How to Handle Money Envy
What it might look like: Between Pinterest, HGTV and the thriving world of lifestyle blogs, we’re all too familiar with the house(s) of our dreams: gleaming expanses of marble countertops, charmingly weathered tables and a bathroom per person. If only real life and dream real estate always collided!
What to remind yourself: There’s a reason we say, “Home is where the heart is.” And we daresay a happy heart isn’t dependent on walk-in closets.
“More space and material goods won’t necessarily make your home more comfortable. Warmth and compassion are what make a home,” says Krakower. Instead of looking at an object (house), focus on the concept (home), he adds. Ask yourself what it is that makes your house a home: What do you love to do there? When does it feel the coziest? What great memories have you created? “How you act and behave and what you do and say in a home is part of what makes it great,” Krakower reminds us.
One of the biggest mistakes homeowners make, in a financial sense, is buying more house than they can afford. And trust us, what’s worse than drooling over your dream house is overextending yourself so much that making rent, or your mortgage, is a stretch. How do you know if you can afford the property you really want? One easy rule of thumb LearnVest recommends is not spending more than 30% of your take-home pay on your monthly housing bill.