As we pursue our dreams and the goals we seek to accomplish for our family, we sometimes forget to set aside savings for our retirement.
Before we know it, retirement will be looking at us fixed in our eyes, and we may not be ready for it. In the last two posts, we spoke about the importance of Life Insurance and the importance of an emergency fund.
Today, we will be looking at “Seven simple tips to help you save now”.
The Needs vs The Wants
When we receive income, we have choices to make; most of the time, they are critical. It’s a battle between: “the needs vs the wants” or, put another way, “necessary expenses vs desires”.
A budget will help guide our spending and allow us to make better choices as we earn income, pay our necessary expenses and save.
As Christians, we are supposed to put aside ten percent of our income for tithes; similarly, one should also set aside a minimum of ten percent for saving.
If we want to save, living by a budget is essential.
Start To Save Now
Are you satisfied with your saving? If you are not and want to do something about it, start by reading this book by George S. Clason called “The richest man in Babylon”.
It’s a powerful little book about saving, investing, and the power of compound interest. It doesn’t matter how old you are; it’s not too late to start saving; to apply these seven simple tips to help you save now.
Last year was challenging to say the least, for most of us, and in 2021 as I write this article, many countries worldwide are seeing an increase in Covid-19 cases.
Stock markets globally saw one of the most significant drops in history because of fear and uncertainty due to the pandemic last year.
Necessary Changes
I know people who lost their jobs, and I also know people who got substantial pay cuts. Despite this, some of them were able to make forced financial adjustments to survive.
There are times when things happen, which causes us to make hard necessary changes to function. Governments made adjustments, companies both small and large, schools and individuals.
We all had to make some adjustments over the last year, some of us more than others.
Better Investment Portfolio
When we put together the sudden drop in the global stock markets, some companies are going out of business, there are jobs losses, and the fear of uncertainty.
As a result, many people started to reorganize their spending.
They’ve now placed a greater emphasis on the necessities rather than the desires, essentially beginning to cure their finances.
If you are one of these people, you can use “The richest man in Babylon” to rebuild your savings, and a “Budget Planner” can help you not only to get back on your feet but implement a strategy for a better investment portfolio with these seven simple tips to help you save now.
7 Tips To Save Now
After reading the first book, you will have a clear understanding of why it is crucial to have a budget, and it will also help you properly prepare for retirement.
Living by a budget is absolutely important if we want to save; a budget gives us structure and control of our spending.
In the early chapter of George S. Clason’s book, he shares a simple concept for saving and wealth accumulation which he calls “seven cures for a lean purse”:
1. Fatten your purse:
It doesn’t matter how much you earn; what matters is that you start to save now. It’s about discipline, every time you are paid, put aside 10%.
The first stage is about creating and building.
2. Control your expenditure:
You need a budget to control your expenditure. An allocation to live by between salaries, do not use from the 10%.
If you can save from the 90% and a situation comes up, use it from there.
3. Make your savings multiply:
Look for investment opportunities, opportunities that will give you a better rate than the income fund while offering security. Your money needs to work for you.
4. Guard your savings against loss:
Do not take unnecessary risks with your savings. Build on a stable foundation, not on one where the potential for loss is high.
5. Own your home:
If this makes sense to you, then do it. You may be able to purchase a home and have a portion of it self-contained for you to rent and thereby continue to generate savings.
If you are looking for a home in Florida, contact Dominion Realty Group, their professional staff will help you find your dream home.
6. Provide in advance for the needs of your growing age and the protection of your family:
While you are saving, consider your retirement, be mindful of your age and the time you have left to work.
I also shared in a previous post the importance of life insurance and having an emergency fund. Protecting your income for your family is very important.
7. Get knowledge, study, and become wiser for you to earn more income:
Once you can study and earn more income, you can save more if you continue to live on the same budget.
These are seven simple tips to help you save now for yourself and your family. It’s a disciplined way to manage our income by ensuring we systematically save while living our day-to-day lives.
It’s a discipline we can pass on to our children, so they too can make sound financial decisions in the future. Click the links to get your copy of “The richest man in Babylon” and “Budget planner“.
This investment in yourself is worth it, get the knowledge and implement your action plan today.
Budget
The second book is an annual budget planner which will help you organize a budget for you to live by as you build/rebuild your financial portfolio.
The steps you take today will impact your tomorrow, either positively or negatively; the choice is yours. Covid-19 forced us to make adjustments, which can be a catalyst for our new way forward.
If you had a cut in salary and survived, you can implement this program and improve your financial situation over time.
Malachi 3 verse 10 – Bonus Tip
Here, the Lord has promised a blessing upon those of us who will give a tenth of our income as commanded in His Word.
Conclusion
While we continue to navigate this new normal, now is the best time to implement this program, rebuild and rise like the fabled phoenix from the ashes of this pandemic.
Initially, you might have been forced into a situation, but you now have the opportunity to excel as a result of it.
