Tajuan Farmer
“Focus on your goals by setting up a plan.
Recognize your goals for tomorrow--acknowledging what you want to do and how to reach those goals.
I don’t make a lot of money, but I said,
‘I’m going to set up a plan and get it going.’”
Tajuan Farmer knows that a little goes a long way. Saving just $4 a pay period for the past few years, he has accumulated enough money to buy several savings bonds for his five-year-old niece and nephew to help them go to college some day. It’s that attitude of steady, systematic saving that has enabled Tajuan Farmer to make progress on his dream of homeownership.
A lifelong District resident, Tajuan has lived in several neighborhoods in DC, mostly in Southeast. He currently lives in Anacostia, not far from his mother and other family members, who he visits often. He likes his neighborhood and hopes to stay there and participate in economic revitalization by buying a home.
“We need economic growth,” Tajuan said. “The stadium is coming, businesses are coming, which will make for stronger community. There will be a new Giant. Southeast has been overlooked. For that reason alone I appreciate where I live and the people who live here. Hopefully we’re all trying to work toward a common goal of economic stability.”
Tajuan heard about CAAB from Housing Counseling Services and Lydia’s House, a program that helped him learn about credit and how to improve his. He also enrolled in the Home Purchase Assistance Program, a program of the DC Department of Housing and Community Development that helps prospective homeowners by offering a low-interest loan.
With a goal of buying a home within two-and-a-half years, Tajuan is paying off debts and saving $13 per pay period in his Individual Development Account (IDA). He said that if his income increases, he’ll definitely save more. Currently he works as a customer service representative for the Department of Veterans Affairs, a position he enjoys because he likes working with and helping people. He especially appreciates the opportunity to give back to his country by helping veterans.
“For me, working for the federal government gives you a sense of security,” Tajuan said. “In life you can’t know when something’s going to happen. Homeownership has that same effect of security. Homeownership establishes you, and gives you a sense of accomplishment.” Once Tajuan has achieved the stability of homeownership in the community he loves, he plans to return to school to complete his bachelor’s degree and possible pursue a master’s degree in human resources.
Tajuan has already accomplished a transformation in his thinking about money. He completed CAAB’s 10-hour Money Management 101 program, which he called “an excellent way to learn more about my financial situation and what I need to do to organize my funds and get myself on the right track.”
During the course Tajuan obtained a copy of his credit report so he could understand exactly what he owed. Then he set up a payment play to eliminate the debt. His goal is to pay off his bills in two years, so by the time he buys his home, he will be debt-free.
“Something that I learned,” he said, “was that we spend a lot of our money on stuff we don’t need. If I look at my bills, I spend a lot of my money on food. We need to learn how to budget our money so we can still have fun but also save.” As a result of looking at his spending and creating a budget, Tajuan changed his habits for the better. “I go out to eat less, and go to movies less. I rent movies instead. I experiment more at home cooking. I can invite a friend over. It gives me a chance to learn more and talk more. I enjoy the hands-on experience.”
The key to being a successful saver, according to Tajuan, is consistency. “Focus on your goals by setting up a plan,” he said. “Recognize your goals for tomorrow. Acknowledging what you want to do and how to reach those goals. I don’t make a lot of money, but I said, ‘I’m going to set up a plan and get it going.’”
