A Household Budget is a document that lists your monthly income and expenses (bills) to determine how much money you will have after paying your expenses. Money that is left after paying your expenses is called a surplus. You can use surplus funds to pay your monthly rent or mortgage. When creating your budget, include all sources of income from the Income Tracker Form and your expenses, such as food, medications, medical supplies, cell phone, transportation, credit cards, etc.
To create a household budget, use the Budget Form in the Resource Section, Step 4. You can also get free, professional help from a HUD-certified housing counselor at a Community-Based Organization (CBO). In addition to assisting with your household budget, a HUD-certified housing counselor can advise you on money management so you will have more cash available to rent or buy a home.
Below is an example of a Household Budget:
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Landlords and lenders have standard application requirements, and applicants must have good credit scores. HUD-certified housing counselors also provide free credit counseling to help improve your credit.