The American DreamHomebuyer Education

Saving to Achieve Your Goals

Saving – Points to Ponder

• Saving rates in the U.S.

• “Pay yourself first”

• Make savings part of the budget

• Save to achieve all goals – short, medium, long-term

Set Goals to Guide You

• Characteristics of goals– How much?– How long?– Measurable?– Reasonable and realistic?

• Write them down and read them often

Budgeting Basics and Assumptions

• All family income comes into family budget

• Plan once each year

• Work it weekly

• Modify as needed

Saving Begins with Budgeting

• Budgeting outline – Income, expenses, debts

• Budgeting worksheet– Annual budget– Income log– Monthly expense log– Weekly income and what to pay this week– Periodic expense charts

Annual Budget• Write in November or December

• Review amount spent on items in previous year

• Set goals

• Include family members

• Spend to achieve your goals

• Create balanced budget

Monthly Worksheets

• Income Log

• Monthly Expense Log

What to Pay this Week• Plan out a couple of months

• Stick to it – week in and week out

• Cross off as you pay

• Some expenses will be listed every week

• Check off monthly expenses log as you pay

Managing Periodic Expenses

• Budget killers

• Examples – entertainment, car repair, house repair, gifts, vacation, clothes

• A way to save to make purchases

• Make them a monthly expense

Managing Periodic Expenses

• Use credit cards to pay for expenses

• Tracking – keep receipts and ID expense category

Create Your Budget

Going Forward

• Make the commitment – Go for it!

• Make it one of your routines

• Expect setbacks

• Be flexible

The American DreamHomebuyer Education

Saving to Achieve Your Goals