Learn to pray for provision
Golden Nugget: “Plan your saving and spending”
Resources: www.christiandevotions.us posts Faith & FINANCES, Bible-based devotions aimed to help readers apply God’s financial principles in their lives—every Tuesday a new finance devotion posts.
Also listen the interview with financial minister, Chris Stocklin: http://www.christiandevotions.us/radio.html
Ron Blue teaches simple saving principals.
1. Patient Savings Plan: Save $21 a week or exactly $83. a month with 8% yield = $259,000 in forty years.
Now, right now you may not find 8%, but save your money in an account (CD possibly).
Older than 20? Save more than $83.33 per month to catch up, if you can.
2. Ron Blue also teaches a principal called: Opportunity Cost
This means the item you purchase for $20 cost you more because it’s a lost opportunity to earn money. How much more would the twenty dollars mean to you in 20, 30, 40 years? The item doesn’t cost $20, it cost the money you could have earned if the money had been invested instead.
Links to Ron Blue
“Disclaimer – Ronald Blue & Co. provides the names of other financial organizations and/or vendors of financial products as a convenience to its web site visitors. Ronald Blue & Co. may not agree with, nor does it make any warranty as to the accuracy of the information supplied by these organizations or vendors. It is not intended to be a substitute for personalized legal or financial planning advice.”
College Savings Plans: Check the 529 plan in your state (Tax advantage savings plan)
More ways to stop spending so you can save
Use the library
Sew: hem your pants, sew on buttons, alter clothes
Does it mean you can never spend? No, but it you delay or reduce spending, the long term outcome is financial security.
There are creative ways to save money that you may like to share. Please comment and share your money saving ideas.
ANSWER TO YESTERDAY’S QUESTION: Is a car an investment? (NO)