Fannie Mae Foundation: How to Buy a Home

Before having the students write this essay, spend some time discussing how people can improve their personal finances. You may want to make a “concept map” or “web” with the words “Improving personal finances” in the center and with “branches” of the web coming out from the center. Some typical responses students may come up with are:

getting a better job,

getting a second job,

working overtime,

spending less, and

living in a more modest
apartment.

Unit 1 : Lesson 2: Getting money to buy a home

Thinking through writing

There are many ways a person could improve his or her personal finances in order to save enough money to buy a home. Write about ways to improve personal finances.

There are many ways to improve personal finances to save enough money to buy a home. Some possible ways include the following:

You could get a second job or, if possible, work overtime at the job you have now. You could spend less money on entertainment, discontinue cable TV, get basic telephone service only, and make fewer long-distance phone calls. You could also choose less expensive rental housing or move in with friends or family for a while. Then you could pay off car and credit card loans and be able to put more money into savings.

Perhaps you could reduce spending on food and clothing. You could take your lunch to work instead of going to a restaurant. You’ll find cutting back is a lot easier when you have a goal in mind.

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