There are expenses involved with owning a home that buyers most likely never had to deal with when renting. Those expenses are sometimes unexpected. Sure, there are expenses like property taxes and homeowner's insurance that you can plan for, but what about unplanned maintenance (such as a broken air conditioning unit)? What about things that are unnecessary but still nice to do (like having a professional clean the carpets)? 

Yes, homeowners can certainly do well to arrange their finances to make homeownership a pleasant experience financially rather than a disastrous one. 

Pillar to Post Home Inspections shares a simple three-step guide to assessing your expenses: 

  1. List your monthly income.
  2. Write down your fixed monthly expenses. These include items like your mortgage payment, utilities, loan payments, savings deposits, etc. 
  3. Consider variable monthly expenses. Entertainment, satellite TV, household necessities, food, and fuel should be among the items on this list. 
Add numbers 2 and 3 together and compare to number 1 - your monthly income. If you're in the green, great! You could still work on bettering your finances by adjusting some of those variable expenses and working more funds into savings. If you spend more than you bring in, it's time to look at your variable expenses more closely and make some alterations. 
The biggest rule about forming a budget is to stick to it! Attaining your long-term financial goals - including homeownership - is well worth the sacrifice. 
What tips do you have for new homeowners learning to budget? Share your advice in the comments!