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mguldner
Member



Joined: 2009/12/4
Posts: 1860
Kansas

 Saving Money?

I was curious on the thoughts of Saving Money? Is it biblical for us as Christians to have Savings accounts? Just kind of curious on some thoughts because my wife and I are working on saving for a downpayment to purchase a house. Any input is appreciated I know there is a lot of wisedom in those older than me in the area of money mangement :)

God Bless,
Matthew


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Matthew Guldner

 2011/1/2 0:32Profile
White_Stone
Member



Joined: 2008/10/25
Posts: 1196
North Central Florida

 Re: Saving Money?

Hello, I am curious why you would be concerned about saving money and not be concerned about being indebted to buy a house?

white stone


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Janice

 2011/1/2 0:36Profile
mguldner
Member



Joined: 2009/12/4
Posts: 1860
Kansas

 Re:

I guess the idea is to save enough money so that our debt would be minimal to the very least. The house we are looking at potentially buy is 32,800 and comes with 3 arces of land which is a really good deal.


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Matthew Guldner

 2011/1/2 0:40Profile
mguldner
Member



Joined: 2009/12/4
Posts: 1860
Kansas

 Re:

On top of the fact that renting here is outrageous as compared to simply buying a house, our former house was 525 a month for rent while we could easily have a house payment of approx 350 a month saving us quite a bit of money on top of getting to actually own the house rather never getting any where with renting a house.


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Matthew Guldner

 2011/1/2 0:42Profile
NoWhining
Member



Joined: 2009/1/16
Posts: 67
East Texas

 Re:

How much down payment, interest, and years of debt?

That is a low price on a home. Is it a fixer upper? Is it a large enough home for your future? Is it really what you want, or is it just ok? Keep in mind your taxes, insurance and upkeep will add a couple hundred to your monthly expenses. Do you have the income to pay your note? Do you have the savings to cover the unknown problems that do happen? My last home, the day I was moving in, the CH/A went out and cost me $7000. Then the aerobic sewer system went out a year later and cost another $5000. Thank the Lord for savings!

As far as Christians being in debt, that's something you have to work out with your Lord. Sometimes we want something so bad that we easily justify jumping into debt. I do remember one of the sons of the prophet dying, and his widow appealing to Elisha for help, because her children were going to be sold over an outstanding debt. The prophet didn't scold anyone over the debt. He helped her pay it off.

With this recession, my small biz has been beat up, and 2011 is looking bleak. I would be sitting much more comfortably if I didn't have a business line of credit and a mortgage on the business property hanging over my head. But times were better when I did it, and I had to borrow to be in business. I'll just have to work harder and smarter. But my home I bought in '94 was paid off early by hard work and frugal living. So count the costs before you stick your neck out.


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Don

 2011/1/2 1:33Profile
mguldner
Member



Joined: 2009/12/4
Posts: 1860
Kansas

 Re:

Thank you for the words of wisedom, these are all things that I have taken into consideration or at least will be deeper. I understand that buying a house is serious business and isn't to be taking lightly :) As far as a fixer upper the owner did all the fixing or at least a great deal of it new plumping, electric, renovated kitchen, dining room, and bath. The only thing that we would necessarily need to do is put in Central heating and air. We are working hard now to save our pennies and dimes while keeping our giving at the same level we did before.

I work at one of those government jobs that tend to be secure and my wife works as in the nursing field. It has lots of land to grow on along with a 4 car garage workshop.


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Matthew Guldner

 2011/1/2 1:43Profile
Heydave
Member



Joined: 2008/4/12
Posts: 1306
Hampshire, UK

 Re: Saving Money?

Wow that's cheap! I would jump at a property at that price if it were in the UK. In the part of the UK that I live you would be looking at least $500,000 for a house with that much land!

It is not uncommon for younger folk here to have a mortgage debt of $250,000 to $300,000 in order to buy a house. For many now this is just not possible even if they could get a loan, which the banks are not giving to first time buyers without a large deposit (which could be £50,000 - $100,000).


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Dave

 2011/1/2 13:45Profile
NoWhining
Member



Joined: 2009/1/16
Posts: 67
East Texas

 Re:

Matthew, it sounds like you've got things thought out. In rereading my post I sounded like I as talking to a kid. I apologize for that and thank you for your kind reply. Imagine the hardships and tribulations my kids have endured! Gray hair/hard head. :-)

That house would rent in our small town for a easy $600. 3 BR or more up to $1000.


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Don

 2011/1/2 14:52Profile
mguldner
Member



Joined: 2009/12/4
Posts: 1860
Kansas

 Re:

Those prices are just craziness! Probably why I don't live in the UK :) I am a bit of a penny pincher when it comes to saving it would very well take me 4 to 5 years to save up a downpayment if I needed 50,000 even. We are currently living at my parents house who have graciously accepted up with no rent or utilities we are saving as fast as we can so we don't wear out the welcome. But so far they have been enjoying the time they get to spend with the grandkids. We are definitely taking advantage of the time we have to save I know many aren't blessed with the same opportunity.


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Matthew Guldner

 2011/1/5 1:23Profile
mguldner
Member



Joined: 2009/12/4
Posts: 1860
Kansas

 Re:

Well in truth you are talking to a kid so no apology is needed. Probably the only reason I have thought all this through is because of helpful comments from family and friends such as yours that have basically forced me to think about it or even just research the matter more deeply. Your first post brought up more things I needed to consider so Thank you :)


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Matthew Guldner

 2011/1/5 1:29Profile





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