Advice from Successful Savers

Darlene Goddard

"The hardest part for me was not spending money as soon as I got it...I set up direct deposit from my checking account to my savings account. That way I didn’t have to worry about it."

When she joined the CAAB IDA Program a few years ago, Darlene Goddard was determined to improve her family’s financial outlook. Now a proud home owner in Southeast DC, Darlene talks about the difference that a stable job and stable housing have made for her and her daughters.

How would you describe your savings habits before you enrolled in the IDA program?

Before I joined the IDA program, I was living in transitional housing and trying to get my life back on track. I didn’t have any savings – I was going to school to get computer training, and I was looking for an apartment and a permanent job.

Had you thought about buying a home before joining the IDA program?

It was one of my future goals, after getting everything else in order and building my life back up.

How did you learn about the IDA Program?

My counselor at the transitional housing program told me about it, and once I found an apartment, I called the IDA program to set up an appointment. That was about a year after I had entered the transitional housing program.

What were some of your biggest challenges as you saved to buy your home?

Making time to attend the classes and meetings, and learning all the things I needed to know about how to save and buy a house. The hardest part for me was not spending money as soon as I got it.

How did you resist the urge to spend?

I set up direct deposit from my checking account to my savings account. That way I didn’t have to worry about it. I saved $50 every month for 2 years.

How did you find the home that you bought? Did you have a real estate agent?

I had to find my own real estate agent. I ended up using three agents until I found one that I could stick with. Two of them were too slow for me – they didn’t return my calls very fast, and I was anxious to find a house once I had saved enough money.

Once you found an agent that you liked, did the process of finding and purchasing a home go smoothly?

Well, I had to look at a lot of houses before I found what I was looking for. And then there were some bumps on the way to settlement. The last month was really stressful, and it took a toll on me. But I had a really good agent, and she helped me get through it.

Did you feel that the IDA program prepared you for these challenges, or were there things you wished you had learned in class?

I don’t think there’s anything else they could have taught me. They told us what kind of things we’d be up against, and we heard stories from other people who bought homes and learned as much as we could about the process. They did as much as they could - so it was just something I had to go through for myself. The IDA program was great, and I’d recommend it to anyone. I’ve already passed the word along to two of my co-workers who are hoping to purchase homes.

What type of house did you buy?

It’s an attached townhouse with 3 bedrooms. It’s nice now, but it needed some work before we moved into it. I didn’t have to put any money down – well, I had to take only $1 to the settlement table – so I used most of my savings to pay for painting, new carpet, and appliances.

How has being a home owner changed your life?

Well, I talk about it with my daughters, Jamisha and Le’Shae. After living in so many different apartments, we’re really glad to have our own home. They are really loving it, and they’re very proud of me.

Are you currently saving for any home improvements?

Right now, I’m just paying my mortgage and my bills. I’m trying to put away some savings, but I mainly just use my yearly income tax refund. As far as home improvements, I’ve joined a program called Christmas in April, and volunteers come out to my house one day each year and fix up whatever needs done. A co-worker told me about the program. I just joined this year, and this past April they came out and redid my patio for me.

What other kinds of things do you hope to save for in the future?

I’m saving for my youngest daughter, to get her ready for college. And I’m hoping to purchase a bigger and better home, before my 30-year mortgage on this one is up.

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