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Today on MyMoneyLife with Chuck Bentley

Tuesday, October 6, 2009

Saving Steps

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Got a testimony or question for Chuck? Send it to ChuckBentley@Crown.org.

Chuck Bentley Have you started a savings program yet? One of the few bright sides of the economic downturn is that folks are starting to save again.

You know, I constantly hear from folks who say they make plenty of money, but somehow they just can’t seem to save any of it.

Having financial margin and an emergency fund is critical if you want to weather the financial storms that may lie ahead.

So I want to encourage you to begin saving today if you haven’t already and to help out, we’ve got the top 3 saving tips taken from our Crown Money Map.

First, create a spending plan. You’ve got to determine how much discretionary income you have after paying all of your monthly obligations, so you need a budget. We can help you with that, too.

Second, pick a number. Decide how much of the leftover amount you‘re willing to commit to savings. Ten percent of your income is a good place to start, and you can adjust it later if necessary.

Finally, make it automatic. The reason 401k retirement accounts are so successful is because the money is taken out of our checks before we ever see it. Now, you can do the same thing with a savings account.

Just set one up at a separate bank and have the money transferred automatically on payday from your checking account. What you don’t see, you probably won’t spend.

The Bible says that a wise man saves for the future, but a fool spends everything that he has. With this economic outlook, these are certainly days to be wise. At MoneyLife, we want to help you make wise choices. I hope you’ll take 60 seconds to find out more at Crown.org.

10 Ways to Save Money

We need to make saving money and debt freedom top priorities in lives.

The Need for Emergency Savings

The common biblical attitude is to save on a regular basis, and it is important that Christians develop good habits to replace bad habits.

Develop a Saving Lifestyle

God can change our attitudes towards material things and help us to learn to be contented with what we have.

Ideas for Funding an Emergency Account

One of the best ways to break out of the debt cycle is to have an emergency savings fund to cover unexpected expenses.