One common piece of advice for managing your money is to identify which expenses are necessary and which ones are voluntary. In this way, you can determine how you can save a few bucks and perhaps think twice before taking out your wallet.

For example, your utility bills and auto insurance are among the costs you must pay each month. But certain expenses, like going out to a restaurant or taking a weekend trip, are ones you choose to incur. If you need to save some money, it's prudent to trim these latter costs.

Similarly, people who are shopping for a new home should outline what they must have in their residence and what they'd like to have. The necessities you choose can both help you select your preferred homes and remove other properties from consideration.

The old maxim of "location, location, location" should apply to your search. The Department of Housing and Urban Development leads its sample wish list by asking participants to identify which part of the community or country they'd like to live in. Some factors to take into consideration include access to public transportation, the quality of the school system, and the proximity of amenities such as parks and shopping destinations.

When considering a neighborhood, research it to see if any changes are likely in the future. Amy Fontinelle, writing for the financial site Investopedia, says you can check the zoning regulations to see what developments might be approved on available land. You can also check home prices in the area to see if they have been rising or falling in recent years.

Know how much you can spend on a home, and give yourself a price range. You can get an idea of your spending power by subtracting regular expenses such as groceries, loan payments, and vehicle costs from your monthly budget. Don't forget about costs such as homeowner's insurance, property taxes, and utilities.

Decide what kind of home you would like. You may be fine with getting a condominium or duplex, or you may want to exclude them in favor of a single-family detached home. You should also set an ideal size range for the home and determine how many bedrooms and bathrooms you would like to have.

Determine which features are the most important for your needs. You might insist on having a kitchen with modern appliances, a spacious backyard, large closets, or a garage.

Think about the future instead of the present. Hank Bailey, writing for Realty Times, suggests that a home should be able to accommodate single-floor living if you are planning to have a parent move in with you. Similarly, a two-bedroom home might prove inadequate if you are planning on having children.

Put the requirements you consider to be most important at the top of your list. Estero Elite Realty, a Florida-based business, says establishing a set of non-negotiable features will help you and your agents find the properties that suit you best. You will also be able to ignore any properties that don't have these qualities.

However, you shouldn't set so many requirements that you end up eliminating most of the homes on the market. Fontinelle says you will likely have to accept some shortcomings when you purchase a home. If you find a home in your preferred neighborhood and price range with the right number of bedrooms and bathrooms, you may not want to discount it simply because it doesn't have hardwood floors or a patio.

Some deficiencies can be easily corrected to fit your vision. Cosmetic changes, such as getting rid of ugly wallpaper or repainting a room, can go a long way toward improving a home's appearance. Buying a home that doesn't require this "sweat equity" is more convenient, but you'll likely end up paying much more for qualities you could have achieved at a minimal cost and effort.

HUD offers a wide range of features to include in your search, and suggests differentiating between ones a property must have and ones you'd like a property to have. These options include a swimming pool, fenced yard, fireplace, workshop, air conditioning, and natural light.

It is also important to make a note of anything you don't want to be included in your new home. Perhaps you don't want to commit to the upkeep of a large yard or pool, or don't wish to consider a home with several outdated appliances.

Setting a few guidelines can be a helpful way to narrow down your home search and zero in on the properties that are best suited to you. But you'll want to make sure you aren't too selective in your choices, and you shouldn't neglect your most important considerations.