Delaware.money

Your Finances; Your Future

Saving

It's not exactly common for first-time home-buyers to pay for their new home out of pocket. They typically build a savings account to make sure they remain prepared for home-buyer finances. However, there are a few things that must be acknowledged to prepare for the big purchase. For example, there are interest rates that come with your new home. It's also a good idea to have a savings goal when you decide you're ready to purchase a new home. For example, if you set aside 20% of a paycheck, you'll be qualified to purchase your first home in 12-16 months.

The Delaware Community Reinvestment Action Council Inc. (DCRAC) is known for providing free education in regards to money, credit, and so much more. One of the better savings tips to be taught in this class is how interest rates work. An interest rate is essentially you paying the bank to borrow money. For example, if you borrow money and the interest rate is 3%, you'll pay 3% of what you borrowed. They also teach how to build a budget. It's important to learn how to save by starting small. For example, having an emergency fund will teach savings lessons that will stay with you throughout your life. You'll learn the basics of saving money to help you with extended later investments.

If your child is planning to become a college student after graduating from high school, you should probably start to educate them on the concept of saving money. Teaching them all the financial jargon and helping them understand it is essential to getting them started on the right foot. For example, they should understand what an interest rate is and how critical it is to keep all their debts paid up on time. With the Money School available, it serves as a database of information for future college students to understand the financial changes they'll have once they start to branch out on their own.

Choose a service from the Saving category
Comprehensive Housing Counseling Services
First Time home buyers preparedness, foreclosure prevention, credit rebuilding, and financ...
Delaware Community Reinvestment Action Council Inc. (DCRAC)
Foreclosure prevention, pre-purchase counseling, credit and budget counseling. Tax Controv...
First State Community Action Agency
First State Community Action Agency's primary service is to work towards the elimination o...
NCALL Homeownership Counseling
• NCALL provides homeownership education and counseling, financial coaching, financial edu...
NCALL Research Inc.
Homeownership Education*,e-Home America (Online)*, Foreclosure Prevention, Financial Educ...
The Money School
The Money School offers FREE financial education classes and financial literacy resources ...
Or choose a service from one of these Saving subcategories:
Comprehensive Housing Counseling Services
First Time home buyers preparedness, foreclosure prevention, credit rebuilding, and financ...
NCALL Homeownership Counseling
• NCALL provides homeownership education and counseling, financial coaching, financial edu...
NCALL Research Inc.
Homeownership Education*,e-Home America (Online)*, Foreclosure Prevention, Financial Educ...