10 ways to save money
Most families are looking for ways to save money, and financial consultants by the hundreds feel that they have the money-saving methods for which these families are looking. These include everything from refinancing home mortgages, home equity loans, and low-interest charge cards to no-down payment investment property, borrowing against retirement funds, and no-charge-at-all discipline.
In evaluating the multiplicity of suggestions and money saving options, 10 suggestions seem to be advised more than any others: (1) give to God; (2) start small; (3) put money into a retirement account; (4) monitor ATM withdrawals; (5) pay off charges and loans; (6) pay extra on home mortgage; (7) pay off car loan; (8) open an IRA; (9) evaluate life insurance; and (10) be accountable for your money.
Give to God
When we recognize that God owns everything and all blessings come from Him, our role as managers, or stewards, becomes evident. Part of being a good steward is giving back to God a portion of what He has entrusted to us. It is not that God needs our money. Rather, giving serves as an external, material testimony that God owns both the material and spiritual things of our lives and that He is the source of all our supply.
Malachi 3:10 is the first place that really directs the tithe: “Bring the whole tithe into the storehouse, so that there may be food in My house.” In the Old Testament, the storehouse was a physical place where the Jews would deliver their offerings of grain and animals. Ideally, the church should serve as the storehouse in God?s economy today.
Although the tithe is an indicator of our obedience to God?s laws, He is looking for the right attitude in our giving. If there were not a willingness to give back to the Lord a portion of what He has entrusted to us, then giving tithes upon tithes would be of little use. So, since the tithe?s purpose is to be a testimony of God?s ownership, each believer should give bountifully and cheerfully.
Most financial experts feel that we need to save at least 5 percent, and preferably 10 percent, of our income and place it into an interest-bearing, liquid savings account. However, don?t give up if you?re not able to put aside 5 or 10 percent. Establishing a saving habit and saving consistently will eventually add up; even as little as $5 per pay period will accumulate. Once saving becomes a habit, set as your savings goal a maintained savings account of at least three to six months? income.
Put money into a retirement account
If it is available, sign up with your workplace?s 401(k), 403(b), or similar retirement plan in which your company will contribute matching funds to the plan in your name. The most common match is 50 cents on the dollar. If this is the case, you will get an immediate 50 percent return on your contributions.
Monitor ATM withdrawals
Decide how much money you will take out each week and make it last; discipline yourself to stick to your decision. Try to decrease the amount withdrawn every month. If you discover that you have money left over,