Advice from Successful Savers

Joy Roberson

“I took advantage of the classes offered in order to get to the end results. I couldn’t have gotten here without the IDA."

At 24, Joy Roberson has made her first major investment in real estate with the purchase of a studio condo, nestled comfortably in Thomas Circle in downtown DC. She had been living at home with her parents after college and faced with four years’ worth of student loans to tackle, as well as the maintenance of her basic economic needs, Joy didn’t think a home purchase was really in her range. But she was eager to become financially responsible, and so she signed up for a CAAB Individual Development Account (IDA), hoping to work toward building an efficient budget and eventually acquiring her first home. She became a practical saver, cutting out the fat—those items which she did not need—and focusing on achieving her savings goal. When asked to name the most rewarding aspect of the program, Joy replies, “Going to settlement with a $4,000 check,” but laughs, “No, aside from the monetary aspect, I’ve become more responsible with my finances,” and today, she says, “I enjoy informing others about my success and what I did to get here.”

Joy is someone that many would describe as a go-getter in that when she aspires toward something, she’ll keep working until she achieves it. What makes Joy such a success is that she capitalizes on her resources. She began her journey by participating in the Home Purchase Assistance Program (HPAP) through CAAB partner, the Marshall Heights Community Development Organization. When Joy realized that she would need more resources in order to meet her needs, she did not sit idly, but sought educational and financial assistance through CAAB. Joy attributes her accomplishments to her ability to approach a situation at full force. Describing her experience with the IDA savings program, she recalls, “I just jumped right in. I felt like I was surrounded by support. I was very focused on what I had to do so I stayed on track.” But it wasn’t just that Joy had a lot of people encouraging and helping her to make her savings goal, she also demonstrated a readiness to learn from the money management classes. “I took advantage of the classes offered in order to get the end results,” she says, “I couldn’t have gotten here without the IDA.”

Joy also has a knack for being pragmatic and assessing what investments fit her lifestyle most efficiently. She defines her rule of thumb as, “be realistic and don’t be too ambitious up front,” stressing that it is essential to “map out your situation” before making any investments. And she was just as sensible when it came time to make her home purchase. While her first intention was to purchase a single-family home, Joy reevaluated her lifestyle and decided that a condo was a more sound investment. Today, almost a year after closing on her home, she knows she made the right decision, “It’s perfect for me,” she notes, “It meets all my needs, I didn’t need a big house”

Although her participation in the IDA savings program ended when she invested her savings and the funds she had earned in her condo, what Joy learned continues to be relevant. She attributes her budgeting accomplishments to the money management classes she took as part of the IDA savings program, “It made me really think about my credit, start saving more, and especially to create an emergency fund.” Joy has established improved credit and maintains the emergency fund that she set-up during her time with CAAB. The emergency fund serves to finance any unexpected bills so that life’s unanticipated bills cannot throw her off course and lead to financial instability. She saves a little bit of each paycheck, and does so consistently so that over time, she has developed a substantial source of savings. Joy continues to work toward paying off her student loans, but so long as she continues to save responsibly, which has become almost second-nature for her, she will certainly reach the zero balance mark. After all, she is a go-getter.

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