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BUSINESS Wednesday 6 March 2019
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Millennial Money: 3 things that change when you own a home

By COURTNEY JESPERSEN sales and deals.
Associated Press But don’t make major pur-
You signed the papers, got chases until you move in,
the keys and opened the advises Rianka R. Dorsa-
front door. Now, that quaint invil , CFP, founder of Your
little place is all yours. Greatest Contribution , a
But more freedom comes fee-only financial planning
with more responsibility. A firm. That’s because you
lot changes once you’re want your debt-to-income
a homeowner. Here’s how ratio to be as low as pos-
to prepare for a few of the sible at closing.
adjustments — emotionally “After you purchase the
and financially. home and you’ve slept in
1. YOU THINK ABOUT MON- it one night, do what you
EY MORE OFTEN want,” Dorsainvil says. “Buy
Ideally, you start thinking the furniture. Finance it if
about money long before you need to and (if) you
you sign the papers for your can afford it.”
home. 3. YOU MANAGE TIME DIF-
Say a mortgage on your FERENTLY
dream house would be Once you’ve officially
$2,000 a month, but your moved and sent out your
current rent is $1,500. You This Wednesday, July 5, 2017, file photo, shows a “Sold” sign displayed in front of a house in change of address an-
should live at the new ex- Sacramento, Calif. A home of your own comes with new freedom and more responsibility. nouncements, you’ll quick-
pense level to test it out be- Associated Press ly realize you’re responsible
fore you buy, says Mariane- plete picture of your new home-related expenses to These are relatively minor, for upkeep. That means
la Collado, CEO and senior budget, go a step further. go up over time. It’s cru- but there are big expenses, you’re on the hook when
financial advisor at Tobias Collado recommends call- cial to have flexibility in too. In an apartment, you the water heater breaks
Financial Advisors in Florida. ing local companies be- your budget to cover an in- may not have needed to or the air conditioner goes
For example, you could try fore buying a house so you crease in utility expenses or purchase a washer, dryer out. It’s not just repairs, ei-
putting the $500 difference can gauge how much you a financial emergency. or refrigerator because ther. Lipford points out oth-
into savings for several should expect to pay for 2. YOU NEED THINGS YOU they were supplied for you. er expenses like yard work
months to see if you can monthly bills like water and DIDN’T BEFORE And you probably didn’t and pest control. And for
manage. electricity. New homeowners will buy need a lawn mower. maintenance, you have
“You give yourself time to Your money mindfulness things they never needed Depending on what you al- two options: handle things
adjust to living within the will need to continue af- before. That may include ready own, expect to buy yourself or hire someone to
new cost of housing,” Col- ter you’ve settled into your items such as a screwdriver appliances for your new do it. “You really have less
lado says. “This way you house and placed a wel- set, claw hammer, pli- place. Start setting aside free time if you’re going to
start getting a feel for what come mat on the porch. ers, smart thermostat and money for these items while do items yourself,” Lipford
the new budget is going to A budget needs to be re- smart lighting, according you’re saving for a down says. “Or if you’re going to
look like.” visited regularly, especial- to Jordan Ribelin, a Lowe’s payment and closing costs. hire it done, then you have
For an even more com- ly since you can expect spokesperson. And keep an eye out for less available income.”q

Stocks drift between small gains, losses in midday trading

By DAMIAN J. TROISE Papa John’s International slightly below last year’s 6.6 Jones Industrial Average 500 index and the Nasdaq
Associated Press rose after reaching a set- percent growth rate. was little changed as of composite were also little
NEW YORK (AP) — U.S. tlement with founder John KEEPING SCORE: The Dow 11:30 a.m. ET. The S&P changed.q
stocks are moving sideways Schnatter that calls for him
in midday trading on Wall step down from the board
Street Tuesday as losses for once an independent di-
banks and big technology rector replaces him.
companies offset gains Investors were hoping that
elsewhere in the market. more details would emerge
The stagnant movement from media reports Mon-
came a day after the day that the U.S. and Chi-
market failed to hold on na were getting closer to
to an early gain. Citigroup resolving their trade dis-
slumped 1.3 percent, pute. The market has of-
while Micron Technology ten jumped on hopes that
dropped 1.4 percent. progress was being made
Several retailers were mov- on the trade talks, only to
ing higher, including Target fall back later as details
and Kohl’s, which reported didn’t come through.
results that were better Meanwhile, China plans to
than analysts were expect- take additional measures
ing. to help shore up its cool-
Victoria’s Secret maker L ing economy. The nation’s
Brands jumped after an ac- growth target for the year
tivist investors called on the is now between 6 percent
company to split up, and and 6.5 percent. That’s