Are you a saver or a spender? Is their precious treasure and oil in your dwelling, or do you just devour it?
If you haven’t saved money in the past, start now by setting money aside for emergencies. Your first goal should be a $1,000 emergency fund so you can pay cash for unplanned expenses.
Then, increase your goal to one month’s living expenses, then 3 to 6 months of living expenses. But, if your job is volatile, you have health issues, or a major expense is upcoming, you’ll need more savings.
Saving should become a way of life for you, and you can avoid hoarding by giving along the way.
Every time you save money, you take a step back from the cliff. Living without margin means you’re on the cliff ’s edge, and one gust of wind will push you over.
A key to successful saving is to develop a spending plan, which helps you spend on purpose. Save with intention – not buying things you don’t need and avoiding all impulse spending.
As you develop your plan, focus on cutting expenses. Set limits for spending, then faithfully live within those limits every month. Reducing excess consumption will help you create financial margin, and as a result, you will have more money to save.
When you sacrifice in the short-term you can reach long-term goals. Adjust your budget for saving and pay yourself. Simply have money automatically deducted from your paycheck and deposited into a separate account, even if you start with just a few dollars each month. Develop a habit and you will succeed!
God wants us to save so we’re prepared to help others when needs arise. Like Solomon said, Precious treasure and oil are in a wise man’s dwelling, but a foolish man devours it.
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