"Enough is better than too much" - French Proverb
For the most part, deciding where the line is drawn between wise saving
and foolish hoarding is not a matter of money; it's a matter of the
heart. Certainly, in our quest to live as stewards of God's resources,
it makes sense to maintain a reserve large enough to handle some of
life's tougher financial circumstances, such as an extended period of
unemployment.Teaching us about saving money, the Bible uses the word "fool" a number of times. (Consider Proverbs 21:20, and Luke 12:16-20).
The key to figuring out how much money you should keep in reserve, includes knowing your household's essential needs monthly. If you were to lose your (source of ) income, taking your next vacation or updating your wardrobe probably would (definitely) not come up as important, on your priorities list - but there are certain bills you'd still need to pay, such as your mortgage, utilities, groceries, and insurance. If you don't already have a budget, create one today. Financial planners often recommend maintaining an emergency fund large enough to cover three-to-six months' worth of essential living expenses. So, take your one-month figure and multiply by six.
It is the height of foolishness to trust in your savings as the source of your security. However, it's also foolish to think the need for a well-funded emergency fund doesn't apply to you. Earn wisely, save wisely, and invest wisely. Do not try to gather all the wealth in the world, but remember to save just enough to cater for you and your family’s well-being. Also, be kind to the needy - when you give you receive more.
No comments:
Post a Comment