Who Owns Who? – #FLMonth

Do you own your own home, or does it own you? Today’s Financial Literacy Month question from Jackie Walters basically answers that question. You can find her on Facebook at Personal Finance with Jackie Walters.

Question: What percentage of monthly income should you budget for a mortgage payment?

A) 10%
B) 25%
C) 45%

What do you think the answer SHOULD be? Have you calculated your percentage? Just take your loan payment divided by your monthly after tax income, and then multiply it by 100 to get a percent. Where do you fall?

You can see some of my recommendations and how to pay it off faster in this two part series. Part 1. Part 2.