While opening my household bills last night, I received a notice from my mortgage company telling me my escrow was short for the year due to rising insurance premiums. I seem to get an escrow shortage notice every July so not totally unexpected, just a bit frustrating. I’m going to have to change my household budget to adapt to the new mortgage payment.
We’ve all had those times when your family income drops suddenly or expenses unexpectedly increase, your first concern may be to pay your bills and meet your day-to-day expenses. Instead, look at your total financial picture and determine which assets you might use to meet family obligations.
Whenever there is a change in your financial circumstances that impacts your family’s budget, it is a good time to revisit where you are at with your family finances. You don’t need to have a change in circumstances to give your budget a “check up”. Need help?
Visit: Making the Most of What You Have from Minnesota University Extension. You’ll find a downloadable worksheet to help you determine your net worth. There are also questions to ask yourself to help figure out how to meet your new budget demands.
If you don’t live in Lancaster County, Nebraska, please make sure to check out your local extension office too. Your extension office has resources for you, your family and community. To find your local office, visit here.
Have a great day!!
Responsive. Innovative. Trusted.
Nebraska Extension provides research-based information to help you make informed decisions any time, any place, anywhere –