 TITLE: How Can Millennials Get Mortgage Ready? CONTENT: Create a Budget\n---------------\nAfter you've set your financial goals, figure out your current income and expenses so you can make a budget, which is key to achieving your financial goals. When getting ready for a mortgage, your budget will have a big impact on your down payment and determining monthly payments you can afford. Here's how to create a budget:\n1.  **Estimate your monthly net income.** This is the pay that's deposited in your bank account after taxes and other paycheck deductions. If you get a regular paycheck, this is easy to do. If you rely on freelance income, tips or otherwise unpredictable sources of income, make the best estimate based on past income.\n2.  **List all your monthly expenses.** Some, such as rent or car loan payments, will stay the same each month; others, such as groceries and entertainment, will vary from month to month. Review your bank transactions for the past year to come up with a realistic estimate.\n3.  **Determine how much you have left.** Once you know your income and expenses, see much money you have left over each month to put toward your goals. If you don't have enough extra money to reach the goals you've set, you'll need to reduce your expenses, increase your income, adjust your goals or do all three.\n    This may mean taking in a roommate, or cutting back on entertainment to save money. You may consider asking for a raise or getting a second job to make more money. Or, you could adjust your homeownership goals by looking for a more affordable home or accepting that it will take longer than you planned to save up your down payment. END