Developing a Home Budget Debt got you down? You're not alone. Consumer debt is at an all-time high. Whether your debt dilemma is the result of illness, unemployment, or overspending, it can seem overwhelming. Don't despair. Legal alternatives can help you regain your financial foothold. The first step toward taking control of your financial situation is to do a realistic assessment of how much money comes in and how much money you spend. Start by listing your income from all sources. Then, list your fixed expenses, those that are the same each month, such as mortgage payments or rent, car payments, or insurance premiums. Next, list the expenses that vary, such as entertainment, recreation, or clothing. In addition, many universities, military bases, credit unions, and housing authorities operate nonprofit counseling programs. Including All The Costs Long-Term Debt Any expenses that extend 11 months or more into the future, such as car loans, are termed long-term debt. For conventional loans, total monthly costs, including PITI and all other long-term debt, should equal no greater than 33% to 36% of your gross monthly income. For FHA the ratio is 41%. Budgeting for Your Home When budgeting to buy a home, it is important to allow enough money for additional expenses such as maintenance, utilities, homeowner's insurance and property insurance. Example Annual Income   Gross Monthly Income Maximum Conventional Loan Housing Expense Monthly Housing Payments $30,000 ÷12 $2,500 X28% $700
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