Budget, budget, budget. Plan, plan, plan. Then execute the planned budget with resolve. There are some general rules – and some specifics. For someone with no plan – plan. For someone with a plan, expand the plan.
But why save – what is the purpose? There are many reasons – retirement, security, education of children… But these are so boring. And some would say selfish. What does the Bible say – buy a coat, give a coat. I suppose in an ideal world we could all share everything we have and never have to worry about saving – but this is the real world – where others will not necessarily share with us when we have nothing. So save your money.
One of my fears is that I will one day become a burden on my children. My children will feel compelled to take care of me. That day will be my worst nightmare – I suspect I would have two dominant feelings. First would be guilt for putting the burden on my children. Second would be a bruised pride. And third would be total contempt for the decisions made – I cannot imagine that I would agree with the choices made on my behalf. So if I want to maintain control of my own life – then I must be prepared.
First – resolve to save. If you save nothing – resolve to save something. Start with four or five percent of income, next year you can raise the amount to ten, then more. But save. Initially it will seem quite impossible. People say, “I can’t pay my monthly bills now! How could I possibly save?” Well, you can.
Investments – All of us do not have to be authorities in investment strategies, and we should recognize that we are not authorities. Find a stable investment manager – conservatives will want to go to the trust department of their local bank – but the point is to get advice from those who know.
I am not Dave Ramsey or Joel Osteen. I am not a financial adviser. But I believe in saving – and I don’t think the idea contradicts any church or faith ideology – if it does – find a new church.
Start with a few resolutions:
I will save five percent of my income.
I will invest my savings wisely.
I will prepare for long term security.
Let’s examine this issue further in future posts.