So we aren’t sure if we have mentioned this yet, but one of our employees recently became engaged (!), so we figured today may be a good day to discuss the importance of finances with soon-to-be spouses, as they can really make or break you on a host of things in life… one notably being CT insurance. Once you’ve established some sound financial stability, the next thing you’re probably going to be looking into is purchasign your first home and CT insurance for it.
When couples are attempting to save, and save, and save some more for their first home, we hope they realize how big of a financial commitment and sacrifice it really is. Once you accept this, here are some solid guidelines:
Have ALL your finances are in check… first and foremost!
Eliminate as many financial commitments possible before even contemplating purchasing a home. If you’re swimming in debt, maybe from student loans, wedding bills, or car payments, you should probably eliminate those as best as you can before searching for homes.
If you’re looking to purchase a home, it’s not the smartest of decisions to go get a new entertainment system, a flashy car, or go on an exotic vacation… we’re basically saying you should be living as below your means as possible in order to illustrate financial responsibility to get the home. Trust us- it’ll pay dividends down the road.
Build a ‘rainy-day fund’… or also known as an emergency fund of at least three month’s worth of expenses. It’s also very smart to save big time for a large down payment, which will end up costing you less for your monthly payments.
So remember these tips the next time you and your loved one are in search for a new place to call home. Also, stop down to Paradiso Insurance for CT Insurance needs you have!