NightCrawler
01-14-2007, 07:06 PM
Best advice for money?

I am trying to adopt a few small practices that can help a lot, anyone willing to share wisdom?

I always budget my tithe first, then my debts (which I avoid getting into like the plague), then try to put the rest to savings... I don't buy much.

I am saving up for a car, and I have resolved to never buy a car while dipping into my last paycheck (or two if I can help it) at all costs.

Anyway, I am sure there is some advice people can share here.

terrasin
01-15-2007, 05:08 AM
Sounds like you are making good decisions already by saving your money. That's more than a lot of people do anymore as it is. When it comes to big purchases, always plan everything out. You're getting a car. How much is insurance a month? How much will gas cost? Are there a lot of problems the model has that you will have to have it in the shop getting things replaced a lot? All these are things that must be considered when making purchases.

I also must commend you on tithing before bills. A lot of people seem to think anymore that tithing is optional (it's not) or secondary and that the bills need to be payed first to make sure they can meet ends meet. Though you might not be in a position where things are extremely tight, it will be good practice for you if/when things do become tighter to trust God with finances.

CJ

alorian
01-15-2007, 08:31 AM
I get my check and run my budget by taking out my tithe, then my bills, then essential purchases, some in savings, then whatever's left I use for spending money. Usually spend it on food though *rolls eyes*

NightCrawler
01-16-2007, 08:46 AM
CJ, I work at a payday advance place. I would be a fool to not learn from someone else's mistakes so blatently.

terrasin
01-16-2007, 09:52 AM
CJ, I work at a payday advance place. I would be a fool to not learn from someone else's mistakes so blatently.

You'd be amazed how many people ignore what is right in front of them. ;)

CJ

john316
01-16-2007, 05:33 PM
Sounds to me like you are off to a fine start...and i also commend you for tithing first...alot of ppl get that backwards. Just get praying that God will give you wisdom to be a good steward of your resources.

I will tell you something that my dad told me when i got my first car... "cars and girls are just like a bank only you never get your money back and they dont pay interest". Of course that didnt stop from investing in either one;)

dawn of light
01-16-2007, 08:48 PM
Once I have a steady job and am done school (no longer living off student loans) I plan to follow the "live off 70% rule".
Give 10%
Save 10%
Invest 10%
I also want to increase my giving % as my income increases. Saving 10% allows for a "cushion" in case anything goes wrong like injury or job loss, saving for bigger purchases like a house, car, etc., and money to take your family on vacations. Investing allows you to start planning for retirement. I'm not exactly sure what the options are in the US but in Canada there are a number of ways to invest with absolutely no risk. One way is the RRSP (registered retirement savings plan). The sooner an RRSP is opened and money is contributed the better because even a few years makes a huge difference by the time it matures (because of interest being collected). And of course there's a obvious, stock, bonds, mutual funds.

Another way to invest is in real estate. I personally know a lot of people who have made good money off real estate. But of course, you have to know what you're doing.

NightCrawler
01-18-2007, 07:36 AM
My parents forced me and my siblings to budget 10% for tithe, 50% for savings, and 40% is what we could do whatever we wanted with. The started that when we would make only a couple bucks... imagine dividing up $2.00!

When I get my paycheck, I try to set aside 10% rounded up to the next 5-dollar. (like if I made $270, I would round it to $30, instead of 27 dollars)

Then I usually want to keep about 20 bucks in my wallet, so whatever I need to keep that at $20 every 2-weeks goes there. The rest I put in savings.

I really don't have many bills, as I live with my parents and they don't charge me for most things.

dawn of light
01-18-2007, 10:07 AM
I really don't have many bills, as I live with my parents and they don't charge me for most things.
Well as my stepdad would say "you must be rollin' in dough"

I don't know if you have a car or not, but if you could save enough to buy a decent one without taking out a loan, you won't regret it.

skynes
01-18-2007, 10:48 AM
Investing in the UK is a pointless endeavour. you get far less from pensions than what you put in and any and all savings, investments or whatever you have get a huge whack of tax on it... something like 40% depending on what you earn.

terrasin
01-18-2007, 11:42 AM
Investing in the US can be smart if you invest in the right places. Frankly, I like investing into companies. I actually regret not investing into youtube this year because my stock would be worth a ton more than the initial investment. But they are risky and you need to stay on top of them.

CJ

unshakeable15
01-18-2007, 03:36 PM
"Neither a borrower nor a lender be."

i don't know if you are going to college and have to pay for school, or are planning to do that in the future, but do all you can to work your way through school and not take out student loans. Then, once you are out of school, you can start making ahead of the game instead of behind like all those folks who got loans (sorry if that's you).

Also, a tithe marked as 10% (in the OT) is not set in stone. The jr. high pastor at my church knows a man who is a millionaire, and he gives away 70% of his income to the church and charities, and still lives comfortably (and struggles with living this comfortable life while other people could genuinely use the money). A good rule of thumb: if it starts to hurt when you sign that check to the church, it's probably a good amount. If you can sign it without any second thoughts, it's probably not enough.

NightCrawler
01-18-2007, 07:38 PM
"Neither a borrower nor a lender be."

i don't know if you are going to college and have to pay for school, or are planning to do that in the future, but do all you can to work your way through school and not take out student loans. Then, once you are out of school, you can start making ahead of the game instead of behind like all those folks who got loans (sorry if that's you).
I am at college, no loans yet. :: dances :: No intention to get them either. And to reply to dawn_of_light, I don't want to take out a loan at all. Even though it might help with estabilishing credit, I don't care -- I hate the idea of being in debt.

Also, a tithe marked as 10% (in the OT) is not set in stone. The jr. high pastor at my church knows a man who is a millionaire, and he gives away 70% of his income to the church and charities, and still lives comfortably (and struggles with living this comfortable life while other people could genuinely use the money). A good rule of thumb: if it starts to hurt when you sign that check to the church, it's probably a good amount. If you can sign it without any second thoughts, it's probably not enough.
Yeah, I wanted to work my way up to 20%, but it is hard for me. I know it is good, and that it demonstrates faith... but at the same time, ... well, actually, I don't have a justification.

dawn of light
01-18-2007, 08:39 PM
I don't want to take out a loan at all. Even though it might help with estabilishing credit, I don't care -- I hate the idea of being in debt.
Good for you. (I'm not being sarcastic, I really mean that. I think it's great.)

A short term goal of mine is to give $5000 a year over and above my 10% tithe by the time I'm 30.