We all know saving is a very important practice, yet many of us find that at the end of the month, this task is much harder than it seems at first. Yet because of the vast array of plans out there for savers, we really have no excuse to fall short in this area. Today I want to introduce you to some of my favorite ways to save, and I hope you will see how incredibly easy it is to save if you get on one of these plans.
Why do I believe everyone should have a savings plan? Because you never know what God will have in your future. Life throws all kinds of twists and turns at us, and it is important to be prepared for what we are faced with. And ultimately, having a good amount of savings will make your life a lot easier when unexpected expenses pop up out of nowhere!
So check out the savings plans I have outlined here, and make the most of your dollar by saving a good chunk of it, and spending the rest that you need…
1.Set Amount Transfer
This is probably the easiest way, and most accessible to you (although like I said earlier, all of them are easy!). In a set amount transfer, you just decide what amount you want taken out of your checking account, and when.
For example, at one point I had a Wells Fargo Checking and Savings account. On the 15th of every month, I would transfer $50 out of the checking account and into the savings.
This is a simple way to start on a savings plan, and it will get you to understand the purpose behind growing your savings. Before you can even blink, you will have hundreds saved up, and this will turn out to be a great safety net for you in the future.
2. Keep the Change Program
This program is by far the most creative of all, and I think it holds a lot of wonderful benefits for people who need to start thinking of new ways to save, rather than traditional ways.
This program is run by Bank of America, and basically what they will do is round up every purchase to the nearest dollar. Say you buy a muffin at a local bakery for $2.50. They will round that up to a $3.00 charge and deposit the extra $0.50 into your savings account. If you are a big spender, this will definitely force you to really save, and get you on the right track to being responsible with what you have.
3. Paycheck transfer
The paycheck transfer is your safest bet to always having savings, regardless of what you spend during the month. This is actually the method I use to save, because sometimes, I feel I don’t have enough self control to save at the end of the month.
To do an automatic paycheck transfer, you simply set up your bank to take a specific amount out of your paycheck right when you receive it. That way, you are never left at the end of the month without savings.
It is very similar to the way your employer might take money out of every paycheck for your 401k or retirement savings. Think of it in this way: If you never had the money to spend in the first place, you won’t spend it later on!
4. Goal Savings Plan
If you are the type of person that loves a challenge, and won’t give up until you get there, the goal savings plan might be the way for you. This is very similar to the first option, but instead of setting a date in the month for when you should save, you simply set a goal for the amount that you want to save.
With this plan, I suggest you make sure you are still taking out a minimum amount out of your earned income every month, so that you don’t completely bypass a month on your savings if you are running low on funds.
A goal you might want to set for yourself is something like: $4,000 in an emergency fund, $20,000 for an eventual new car, $50,000 for a future down-payment on a house.
What I like most about the goal savings plan is that it really does tap into your competitive side. Although it may be a little more risky, and a little more sporadic than the other savings plans, you may also get there much more quickly!
5. 10-10-80 Plan
The 10-10-80 plan is well-known in many circles, and this plan is more of a lifestyle, with an emphasis on giving and saving. In simple terms, 10% of your income goes to your savings, 10% goes to giving, and 80% goes to everything else, or your expenses.
What I like most about this plan is the fact that you are always giving to God first. This principle should come before all savings plans, and you should always make sure you are making God a priority over all your other expenses. If you do this consistently, everything else will fall into place.
With whatever savings plan you might choose, the important thing to remember is that you are doing what you are supposed to do. By simply choosing one of these, implementing it on your bank’s website, you are on your way to become an effective steward of God’s resources. Don’t loose sight of the end goal, it’s all for Him!
Do you have a creative way you save for your future? Leave a comment, we always love to hear new ideas!
By: Erika from Faithful with Finances
Meet the founders of Faithful with Finances: Tony Amaradio and his wife Carin.
I like the “Keep the Change” Plan ! Great idea ! I am gonna give it a try !
I know, it’s too easy not to use it! 🙂
Reblogged this on The Breakroom.