Tools for the journey
- Online banking
- Online savings account
- ‘Piggy bank’
In line with Church principles we are counselled to ‘live within our means,’ and have Savings –
“In the financial operations of the church, two basic and fixed principles are observed. First, the church lives within its means and does not spend more than it receives. Second, a portion of the annual income is set aside as a reserve contingencies and unanticipated needs…’(David A Bednar).
These Savings are not necessarily for us to purchase something that we ‘want’ but to fulfill the ‘need’ to have an emergency fund for the unanticipated emergencies of life.
After paying Tithing and Fast Offerings we as members are counselled to have savings. The amount that a person is able to save will depend on their income and expenditure and is not a set amount for each person or family. However, the Church leaders counsel that we should have £100 (or the equivalent) in ready cash and then we should have enough money in the bank to pay all ‘needs’ for 2 months.
According to my Budget I would need £100 in ready cash (more about this another time) and approximately £650 in savings to cover living costs for two months.
(That is like woooooooooo…really….that’s a lot of money…wow…oh WOW!!!)
If you just did that too, here are a few ideas –
- Pennies in a jar – if you save 1p on day one and 2p on day two and 3p on day three in a year you could save £667.95
- If you do not have an online current bank account, then get one – add to that a savings account. On a set day each month or each week (I am working on this weekly) transfer any ‘loose change’ from your current account to your savings account – example – you have £136.23 in your current account…you transfer either any amount above the £5 in this case £1.23 or anything above the £10 in this case £6.23 to your savings account. Get into the practice of doing this on a set day or date. .
- in current account £136.23 – £1.23 x 52 weeks = £63.96
- or £136.23 – 6.23 x 52 = £323.96
- Once a week empty your loose change into a ‘piggy bank’ – it could be all coins or any coin above or below a certain value. Last year, my piggy bank yielded approximately £75.00
- If you are living in you overdraft every month, change banks. Put the overdraft in the ‘debt’ category and make an affordable repayment into the overdraft each month. Then, live within your means, no more overdrafts no matter what…(This advice was given to me by a debt advisory company.) Living constantly overdrawn is soul destroying, so stop doing it as soon as possible.
- You may want to save a set amount each month, i.e £5, £10 or £20+ what is important is that you do this the Lord’s way, within your means.
- £5 x 52 = £260
- £10 x 52 = £520
- £20 x 52 = £1,040
Remember these amounts are for an emergency fund only. If there are others needs or wants, you will have to save for them separately.
To Do List
- Make a commitment to save.
- Get friendly with your online banking system.
- Buy or convert a container into a piggy bank.
- Stop living in your overdraft.
- Save in the Lord’s way, within your means.