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Save for a Home

Home
Written by Super User · 21 May 2011

America Saves Promotes Home Ownership

  • Learn why America Saves promotes home ownership as the main path to personal wealth. 

How to Save for a Larger Down Payment

  • The larger your down payment, the lower your home loan payment. Learn more about the best way to save for a larger down payment. 

Strategies for Building and Preserving Home Equity

  • How to prepare yourself financially for buying and keeping a home.

Estimate Your Current and Future Home Wealth

  • How much wealth does your home represent now? How much wealth can you expect to build through your home in the future?

Frequently Used Terms

  • What do all those home buying terms really mean? The U.S. Department of Housing and Urban Development provides an in-depth glossary of the most used home buying terms.

About Mortgages

  • Find out about the mortgage process, current mortgage rates, and saving for a larger downpayment. Freddie Mac and Fannie Mae are great sources for information about home buying and the mortgage process. Click here for Current Mortgage Rates.

Get Out of Debt

Debt
Written by Super User · 21 May 2011

Getting out of debt is the #3 goal Savers select when they pledge to save. That does not come as a surprise since a 2012 survey showed that 45% of families with annual incomes under $50,000 rely on credit cards to pay for basic needs such as rent, utilities, insurance and food. Large consumer debts can also keep you from saving and building wealth.

The good news is that there is hope. With planning, discipline, patience, and maybe some outside help, almost anyone can reduce their debts and start to accumulate wealth.

Are you in Trouble?

If you answer “yes” to any of the following questions, then you probably need to get your debts under better control:

  1. Can you only afford to make minimum payments on your credit cards?
  2. Do you worry about finding the money to make monthly car payments?
  3. Do you borrow money to pay off old debts?
  4. Have you used a home equity loan to refinance credit card debts, then run up new revolving balances on your cards?

The following pages will help you learn more about debt, how to get out of debt, and where to find help:

  

Newsletters

Written by Super User · 04 May 2011

Our American Saver Newsletters are packed with inspirational saver stories, articles on ways to reach your financial goals, plus tips and tricks from savers just like you!

Need Adobe Acrobat to read newsletters? Click here for a free version

*New* Volume 16, Issue 3
Volume 16, Issue 2
Volume 16, Issue 1
Volume 15, Issue 4
Volume 15, Issue 3
Volume 15, Issue 2
Volume 15, Issue 1
Volume 14, Issue 3
Volume 14, Issue 2
Volume 14, Issue 1
Volume 13, Issue 4
Volume 13, Issue 3
Volume 13, Issue 2
Volume 13, Issue 1
Volume 12, Issue 2
Volume 12, Issue 1
Volume 11, Issue 2
Volume 11, Issue 1
Volume 10, Issue 1
Volume 9, Issue 4
Volume 9, Issue 3
Volume 9, Issue 2
Volume 9, Issue 1

Volume 8, Issue 4
Volume 8, Issue 3
Volume 8, Issue 2
Volume 8, Issue 1
Volume 7, Issue 3
Volume 7, Issue 2 
Volume 7, Issue 1
Volume 6, Issue 4
Volume 6, Issue 2
Volume 6, Issue 1
Volume 5, Issue 4
Volume 5, Issue 3
Volume 5, Issue 2
Volume 5, Issue 1
Volume 4, Issue 4
Volume 4, Issue 3
Volume 4, Issue 2
Volume 4, Issue 1
Volume 3, Issue 4
Volume 3, Issue 3
Volume 3, Issue 2
Volume 3, Issue 1
Volume 2, Issue 2
Volume 2, Issue 1
Volume 1, Issue 1

Five Saving Strategies

Written by Super User · 17 May 2011

1. Save Automatically

Save automatically through a monthly transfer from checking to savings, ideally soon after you are paid. What you don’t see, you probably won’t miss. These savings will provide funds for emergencies, home purchase, school tuition, or even retirement. Almost all banking institutions will, on request, automatically transfer funds monthly from your checking account to a savings account. Learn more about saving automatically.

2. Save for Emergencies

Having an emergency savings account may be the most important difference between those who manage to stay afloat and those who are sinking financially. In fact, low-income families with at least $500 in an emergency fund were better off financially than moderate-income families who saved less for emergencies. Without an emergency savings, you may find the need to turn to high-cost credit cards or payday loans to cover the amount you owe. Borrowing from these types of lenders could make it difficult for you to payback your debt and save successfully. Start with an emergency fund goal of $500. Learn more about saving for emergencies.

3. Pay Off High-Cost Debt

The best investment most borrowers can make is to pay off consumer debt with double-digit interest rates. For example, if you have a $3,000 credit card balance at 19.8 percent, and you pay a minimum balance of 2 percent, it will take 39 years to pay off the loan and cost more than $10,000 in interest charges. Learn more about getting out of debt here. 

4. Save for Retirement

Few people get rich on wages alone. Wealth is built by consistently saving and earning compound interest, or interest on your interest, over many years. Saving now for retirement will ensure that you have enough money to live a comfortable lifestyle when you stop or reduce the amount of hours you work. And the earlier you start the better, ideally in your first job when time is on your side. But saving for retirement is important at any age, and it’s never too late to get started. You may be able to save for retirement through your workplace through a 401(k) plan or you can save on your own by putting money in an Individual Retirement Arrangement (IRA). Learn more about saving for retirement here.

5. Make a Plan

Those with a savings plan are twice as likely to save successfully. That’s where America Saves comes in. We’ll help you reach your savings and debt reduction goals when you make a commitment to yourself to save with the America Saves Pledge. Together, we’ll choose a goal and amount to save monthly. And it doesn’t stop there. We’ll keep you motivated with information, advice, tips, and reminders to help you reach your savings goal. Think of us as your own personal support system.

Take the America Saves Pledge

Newsroom

Written by Super User · 02 May 2011

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Tip of the Day

  • Written by Administrator2 | January 11, 2014

    Save your loose change. Putting aside fifty cents a day over the course of a year will allow you to save nearly 40% of a $500 emergency fund. http://ow.ly/sj972 

Saver Stories View all »

Coping with a Lost Job

Written by Katie Bryan | October 28, 2013

Aimee Shaffer worked as a Public Service News Director for radio for years until one day her employer downsized the company, resulting in hundreds of lost jobs, including Aimee’s.

Read more...

Taking Steps Toward Financial Fitness

Written by Tammy G. Bruzon | November 7, 2014

Nicky Vasquez learned about Virginia Saves when she attended her first class with Bank On Virginia Beach. The instructor shared how important it was to have a written savings goal, and the entire class joined Virginia Saves as the first step toward financial fitness.

Read more...

Starting Over

Written by Katie Bryan | October 28, 2013

Until last summer, Michael Lindman spent money freely. “I was a union truck driver for 35 years and had a good income,” said Lindman. “I owned my own home, saved a little, and tried to live within my own budget. You always think there’s going to be that much coming in, but things can change in a split second.”

Read more...