Proverbs 14:29

“He or she who is impulsive exalts folly.”

Christian Stewardship Translation

The person who buys impulsively promotes a fantasy regarding their saving plan

We learned in our financial seminars last week that a savings plan is essential for everyone. The ultimate goal is to live on 70% income. Dedicate 10% of your income to tithing to the church, 10% toward your retirement and 10% to your savings plan.

Your savings plan should include six months of salary, an emergency fund, a vacation fund, a savings plan for your children’s education and a savings plan to care for elderly parents. Buying electronics, shoes and even going out to eat impulsively can destroy your ability to stay on track with your plan. Here are a few tips to stay on track:

  1. Track your spending habits for 45 days
  2. Make adjustments in your spending habits
    1. Use coupons
    2. Watch for sales
    3. Buy in bulk
  3. Write the plan down
  4. Review the plan regularly
  5. Have your prayer partner hold you accountable
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