As the new year begins, everyone is busy seeking to fulfill New Year’s resolutions. As we set our goals for 2020, I hope we have included personal finances on the list. The list could include items such as personal debt reduction—such as mortgage and credit card debt—retirement savings or the sale of assets and purchases for the year. Of course, at the top of the list should be our giving back to the Lord with that which He has blessed us.

I want us to look at one area that often gets overlooked. We talk about it as being a good idea; however, we never quite seem to discipline ourselves to start. The area I am speaking of is saving. We have all heard the term “saving for a rainy day,” but when the rainy days come, there is never anything to draw from; hence the dependence on credit cards, resulting in a greater burden of debt.

In Matthew 25:27, the poor steward was rebuked for not making good use of his master’s money. He was told, “Thou oughtest therefore to have put my money to the exchangers, and then at my coming I should have received mine own with usury.” This means that he should have put his unused money in an account that would bring gain to the existing value. 

There are different philosophies regarding how much savings we should have in case of emergencies. I don’t want to discuss how much necessarily; but, rather, I want to encourage everyone to save something.

Listed below are ten simple ideas to assist you in saving for that “rainy day” need:

  1. If your employer offers direct deposit, split a portion of your paycheck directly into a savings account. It is easier to keep from spending it if the funds are not easily accessible.
  2. Make saving a priority when preparing your budget.
  3. Look at your budget and determine if there is wasteful spending (coffee shop, outside dining, etc.). Cease any wasteful spending and put the extra in savings 
  4. Put your savings in an interest-bearing account.
  5. Pay off credit card debt and redirect the money you were placing towards payments to your savings account.
  6. Drive less and place the money that you would spend on gas in your savings account.
  7. Sell items that you no longer use and place that money in a savings account.
  8. If you refinance your mortgage for a lower payment, take the difference saved and put it in a savings account.
  9. Buy generic, not name brand, and put the difference in savings.
  10. Set a goal of how much you want to save and what it will take to achieve it.

There are many other ways to save beyond these ten ideas. Maybe these will assist you in getting started.

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Fred Slye

Fred Slye, Business Manager

As a single military man, Brother Slye began attending NVBC. Not long after, he was married, and in 1985 he came on staff as the maintenance director for the church. His responsibilities have varied over the years. For the past many years, he has served as the business manager, overseeing the finances for this entire ministry.