. $tarting Over Financially

Taking Care of Stuff.
Program 5

Homes and Cars

It’s all His -
Psalm 24: 1 "The earth is the Lord’s, and everything in it, the world, and all who live in it;"

It’s all temporary -
1 Timothy 6:6-8 "But godliness with contentment is great gain. For we brought nothing into the world, and we can take nothing out of it. But if we have food and clothing, we will be content with that."

Enter the name for this tabbed section: Home -
Lets get perspective. One’s home was once an appreciating asset. This may no longer be true. Its your temporary residence. Its not your investment, its Gods on loan for you to use.

Scripture is clear that you establish your income before determining your home.
Proverbs 24:27 "Put your outdoor work in order and get your fields ready; after that, build your house."
Enter the name for this tabbed section: First Step
What is realistic in your new circumstance? If you own and sell, is it wise to buy, or even possible?

General guideline, All housing costs should be only about 30% of your income.
Enter the name for this tabbed section: Second Step
Calculate the costs.

Mortgage, Taxes, Utilities, Special community assessments, Upkeep
Typically all these increase over time except your mortgage if you have a fixed rate. 20% downpayment should be your minimum. Delay and save!

Time and effort.
Proverbs 15:16 "Better a little with the fear of the Lord than great wealth with turmoil."

Scripture tells us that its better to have little and the fear of the Lord than great treasure and trouble with it. Care of stuff requires time, oversight, emotional energy and sometimes trouble. Consider your values. Family, serving others, recreation, count the cost before purchasing a home.

If in doubt, rent.
Enter the name for this tabbed section: Transportation
Transportation 10--25%. Don’t think just car payment. Think payment, insurance, and upkeep.

Does Scripture talk about cars? Yes, it is your present day ox, a means to get to work, perhaps even your source of income.
Proverbs 14:4 "Where there are no oxen, the manger is empty, but from the strength of an ox come abundant harvests."

New vs used

Don’t think, can I afford it? Think is this the best use of my money? So, you want to buy a car and you do not have cash to pay up front. Biblical guidelines. Credit should never be normal, it should be short term, don’t borrow unless you are SURE you can repay.

A new danger that’s appealing, is financing a car loan for 5-6 years, smaller down payment. Bad idea. Within a few years, maybe even months you owe more than the vehicle is worth. You can sell the car, get what you can, and still owe money to the lender. Creditors love that plan.

Delay that purchase and save, Change your car wish for reality.

Research repair history for the car you want. Remember: all stuff requires space and attention.