Having a Savings Week

How would you like to dedicate an entire week to saving? In light of current statistics, it may be a great idea!

America needs to adopt the Biblical practice of storing money away for future needs. Credit is the opposite of savings. You charge the product with a credit card, then try to pay later and if you can’t then you incur interest charges making the payment higher.

The better way is to say no to what you want today so you will have what you need tomorrow. Saving doesn’t represent a lack of faith. Rather,  savings allows you to avoid the lifelong necessity of debt.

Americans are such poor savers that a campaign managed by the Consumer Federation of America was started in 2007 in an attempt to promote the habit of saving. They encourage people to take the “America Saves” pledge and address a different aspect of saving each day for a week. Things like:

• Family Savings Day-A day to educate the family about budgeting, saving, retirement and workplace benefits.
• Save Automatically by implementing direct deposit and automatic transfers to savings or retirement accounts.
• Save for retirement by opening or contributing to an IRA.
• Save at Tax Time by deciding how you want to wisely steward your refund.
• Pay off High-Interest Debt by finding areas in your budget where you can cut spending and apply freed up money to pay down your debt.
• Save for Emergencies by opening an account that you don’t have easy access to – and begin contributing via automatic deposits.
• Solomon wrote, “There is precious treasure and oil in the dwelling of the wise, but a foolish man swallows it up.” And, “Go to the ant, O sluggard, observe her ways and be wise.”

So, take a week, focus on saving then follow through on your plans!

And if you need some tips on how to get started, call the Crown Helpline at 800-722-1976 or find free resources online at crown.org