Owning a home entails financial responsibilities. Being a homeowner, you have to learn how to budget for the home expenses. This includes taxes, utilities, mortgage (if you have one), and more. Some of these expenses may not be billed monthly, which you need to calculate and allot your income accordingly. If you have mortgage payments, which is common, it covers the largest portion of your monthly expenses. The actual amount of the mortgage payment varies depending on a number of factors, such as mortgage term or amortization. Another expense that you need to consider is the Property Tax. In Canada, property tax can be paid in two ways, either you remit it directly to the municipality or pay it as part of your mortgages. If you pay directly to the municipality, you need to show proof of payment to your financial institution from time to time. School tax is also one of the expenses you have to consider when you own a home. In some municipalities, school taxes are integrated into property tax, while others collect them separately and are payable in a single lump sum. Utilities are something that you have to pay for. These utilities include electricity, water, telephone, cable, internet, heating, and gas. Something that you need to include in your budget as a homeowner is your maintenance and upkeep. You need to have a spare budget to maintain your house, which typically includes the cost of painting, repairs, plumbing, and electricals. Maintaining your property can cost a lot, but it helps a lot to preserve it, making the value of your home competitive, aside from the idea that it also enhances the neighborhood.