Now that you've bought your home and are all settled, you might think that everything else is smooth sailing. While it would be nice if you didn't need to worry about anything else during your first year of homeownership, that's likely not the case.

One area you'll need to worry about involves money. Something may break in that first year, and knowing that can give you enough reason to be proactive. Being able to quickly deal with an issue can minimize the damage to your finances and sanity. To ensure you're prepared, follow these steps:

Save your money. Yes, you've just spent a bunch of money purchasing a home, and you're probably not flush with cash. However, you should still aim for keeping at least six months' worth of income handy in case something goes wrong.

Get a warranty. In many instances, you can purchase a home warranty after you've bought your home. This is a smart idea if you've purchased an older home and can't afford to replace an entire HVAC system.

Locate a trusty repair person. Unless you have someone extremely handy in your home, you should consider finding someone you can call in a pinch to make repairs.

Unless you've moved into a brand-new home and already picked out the wall colors, appliances, and flooring, you'll likely want to make some changes. Those changes will cost money, so make sure you set some money aside for those. You could always lower the costs by tackling some of these projects yourself, depending on your level of expertise.

On the other hand, you'll benefit from other aspects of owning a place, beyond having someplace that's yours to call home. Now that you're a part of a community, you'll likely make friends as long as you step outside your residence. Plus, if you have children, you might even meet other families so your kids can have someone to play with.

Buying a home is an exciting process, but it's important to remember that expenses in addition to your mortgage can add up. However, making lifelong friends is a key perk you'll likely enjoy for as long as you live in this home. If you need help finding that dream home, make sure you contact a local real estate agent who can get the process started.

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