Build Your Savings – Part 2

Are you struggling to have enough in savings?

Yesterday, I talked about establishing the habit of saving by starting with prayer. Then, by writing down a specific goal that you refer to frequently, and developing a plan. The final step is getting practical by opening a designated account and setting up automated deposits. When it comes to opening a savings account, look for banks that offer a low minimum balance, free of monthly fees. Seek a competitive annual percentage yield. To guard against impulse purchases, consider a different bank for checking to prevent easy transfers. You also might benefit from a money-saving app.

Next, track your income and expenses to create a workable budget. The sooner you eliminate high-interest debt (like credit cards), the more you’ll be able to save. Learn to recognize the difference between needs and wants. Then deposit excess money into your savings accounts. Recruit a relative, close friend, or small group to join you. Ecclesiastes 4:9-10 says: “Two are better than one…For if either falls, his companion can lift him up; but pity the one who falls without another to lift him up.” Find someone to “lift you up” when you stumble toward your goal and do the same for them. Finally, celebrate your victories! Thank God and those who help you in your progress. Don’t allow past failures to alter your certainty that nothing is impossible with God. 

If you’re struggling with credit card debt, let Christian Credit Counselors help. They can create a debt management plan specifically for you. For more information, visit online at crown.org/ccc.