I think we can all agree that a great majority of Americans are in a financial crisis due to a few reasons. Factors like greed, lack of discipline, poor decision-making, ignorance, inflation, increased taxes, etc. are sucking our bank accounts dry. However, although this is true, Kingdom people can ask for mercy, favor, and wisdom so we can become wealthy and be the lenders, not the borrowers to impact our children and generations to come.
One thing is certain, God cares about our finances and He has a plan for them. In the Bible, Malachi 3 teaches us the principles of bringing tithes into the storehouse and watching Him provide an abundance for us. Paul teaches us God’s perspective on giving through the sowing and reaping principle in 2 Corinthians 9:6-7 and how implementing this principle benefits us bountifully. In Deuteronomy 8, God gave a preview to the Israelites of what He was about to do to bring wealth into their lives. Moreover, He also warned them that as they accumulate wealth, not to forget that He was the One who gave it to them – the God who gave them the power to get wealth to confirm the covenant He made with their forefathers (v. 18). This is powerful! God was giving them wealth to confirm His covenant.
I take this personally and so should you. The financial crisis that we are experiencing is not all because of external reasons and we can do something about it.
There are several financial crises but I will talk about the savings crisis in this article and I will follow up on the others in upcoming articles so stay tuned.
The savings crisis is the reason people are not retiring on time and why they are getting deeper into debt. Here are 5 ways to save more money so that you can become more of a saver, not a spender.
- Give to the Lord: Give your money to the Lord first and consult Him about the rest of your plans to spend it. This takes you building your muscle of discipline. I know you may wonder, “How am I supposed to save if you’re telling me to give?” As I mentioned earlier, God calls us to give to Him and we surely believe that we will get back much more than we gave. His economy is unconventional.
- Pay yourself: As a Licensed Financial Professional, I recommend that you pay yourself when you get your paycheck. Saving 10% of your income will help you plan for emergencies and retirement. If you are not able to start with 10% reduce it to seven or five percent. Either way, put something aside and avoid touching it. You will thank me later.
- Spend less money: Spending less money may be hard for the spenders out there but for the savers, this is a piece of cake. Consider where you shop and try changing stores if it is worth it. If you are anything like me, quality means a lot so you may want to buy certain items from the high-end store and purchase other items at an inexpensive store. It is up to you. Also, use coupons whether they are online or in-store to save more.
- Evaluate yourself before going shopping: Do you shop right after work when you are extremely hungry? I am unequivocally guilty. At one point in my life, I frequented the hot bars which now are just astronomically high in cost. What about retail therapy when you are happy, mad, or sad? This is a spending buster for sure.
- Lastly, Use compound interest to build wealth: Strategically using compound interest to build wealth and protect it from taxes is an unconventional way to save more money. The book Money, Wealth, and Life Insurance tells you all about it. It is only 61 pages. Once you read it, click this link to schedule an appointment with a Licensed Financial Professional who can share the benefits of using this strategy to build wealth.
The point of sharing this information is to encourage you to save more money now to establish financial independence, have enough to bring solutions to the world, acquire wealth to fund Kingdom work, have for emergencies, and more to enjoy with your family. It is the duty of every Kingdom man and woman to take responsibility for our part and repent of any reckless behavior.
We do not have to live in a financial crisis that can ultimately bankrupt our Kingdom wealth. We have a choice.
Let us spur one another on to good works so that we as Kingdom people can build Kingdom wealth, launch Kingdom businesses, make a huge impact for God’s Kingdom in the world and help fund Kingdom work for the glory of God.
If you have savings strategies to share, please share them in the comments so we can learn from each other.
