Creating and sticking to a budget doesn’t need to be painful. Having a written financial plan is the best way to guarantee that you can pay for life’s essentials and build for the future. Here are a few tips to get you started.Learn what you earn. If you don’t know how much you take home each month how can you manage it? Add all wages to any other source of income, such as interest, dividends, or pension payments.

Figure out where your money goes. Get in the habit of saving receipts. This is an easy way to track your cash expenditures. A checking account or debit card register will also help you keep track of what you spend.

Know what bills are due and when. Compare the timing of your essential expenses (such as your mortgage, utilities, or car payments) with your pay schedule.

Plan for large, periodic expenses. Bills such as property taxes, homeowner’s insurance (if they’re not paid by the lender), insurance, and water bills can be put on a budget calendar that shows the approximate amount of the expenses and when they are due.

Get ready for repairs. Some experts suggest budgeting one percent of the purchase price of your home for regular maintenance.

Expect the unexpected. It’s not a matter of if an emergency will happen, it’s a matter of when. Make sure you have saved enough to fix a furnace on the fritz or pay for an unexpected medical bill.

Adhere to a regular savings plan. Many financial advisors suggest saving at least 5 percent of your take-home pay.

Think before you buy. Consider putting aside money each month and pay for big-ticket items in cash rather than charging them. You’ll pay less and you may decide that you’d rather use the money for something else. If you decide to purchase on credit, look carefully at the financing terms, including the APR. Often the retailers that offer the easiest terms actually charge the highest interest rates.

Information for IHFA Homeowners Winter 2013

Budgeting is Priceless

www.idahohousing.comBudgeting for now, saving for the future.

HomeSenseWorried About Missing a Mortgage Payment? Get the Help You NeedIdaho Housing and Finance Association offers free HUD-approved housing counseling to any consumer statewide, regardless of whether your loan is with IHFA.

If you might be unable to make a payment, visit preventforeclosurenow.org. Or, you can call 1.877.888.3135 or email preventforeclosurenow@ihfa.org to discuss your situation and talk about your options. The sooner you get in touch with a housing counselor, the more time you have to address your concerns.

Trained and experienced housing counselors conduct confidential interviews with clients to discuss

their housing needs and help them find resources to meet housing challenges. Counselors are skilled at helping borrowers who are faced with sudden financial difficulties. Counselors can’t provide financial assistance, but they can:

■■ Identify resources and solutions for housing problems.

■■ Provide short- or long-term financial planning tools.

■■ Review credit reports and help with a debt-reduction plan.

■■ Prioritize your budget with housing stability in mind.

■■ Identify solutions for maintaining necessary utilities.

Online Budgeting Resources■■ Get started with a few basic budget forms. www.daveramsey.com/tools/budget-forms/

■■ These tools can help you track expenses, analyze credit card debt, and set realistic savings goals. www.suzeorman.com/suze-tools/

■■ Step-by-step guides to everything from budgeting to investing. money.cnn.com/magazines/moneymag/money101/

■■ Free advice and tools for making financial decisions. www.360financialliteracy.org/

Note: IHFA does not maintain, endorse, or control these third-party sites or warrant the accuracy, reliability, or currency of the information found there.

In the time it takes you to read this sentence, a home in the United States will have a fire serious enough to call the fire department, according to the U.S. Fire Administration. The following basic tips will help you protect your family.

Plan Ahead■■ Prepare an escape plan that includes a designated outdoors meeting place. Practice your plan at least twice a year.■■ Install smoke alarms inside every bedroom, outside all sleeping areas, and on every level of your home. For the best protection, all the alarms should be connected.■■ Install carbon monoxide alarms outside all sleeping areas and on every level of your home.

■■ Test all smoke and carbon monoxide alarms once a month and replace the batteries at least once a year.■■ Your home should have at least one working fire extinguisher and you should know how to use it.

Heating ■■ Keep anything that can easily catch on fire at least 3 feet away from heating equipment.■■ Portable heaters should be placed where they won’t easily tip or get knocked over. Turn off portable equipment when you leave the room.■■ Fireplaces require special care. Have chimneys professionally cleaned and inspected once a year. Always use a metal screen on your fireplace. Put hot ashes in a metal container with a tight-fitting lid and put them outside and away from your home.

Electrical and Appliances■■ Watch for worn wires. Never run cords under rugs or furniture.■■ Don’t overload outlets and only plug one heat-producing device into an outlet at time.■■ Big appliances such as refrigerators, air condi-tioners or washers, should be plugged directly into an outlet. Never use an extension cord.■■ Never leave cooking unattended. Be sure your stove and small appliances are off before going to bed.■■ Keep flammables away from the stovetop.

Other Tips■■ Keep lighters/matches out of the reach of children. ■■ Avoid using lighted candles. ■■ Never leave cigarettes unattended.

SafetySense: Protect Your Home From a Fire

P.O. Box 7899Boise, ID 83707-1899

RETURN SERVICE REQUESTED

PRSRT STDUS Postage

PAIDBoise, ID

Permit No. 479

QuickTipThe Internal Revenue Service and commercial software providers have teamed up to help you prepare and electronically file your federal taxes for free online.

The Free File service provides free brand-name software or online forms depending on your income. If your income was $58,000 or less in 2013 — and that’s 70 percent of Americans — you can use a Free File software product. If your income was more, you can use Free File Fillable Forms. Explore your options at IRS.gov/freefile.

Either option provides step-by-step guides that will help you get your taxes done quickly and accurately. It also helps you make sure you get the tax breaks you are due. If you use direct deposit, you’ll get your refund more quickly.

Need one-on-one help? Visit a participating self-help site near you and an IRS-trained volunteer will guide you through the process. Go to IRS.gov/freefile and search “VITA” to find a site near you.

Make Paying Your Taxes Less Taxing

To view past HomeSense newsletter issues, please visit the newsroom at idahohousing.com. To order additional copies or to offer comments, please contact the IHFA Marketing and Communications Department at 208.331.4858 or marcomm@ihfa.org. For questions about your home loan, contact IHFA Mortgage Services at 800.526.7145.

Published three times a year by Idaho Housing and Finance Association

ProgramSense Win $100 By Making Your Mortgage Payments Online

HomeSense

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Connect with us!

Connect with Idaho Housing and Finance Association on Facebook at facebook.com/idahohousing, on Twitter at @idahohousing, or on YouTube at youtube.com/IDhousing.

Paying your Idaho Housing mortgage online will save you money on postage and save you the time it takes to write a check. It also could make you a winner. If you make your payment online and on time for three consecutive months, you’ll automatically be entered into a drawing to receive a $100 gift card to Home Depot through IHFA’s online payment promotion.

Recent winners Daniel and Meagan of Pocatello started making their mortgage payments online when they refinanced their home. “It’s just really convenient and easy, and also saves us from using a stamp,” Meagan said.

It’s easy to get started. Make sure you know your loan and Social Security numbers, then go to idahohousing.com and click on “Home Loans.” From there, click “Make A Payment” and you’ll be able to sign up. Daniel, Meagan, and their three children at home in Pocatello.