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Since buying a home might be the largest purchase you make in your lifetime, you might have to change how you spend your money. This course will help you understand your spending patterns and our counselors will put together a monthly spending plan.
We’ll work together to identify the key areas of your spending, such as housing, and map out how it relates to your income. And as you start to implement the spending changes over the course of the program, we will help measure your progress.
The topics we cover include:
Sometimes it’s hard to see how we spend our money until it’s laid out clearly. From there, it will be a lot easier to identify areas to get under control.
Some of our monthly expenses are easy to predict. Housing and cell phone costs are fairly stable from month to month. But some of our monthly expenses can catch us by surprise, such as changes to insurance or unexpected travel costs. Our first step is to identify all of your spending from month to month.
From there, we’ll help you focus on areas of your spending that are within your control, such as:
Everyone has strengths and weaknesses in their spending patterns. Our goal is to help you isolate weaknesses and develop the discipline for successful homeownership.
As you watch your money come in through income and go out through expenses, it’s easy to see that timing matters. Managing your cash flow is critical to avoiding late payment fees, unnecessary service charges, and other penalties. We review the principles of cash flow in detail, and we help you put together a plan for your savings and expenses. Some of the areas we cover include:
With a good cash flow plan, you’ll be able to realistically project how fast you can amass a down payment for a home.
Growing your savings account quickly requires some adjustments to how you live your life. We spend some time discussing ways that you can cut out "luxuries" and put the savings in the bank. This includes things like:
While not every lifestyle adjustment may apply to your situation, our goal is to highlight the areas of your life that end up costing you more than they are worth. You can cut as little or as much as you want. Our hope is to help you think it through on your own terms.