Every home buyer should allow himself some margin in order to provide for the possible rainy day. The man who cannot save over twenty dollars a month outside of actual living expenses commits a serious error when he signs a contract requiring him to pay twenty-five dollars every four weeks. In doing this he robs himself first, and, second, is unfair to his family. It would be to his advantage to place aside three or four dollars out of the twenty dollars named as a nest egg.
This applies in particular to the careful man, who has been taught in the school of thrift. The man who has been unthrifty may be able (when he graduates) to save thirty dollars a month even when he thinks he cannot save anything. Building society managers make it their business to warn the thrifty not to undertake too much, and also to lead the unsaving into habits of economy.
Only recently a judge on the bench said, “Such associations, when properly conducted under judicious restrictions and management, are a helpful blessing and encouragement to any community. But the ambitions and extravagance of some borrowing members place themselves in a burdensome condition.... Far better for the public, the associations, and their membership, that many small loans be made rather than a few in number and large in amount. Moderate homes and a moderate price should be the criterion.... Their primary purpose was and should continue to be to promote industry, frugality, and saving, and convert the shiftless and discouraged tenant into a self-reliant and contented home-builder.”
Building societies since their inception have supplied the means for home purchasing, but these companies do not generally take any part in the erection of houses. Most of the small homes in Philadelphia have been built by those engaged in the business of building houses for sale.
Here is a picture of a row of houses containing seven rooms each. The purchase price is $1400 each. The lots are 14 feet wide and 60 feet deep. The houses are brownstone and brick. They have good cellars, portable heaters, and range in kitchen, hot and cold water in kitchen and bathroom. On the first floor there are three rooms,—parlor, dining-room, and kitchen, and outside shed. Front door opens into vestibule; entrance to parlor from entry, and also from dining-room. Two front bedrooms over the parlor, bathroom in centre, and sitting-room back of the bathroom. The dining-room extends over the width of the lot less stairway room, and receives light from skylight. The kitchen has a window opening towards the back shed or backyard. A small toilet room occupies a small portion of the back shed.
BUILDING ASSOCIATION BANQUET.
Any person known to be prompt in the payment of dues and interest may purchase such a home by the payment of $200 in cash, and giving a building society mortgage for the balance of the purchase-money, namely, $1200.
The monthly cost would be about as follows:—
| Monthly dues | $6.00 |
| Monthly interest | 6.00 |
| Monthly total | $12.00 |