2013 Board of Directors
Bruce Gottschall,
President Patricia Abrams, Vice-President Ofelia Navarro, Secretary Lawrence Grisham, Ex-oficio Director Joy Aruguete Joel Bookman Pamela Gecan Calvin Holmes Edward Jacob Brenda Palms-Barber Rosanna Marquez Robert McGhee Guacolda Reyes Joseph Williams Marva Williams Staff
Kara Breems, Executive Director Teresa Lambarry, Outreach Director |
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Monthly Visit with the CCLT
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Dear CCLT Homeowner:
Why don't you get a cup of coffee or tea and sit down and relax, so you can enjoy this "visit" better with me.
As you may have noticed this is the second CCLT newsletter that you have received. We are trying to do a better job of keeping in touch with you.
Each month I will send out a CCLT newsletter that will focus on a topic of interest to homeowners like you.
We also plan to continue holding several workshops each year, that are geared towards CCLT homeowners.
The first 2013 workshop was on Budgeting and took place on Wednesday, February 27, 2013 from 5 to 8 pm here at City Hall. This very informative and useful workshop was presented by Lisa Walker from Bethel New Life. I would like to take the opportunity to thank the CCLT homeowners who came to the workshop.
For those of you who could not make it, here were some of the important takeaways:
- It is very important to have a clear goals statement so that you can make and manage your budget in order to achieve said goals. The first thing to do is to write down your short, medium and long-term goals. Be sure to make them SMART (specific, measurable, achievable, results-based and timed). Examples of the short term might be buying window treatments for your home/unit, a medium goal might be a new bedroom set, and a long-term goal might be getting a parking space or garage. Remember, some short-and medium-term goals help you achieve your long-term goals.
- It is a good idea to review your goals statement regularly to ensure that your goals remain meaningful to you.
I have the habit of doing a budget for each of my bimonthly pay periods and it really works well, keeping me on track with my goals as well as helping me not to overspend. I crafted my own budget but you may find this link useful to start your budget. There are many free tools on the internet. Find one that works for you!
Sincerely,
Teresa Lambarry
CCLT Outreach Director
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Along with a new home, new schools and a new neighborhood, you probably noticed some new expenses when you purchased your home. Maybe you had to buy a lawn mower or toolkit and in some cases pay homeowner association dues. There may be some savings too. Take a moment to think about your new costs and/or savings. Ask yourself the following questions:
- Have you noticed any new expenses since you purchased your home?
- Are you paying more or less for your utilities?
- What new purchases have you made?
- What new purchases do you still want to make?
- Have you found any ways to save money in your new home? (for example: cookouts in the back yard instead of a visit to McDonalds, "movie night" in the recreation room instead of at a theatre, or vegetables grown in your own garden instead of purchased at the grocery store)
Part of good budgeting is saving money. You saved money to get into a home and now it is in your best interest to save money to keep your home. Put off buying a new couch or that new television until you have a few dollars saved. Car repairs, medical needs or loss of a job often comes up when we least expect it. Just as you planned your budget to buy a home, plan now for emergencies so that you can keep your home!
(The above was copied from Neighborworks "Keeping the American Dream" Homeowner's Workbook.)
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One of the primary financial benefits of owning your own home is having a federal income tax deduction. Before owning a home, you probably filed the Internal Revenue Service (IRS) form 1040 short form with standard deductions. As a homeowner you may now find that it is worth it to file using the form 1040 long form with Itemized Deductions. The IRS allows homeowners to deduct several major expenses each year:
- Interest (the "I" in "PITI" - the total paid annyally on your home
- Property (or reals estate) taxes - the total paid annyally on your home
- Mortgage Insurance Premium - the total paid annually along with your PITI payment
These costs can be deducted from yor gross income to reduce your taxable income and ultimately, reduce the amount of federal income taxes that you will have to pay each year.
(The above was copied from Neighborworks "Keeping the American Dream" Homeowner's Workbook.)
Keep in mind that the Center for Economic Progress offers free tax preparation for families making less than $50,000 per year and to individuals making less than $25,000 per year. If your income qualifies, you can go to their website and find a location near you. |
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Learning Opportunities from our Partners
| | Are you looking to replace your door with something more antique? Do you want to take wood working classes? Please use this link and find out what our partners at The Rebuilding Exchange can offer you or sign up for workshops that they offer. |
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Event Calendar
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Click here to visit our calendar, which includes both our CCLT pre-purchase education schedule AND the post-purchase homeowner classes that are available at no cost to all CCLT homeowners. |
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And remember...
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