Saving vs hoarding money

[angell1]

at what point would a person to be hoarding money selfishly?

I don’t have a job, only some disability income. between paying my parents for rent, food, cell phone, guide dog necessities, I can only usually save about $100 or so each month. plus all the money I paid for school, and when I didn’t pay, I took out loans.

when I do get a job, obviously I will be receiving more. I’m not really a big spender, I rarely buy anything for myself, unless I really need it. so my money tends to just sit in my account and accumulate, as in savings. I do like to make donations or give to my parish as well so I’m sure that will be factored in.

but what about whatever’s left over. is it wrong to save a few thousand dollars just because? you never know when you might need it later on.

I know the church doesn’t dictate our giving or saving, but are there some sort of guidelines? how much is realistic. because I’m not used to my bank account being anywhere near the thousands. and of course, scruples

 

[mVitus]

From an apologist answer about saving money.

“No, it is not a sin to save money. God calls us to be good stewards of the blessings we have received. Saving money for emergencies, to ensure the security of our family, etc. are all good things. The key is to be sure our priorities are in the right order.”

forums.catholic-questions.org/showthread.php?t=1016045&highlight=money

So from that answer, it is prudent to save some money. And from discussions on giving to the poor, it’s been interpreted that in the story of Lazarus and the Rich Man, it wasn’t that the Rich Man was rich, but that he never gave at all to the poor, that caused sin. Where does the line lie between savings and hoarding though? I don’t know.

 

[joeybaggz]

From an apologist answer about saving money.

“No, it is not a sin to save money. God calls us to be good stewards of the blessings we have received. Saving money for emergencies, to ensure the security of our family, etc. are all good things. The key is to be sure our priorities are in the right order.”

A thought: when amassing money causes one to ignore the needs of the sick, the hungry, the poor, the downtrodden, I would say then, it becomes hoarding, a sinful act. You have every right to pay your bills, provide for yourself and your immediate loved ones, and to save for future needs. In fact it is a standard recommendation that one save six months expenses in case of emergency. So, be wise with your money and find a balance between the responsibility you have to yourself and to others.

 

[Monte_RCMS]

Hoarding is when whatever it is … is piled up all over the place in complete disarray and you trip over it and it becomes a fire hazard. Like on television when some people pile up their garbage and old television sets and even animal stuff and it becomes a health hazard and you can’t even walk in their rooms.

If you have less than two million dollars and you keep records, then it is saving.

 

[1ke]

If you have less than two million dollars and you keep records, then it is saving.

that is arbitrary. Someone might have more than $2M in assets without it being anything near hoarding. Retirement savings in a tax deferred employer plan, for example. Aging can be very expensive.

 

[1ke]

know the church doesn’t dictate our giving or saving, but are there some sort of guidelines?

No, angel. It’s a prudential judgment.

Three people with the exact same amount of money may be in very different circumstances. What may be a large excess for a single person might be prudential savings for a married person with children nearing college or a couple needing to pay for nursing home care, or someone who helps support elderly parents or any number of other situations.

There is NO specific amount that is “too much”. It is completely dependent upon the many prudential factors that go into a person’s life-- their state in life, those who depend on them, their age, the availability of benefits from the government or other sources, etc, etc, etc, etc, etc.

Anyone who throws out a number here is doing just that, throwing out an arbitrary number.

I do not believe an unemployed, disabled person with little money coming in who saves small amounts for emergencies is in any position to believe they are “hoarding” money. You REALLY need to talk to your pastor about your scrupulosity, it is out of control. Posting here does not make it better, it makes it worse.

 

[Polycarp1]

Hoarding is when whatever it is … is piled up all over the place in complete disarray and you trip over it and it becomes a fire hazard. Like on television when some people pile up their garbage and old television sets and even animal stuff and it becomes a health hazard and you can’t even walk in their rooms. If you have less than two million dollars and you keep records, then it is saving.

Yes don’t you just hate it when the money piles up like that!

 

[Mary_Estelle]

You might want to open an interest bearing savings account and save for the future. With an interest bearing account you can tith at a proper time or when the interest builds up. Speak to your banker about this and they will guide you in the right accounts to look at. Do save for the future as parents are not with us always. A few thousand dollars is a far cry from hoarding. Not a good idea to indicate that you have any money saved because the world is full of “takers.” Be at peace and praying for you.
P. S. Enjoy a little bit of that cash in the bank. Take someone out for dinner that can not afford to go. Go to some good concerts, maybe a retreat or a day trip, if possible “cause Man does not live by bread alone.”

 

[MT1926]

at what point would a person to be hoarding money selfishly?

Let’s simplify this with a definition.
To be selfish is to be concerned excessively or exclusively with oneself : seeking or concentrating on one’s own advantage, pleasure, or well-being without regard for others

Excessively or exclusively is the key here. We have a duty to ourselves and our families health and well being first, but we must not forget others. Also, remember time is just as (if not more) valuable as money. So there is no sin on saving for your future if you are donating your time as well. What good is donating $1000 to the local food cupboard if no one is there to cook the food.

I don’t have a job, only some disability income. between paying my parents for rent, food, cell phone, guide dog necessities, I can only usually save about $100 or so each month. plus all the money I paid for school, and when I didn’t pay, I took out loans.

WOW. In this statement alone you proved that you do not fall under the definition of selfish. If I was you father I would be so proud. To hear that you have stepped up and help your parents out with the monthly bills is quite the accomplishment in the entitled world we live in, especially when I read here that you are disabled. I applaud you angell1.

when I do get a job, obviously I will be receiving more. I’m not really a big spender, I rarely buy anything for myself, unless I really need it. so my money tends to just sit in my account and accumulate, as in savings. I do like to make donations or give to my parish as well so I’m sure that will be factored in.

Good to hear that donations are on your list when you get a job.

but what about whatever’s left over. is it wrong to save a few thousand dollars just because? you never know when you might need it later on.

As someone else pointed out, it is a good rule of thumb to have 6 months expenses tucked away for a rainy day. You should be even more concerned with this since you mention a disability. Plus there are future expenses that we should be concerned with that need to be considered along side our charitable giving. Retirement, future health concerns, etc…

I know the church doesn’t dictate our giving or saving, but are there some sort of guidelines? how much is realistic. because I’m not used to my bank account being anywhere near the thousands. and of course, scruples

You are correct the church doesn’t dictate. I personally would be leery of any church that dictates how much we “OWE” them. What you give is between you and God, he knows your heart. In all of my charitable giving, whether time or money or prayer, I always go to this one verse of scripture.

Luke 12:48
Every one to whom much is given, of him will much be required; and of him to whom men commit much they will demand the more.

 

[angell1]

No, angel. It’s a prudential judgment.

Three people with the exact same amount of money may be in very different circumstances. What may be a large excess for a single person might be prudential savings for a married person with children nearing college or a couple needing to pay for nursing home care, or someone who helps support elderly parents or any number of other situations.

There is NO specific amount that is “too much”. It is completely dependent upon the many prudential factors that go into a person’s life-- their state in life, those who depend on them, their age, the availability of benefits from the government or other sources, etc, etc, etc, etc, etc.

Anyone who throws out a number here is doing just that, throwing out an arbitrary number.

I do not believe an unemployed, disabled person with little money coming in who saves small amounts for emergencies is in any position to believe they are “hoarding” money. You REALLY need to talk to your pastor about your scrupulosity, it is out of control. Posting here does not make it better, it makes it worse.

I don’t think I’m hoarding now. I hardly have much at all. I meant more along the lines of when I do get a job, hopefully soon. guess it will depend on the salary of the job and other things that come up

 

[Beryllos]

It’s all right as long as you own the money, not the money owns you. If your thoughts and dreams, your hopes and your anxieties are all about money, the money owns you, and you have a problem.

 

[Jeanne_S]

You might want to open an interest bearing savings account and save for the future. With an interest bearing account you can tith at a proper time or when the interest builds up. Speak to your banker about this and they will guide you in the right accounts to look at. Do save for the future as parents are not with us always. A few thousand dollars is a far cry from hoarding. Not a good idea to indicate that you have any money saved because the world is full of “takers.” Be at peace and praying for you.
P. S. Enjoy a little bit of that cash in the bank. Take someone out for dinner that can not afford to go. Go to some good concerts, maybe a retreat or a day trip, if possible “cause Man does not live by bread alone.”

Unfortunately interest bearing saving account are non existent these days,but I digress.Just wanted to point this out.

 

[Bonnie]

Aging can be very expensive.

You ain’t whistling Dixie!

 

[Mary_Estelle]

Unfortunately interest bearing saving account are non existent these days,but I digress.Just wanted to point this out.

There are a couple of online banks that do bear interest, but you have to seek them out or have someone assist you in finding them. Yes, they are safe. Peace.

 

[Cassandra_Lyn]

I have been accused of hoarding money. out of fear of hitting a bump in the road and losing everything, which I have done many times, I tend to try not to spend all the money I make, if I can help it. I have lived in my car before, I have been literally flat broke. I know how frightening that can be. I know how life can happen and how fleeting money can be. We aren’t materialistic or greedy, we are just experienced. We don’t always have the ability to sacrifice as much as we might feel like others do. Maybe we need to do what is right for us in this situation.

 

[Bonnie]

I have been accused of hoarding money.

I suspect that anyone doing that does not have your best interests in mind. Ignore them.

Maybe we need to do what is right for us in this situation.

Exactly. This is why we can’t judge - we don’t know all the particulars of a person’s situation.

 

[Monte_RCMS]

Hoarding is when whatever it is … is piled up all over the place in complete disarray and you trip over it and it becomes a fire hazard. Like on television when some people pile up their garbage and old television sets and even animal stuff and it becomes a health hazard and you can’t even walk in their rooms.

If you have less than two million dollars and you keep records, then it is saving.

If you keep records, then it is called investing.

Investing is important … everyone should invest … for their future. Or to save up to buy something expensive. Or both.

The homespun description is to put money away for a rainy day.

 

[Monte_RCMS]

I have been accused of hoarding money. out of fear of hitting a bump in the road and losing everything, which I have done many times, I tend to try not to spend all the money I make, if I can help it. I have lived in my car before, I have been literally flat broke. I know how frightening that can be. I know how life can happen and how fleeting money can be. We aren’t materialistic or greedy, we are just experienced. We don’t always have the ability to sacrifice as much as we might feel like others do. Maybe we need to do what is right for us in this situation.

Ignore them.

Saving and investing are vitally important.

 

[JimG]

Ignore them.

Saving and investing are vitally important.

I heard a saying from a financial manager a long time ago: “There are only two sources of income–people working, and money working.” His point was that unless you are able to work till you die, you’d better save something to generate income for you can no longer work.