write your monthly budget, which should take into consideration both the total to be saved each month, your life expenses and any unusual expenses for the month.
Keep in mind that a budget is fluid and there are many “life events” that might occur here and there so don’t worry too much, just make sure that if you make a purchase that wasn’t planned for, add it to your budget and readjust in order to stay on track for the month.