Tuesday, September 22, 2015

4 Steps To Start Saving Money

 Having a savings plan is important if you want to move out of survival mode into planning mode with your finances. A savings makes you prepared for when the laptop crashes or your dream sewing machine goes on sale for half off.

But what if you are barely making it? How do you start saving when you don't even have enough to cover expenses? I've grappled with those same questions and I want to encourage you that you CAN take steps to a savings no matter what your current situation. This is not an exhaustive list, but it gives you a good starting place for creating a savings plan.

  Step 1: Seek The Lord

Anyone can save money, but having a healthy, biblical view of money starts with seeking God though prayer and His word. Through the Word we learn God's wisdom in being godly stewards and through prayer we allow God to search our hearts and test whether our motives and desires are right in His sight. Below are several passages that teach the biblical view of money:

Psalm 37:16
Psalm 62:10
Psalm 112:1-3
Proverbs 3:1-18
Proverbs 6:6-11
Proverbs 10:22
Proverbs 11:28
Proverbs 22:4
Proverbs 23:4-5
Jeremiah 9:23-24
1 Timothy 6:17-19

Step 2: Prioritize

While saving money can't be our end goal, preparing for the future should be a high priority. I would highly encourage you to scrutinize your financial priorities and pray about how you can make it important. Ultimately, it is between you and the Lord where savings ranks in your spending plan. Which is why it's so important you understand the Bible's commands concerning money management.

Step 3: Set A Percentage You Can Consistently Save

The key word for this one is CONSISTENCY. The percentage will be different for everyone, but the main thing is that you make it realistic for your situation and then stick with it. If you can only save 1% of every dollar you make, then make it a goal to save 1% of every dollar. Over time that amount will grow and snowball, but only if you keep the ball rolling with consistency. (Did I mention the key word is consistency? :))

Step 4: Write It Down

I'll confess this is a tough one for me, but keeping track of each time you deposit money into your savings is very important. Not only is it fun to watch it build, but it also gives you top of the head awareness of how money you have. And when you do have to withdraw from your savings it will make your life much easier if you don't rely on how good your memory is (which for me would be disaster!).

Note: As important as saving money is, never forget your security is not in your savings cushion. In all honesty, saving money gives me a dopamine rush, so I'm preaching to myself. Throughout life, we will meet plenty and want and all the shades in between. But our safety net is "the LORD will provide". So as you learn to be a wise steward, never forget your greatest treasure is a heart fixed on trusting God. 

...give me neither poverty nor riches;
feed me with food convenient for me lest I be full, and deny thee, and say, Who is the Lord?
or lest I be poor, and steal, and take the name of my God in vain. 
~ Proverbs 30:8-9

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