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My daughter fell in love withvolleyball. I love that she found something she’s excited about, and I want to help her pursue it.
Then there are the private league fees. Apparently, we have both made a commitment to this sport.
That’s the part of budgeting I think deserves more attention. We’re trying to save for our futures while also paying for lives we care about right now. Our kids have interests. We have responsibilities. And sometimes something matters enough that we want to make room for it, even when the price makes us blink a few times.
A homebuying budget needs to account for that.
Last week, I shared why building a future for my children through real estate brings me comfort. Helping my daughter pursue something she loves matters to me, too. I want a plan that makes space for both.
If you’re hoping to buy a home, you might be working through a similar balancing act. How do you save for a down payment while paying rent, buying groceries, and supporting the people you love?
Start by looking at where your money is going, without giving yourself a lecture.
Pull up the last month of your bank and credit card statements. Write down your take-home income and what you spent. Include essentials, debt payments, and the things you want to keep making room for.
Then look ahead. What expenses are coming that don’t show up every month? This is where I’d include volleyball fees. You might have car registration, school expenses, or an annual insurance payment.
Divide those upcoming costs across the months you have to save for them. They’re much easier to plan around when they aren’t all jumping out of the bushes at once.
From there, choose a home savings amount you can realistically manage while keeping room for emergencies. It’s okay if it’s modest. You can adjust as you learn what works.
And if there’s simply nothing left right now, I don’t want you walking away from this feeling like you failed. Housing and everyday expenses can take a lot out of a paycheck. That’s a good reason to explore support.
There are Oregon programs that may help your savings go further.
Have you heard of matched savings accounts? They’re called Individual Development Accounts, or IDAs, and eligible participants can earn matching funds toward goals such as buying a home.
For those of us around Eugene, Springfield, Veneta, and the rest of Lane County, DevNW is a resource to explore. DevNW currently offers a $5 match for every $1 saved. In most cases, participants save $1,200 and earn $6,000 in matching funds. That adds up to $7,200 toward an approved goal. It’s worth calling them and asking questions! There are income and asset limits, required classes, an annual membership fee, and a funding-dependent applicant lottery. DevNW also helps participants build a budget based on 30 days of tracked expenses. You have someone to work through the numbers with you. You can read about the program here:
https://devnw.org/access-funds/individual-development-accounts/
You may have also heard of Dream$avers through NeighborWorks Umpqua. It offers a $5 match for every $1 saved, with up to $1,800 in personal savings and up to $9,000 in matching funds. Saving for a home down payment is one approved goal. Dream$avers also has financial eligibility requirements and selects applicants through a lottery as funding allows. Details are here:
https://www.nwumpqua.org/our-programs/matched-savings-programs/dreamsavers-ida/
To find other matched savings providers in your area, visit:
https://oregonidainitiative.org/
Oregon also has other down payment assistance options. Availability and requirements vary, and some assistance must be repaid, so ask about the terms before building it into your plan:
https://www.oregon.gov/ohcs/homeownership/homebuyers/Pages/down-payment-assistance.aspx
Your stepping stone this week: give your home savings goal a place in your budget, then contact one provider.
Ask what you might qualify for, what you need to do first, and how long the process could take. Getting those answers now gives you something concrete to work toward. And when you sit down with your budget, leave room to talk about what matters to you. For my family, that includes a daughter who wants to play volleyball. For yours, it might look completely different.
What’s something you want your future home savings plan to make room for? I’d love to hear it.
Thinking of you,
Krystal
