DESCRIPTION
The biggest purchase in most peoples lives is going to be their home. It will have financial impacts for 20/30 years and likely be the greatest household expense that needs to be budgeted for. Going into something without enough cash or stable financial position can mean financial hardship for many years.
This template makes it a little easier to at least plan out how long it may take to get to a financially healthy place based on defined inputs. Also, the model focuses on helping the user see what kind of personal cash flow they will have before and after the home purchase. Don't go house broke when you can take a few years in order to save 20/30 years of difficulty. It doesn't take a whole lot of effort to do just a little planning.
Feeling comfortable with big decisions is important and this sheet will help with your home buying journey.
If you are trying to save up money for a home, this personal finance template should make it easier to see potential timelines and requirements that must be met in order to reach your goal of buying a house.
The main input assumptions involve entering details about your current cash flow situation, including taxes. This gives some idea of the max amount of money you can save over time.
Next, there are inputs about the house you want to buy, how much you plan to finance, and how much the resulting down payment is going to be as well as the impact of this new debt service compared to your existing rent/debt service/living expenses.
You will have a yearly schedule that starts with your current savings and then shows you how much you will have over time. Conditional formatting is used to automatically highlight the year you will be ready to buy, given all the above assumptions.
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Source: Home Savings Planner Template Excel (XLSX) Spreadsheet, Jason Varner | SmartHelping
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