What Should We Know About Saving Money?
Answer: Here are seven important facts about saving money:
- God wants us to do it because he knows we need to.
- It’s important because it’s part of God’s plan for meeting our needs.
- It’s difficult now but will reward us later.
- It takes planning and work but less effort than getting out of debt.
- Responsible people do it because they know they will need it someday.
- It should be done for a specific purpose, so you know when to use the money you have saved.
- Most people are not good at it.
Try to have a purpose for all your saving. It will be easier to set aside some money each week if you have a goal in mind.
For example, you may want to save for a special trip or for college.
Key verse: The wise have wealth and luxury, but fools spend whatever they get. (Proverbs 21:20)
Related verses: Genesis 41:35-36; Deuteronomy 8:11; Proverbs 6:8; 10:5; 13:11; 14:4; 20:4; 22:3; 1 Timothy 5:8; James 5:1-6
Related question: Why do we need money at all?
Note to parents: If your child doesn’t appreciate the reasons for saving money, give him or her some practice.
Start small and work up to more challenging goals. First have your child save up for something that costs only two allowances.
As time goes by, set bigger goals. Eventually, your child will build a habit of purposeful saving.
What Is The Quickest Way To Save Money?
Answer: The easiest and quickest way to save money is to set some aside every time you get some.
You may want to begin by putting some in a jar. Then when you get a few dollars, you can put it in the bank.
Some people don’t save because they think they can’t save enough to make it worthwhile.
But it may surprise you how much you end up saving when you save a little out of every bit that comes in.
Remember these things about saving:
Have a purpose for your saving and write it down. Example: “I want to buy-
Have a plan. Example: “I will set aside half of my allowance and any other money I get.”
Have a procedure. Example: “Put the cash in a jar every week and take it to the bank once a month.” Or “Write down new total each time I put in some money.”
Key verse: Those who love pleasure become poor; wine and luxury are not the way to riches. (Proverbs 21:17)
Related verses: Proverbs 13:11; 16:8; 19:1; 20:21, 23; 21:6, 20; 22;3
Related question: Are savings bonds good for saving money?
Note to parents: Whenever your child wants to save up for something, ask him or her to describe the purpose, plan, and procedure for the project.
(If you have preschoolers or early grade-school kids, use the words why, when, and how.)
Write down the goal with the amount that’s needed and put it with his or her savings where it will serve as a reminder.
If I Put Money In A Savings Account, Can I Get It Back?
Answer: Oh, yes! The bank is just a holding place for your money. It’s like a big piggy bank. Later, when you need it, you will be able to get your money back.
To get money from your savings account, just go to the bank with Mom or Dad and fill out a withdrawal slip.
The teller will give you the money, and the computer will keep track of how much you took out. The money is yours, and you can always get it.
Remember, the purpose of a savings account is to save for the future. Try not to take money out until you’ve reached your goal.
Do not get too attached to your money, though. God doesn’t want us to trust in our savings.
He wants us to trust in him. God will help you save, and he will take care of you no matter what.
Remember that God-not money, banks, or anything else here on earth-is your provider. Place your trust in God.
Key verse: If your wealth increases, don’t make it the center of your life. (Psalm 62:10)
Related verses: Jeremiah 22:17; Matthew 25:26-27; James 5:1-6
Note to parents: The first time your child opens a savings account, you might want to go back to the bank together after a few days and take some money out just for practice.
Also, once he or she has set a savings goal, help your child stick to it.