Pop Quiz! What’s the best way to save for your down payment and homeownership? Here’s a clue: It starts with a “B” and rhymes with “budget.” Yes! It’s a budget!
If you’ve avoided the word like the plague, don’t be afraid, poppet. It’s no more than a plan that lays out your income and expenses. Think of it as a friend who helps you make good decisions about using credit and meeting your financial goals, like saving up for your down payment or making a monthly mortgage payment.