Proverbs 21:20 - The Foolishness of Spending All We Have
Proverbs 21:20 (NIV) states, "In the house of the wise are stores of choice food and oil, but a foolish man devours all he has."
It was been widely reported in the press that our nation has a negative savings rate, meaning that we spend more as a nation than what we earn. The methods used to calculate these statistics have their flaws, but the general idea that we do not save enough as a nation is probably correct.
We should save for our future consumption needs, which include down payments for a house, future automobile purchases, unforeseen emergencies, college expenses for our children, retirement, etc. When we fail to save, we do not leave any margin of safety, in case something unexpected comes our way.
Our savings should also be regular and automatic, meaning that funds for savings are regularly withdrawn from our checking account or pay check.
If you want to supercharge your savings efforts, I recommend setting goals on what you want your money to do for you in the future. If you write down your goals, your mind will subconsciously work to attain those goals, and you will tend to place focused energy on achieving your goals.
What are you saving for? Have you tried to write down these goals? Did writing down the goals help?
It was been widely reported in the press that our nation has a negative savings rate, meaning that we spend more as a nation than what we earn. The methods used to calculate these statistics have their flaws, but the general idea that we do not save enough as a nation is probably correct.
We should save for our future consumption needs, which include down payments for a house, future automobile purchases, unforeseen emergencies, college expenses for our children, retirement, etc. When we fail to save, we do not leave any margin of safety, in case something unexpected comes our way.
Our savings should also be regular and automatic, meaning that funds for savings are regularly withdrawn from our checking account or pay check.
If you want to supercharge your savings efforts, I recommend setting goals on what you want your money to do for you in the future. If you write down your goals, your mind will subconsciously work to attain those goals, and you will tend to place focused energy on achieving your goals.
What are you saving for? Have you tried to write down these goals? Did writing down the goals help?
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