Jun 16 2010

Watch my house down payment grow!

We’ve decided to stop saving for a second vehicle. We have $4k in that fund and we may use it for a vehicle or we may put it toward a house. Dunno. It’s just sittin’ pretty right now.

We’re moving on to building up our house down payment fund. It does seem like we’ll rent for at least a little while once we make the big move, but we’ve gotta start saving sometime!

Right now, our fund is at a sad little 4 percent. Not four percent down — four percent of my 10 percent goal. So…yeah that isn’t very much. I’m not even going to calculate how much that is of a total house purchase because that would be depressing.

But not to worry! I have several auctions going on eBay for things we’ve had just collecting dust. I sold 16 items at HalfPriceBooks today (they didn’t have much value on Amazon and I didn’t want to get PaperBackSwap credit), and I was hoping they’d offer $10. Well, they gave me $16.75. Thank you!

Getting rid of things helps us by bringing in a little more money for the house fund AND it’s that much less stuff we have to move later on.

I have my trusty little progress bar up and ready to grow. Go, thing, go!



6 Responses to “Watch my house down payment grow!”

  1. Sounds like you’re making progress though! (And getting rid of stuff to boot, it’s always fun to both clean up and put money toward a big goal in the process.)
    .-= Jackie´s last blog ..What is an Investment? =-.

  2. Another point I would like to make is this: God wants us to lend and give to the poor and the widows, to love our neighbors and help those in need. We cannot possible give (to God or man) if we are tied down with debt (obligations, especially big ones such as a mortgage) because whatever you are giving is no longer yours to give. You owe someone money that is due either now or in the future and thus it’s as if you took the money that you need to pay the creditor and use it to give to someone else. That money belongs to someone else’s pocket – already. (Deuteronomy 15:6, 28:12, Matthew 5:42)

    Matthew 5:42 Give to him that asketh thee, and from him that would borrow of thee turn not thou away.

    In short, being in debt goes against the biblical mandate to give generously and freely. How can you be free to give when your hands are tied? You can’t give what you don’t have.

    ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

    As for myself and my family, we have decided to wait on the Lord so that when we buy that ‘home’, it will be a home filled with peace and joy (which is priceless), and to do that, we will buy it with cash. We understand full well that this does not make much ‘financial sense’ but it makes spiritual sense as we surrender our lives and our money to the Lord. Doing what is right, at the right time and place more often than not requires patience, diligence, wisdom and faith in the Lord.

    Yes, we may not get the home as quickly as we would have liked (which would be now), but we are gathering little by little. And I know God is blessing us with such wonderful peace and sweet sleep, because we have no debt, we owe no man and we can give when the needs arise.

    We have a set up a fund that can cover 1 year and more of living expenses, a fund with enough money for a new car, $10K in our house fund, we also have a fund set up for medical expenses that will cover our next baby delivery cost and we have another 6 months of living expenses stashed up so that when my husband decides to work from home, we can do that. Our credit score is very good and we have banks willing to lend us a lot of money…with very little down. Thanks but no thanks.

    In fact, if we wanted to, we could buy a house with cash and not have debt right now, but the truth of the matter is, we want to live on a margin. We don’t want to use up all our cash just to buy a house. That means not just financial, but emotional, physical and spiritual margin. We don’t want to be tight, and be in a position where we could fall off the cliff into debt easily.

    ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
    Have you considered the true cost of homeownership, the hidden fees? The added expenses beyond the mortgage payment? Such as repairs, maintenance (which can up to a lot of money and inevitable), homeowner’s insurance (more costly than renter’s insurance), added utility bills (as you have more square footage and appliances), furniture (more space often requires more furniture), cost of selling your home in case you can no longer pay for the mortgage (5-10% of your home’s selling price, IF it sells), the cost of mowing your lawn, keeping a clean ‘bigger’ house, property taxes, hoa (association fees), appliances to be bought/replaced/fixed (you might need to buy things like refrigerator, stove, washing machine, dryer etc) which were previously covered by your rent.

    May people buy the house without any margin and find themselves in a great deal of trouble due to the added (often unexpected) costs which put them in a very stressful emotional and financial place they never thought possible. Fixing a roof, driveway or a big leak can often sink the whole ship and turn into a nightmare. Ask around your homeowner friends and they should tell you that there’s usually something that needs fixing now or needs fixing soon (appliance or house).

    Other things to consider: what are your plans if your husband loses his job and you have a mortgage to pay, a leaking roof, a broken refrigerator, a car that needs fixing and a few more medical bills that are not covered by the insurance company?

    Most people are very optimistic ‘before’ they get into debt because they believe with all their heart and mind that they will be fine. They genuinely thought that it was a good and wise decision that will pay off – whether it’s a car, a house or a student loan.

    May God’s wisdom rest upon you and your husband.

  3. You have to start somewhere. I know that fund will build quickly.
    .-= Jennifer´s last blog ..Analyzing the Overspending =-.

  4. Gosh! That’s a first! Half Price Books paying MORE than you expect! Congratulations!
    .-= Lisa´s last blog ..FIRST BLOG GIVE-AWAY!!!!! =-.

  5. I sound like an insurance commercial, but I just saved $70 but canceling cable for the summer! Yay! I love finding “pockets” of money like that and being able to apply it to a better area of our finances!

  6. Good going, Amanda! We put our Netflix account on hold for the summer — maybe longer. It was only $10/month but it does add up!

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Hey! I'm Kacie, wife to Shane and mother to Jonathan (7), Vivienne (5) and Amelia (2) . I write about my family's finance: how we save money, improve our spending, and plan for the future.

I hope I can inspire and encourage you to improve your situation. See disclosure.

I'm adopting a much slower-paced posting schedule, and treating this as a hobby blog now.

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