#3How to Save and Use money
“We buy things we
don't need with money. We don't have to impress people we don't like.”
―
1 Timothy 6:10 that “the love of money is the root of all evil: which while some coveted after, they
have erred from the faith, and pierced themselves through with many sorrows.” Therefore, every individual should
not love it; it must be used to our advantage. Getting by each day, saving, and
being able to help the needy would then be possible.
Money is a medium to use in change of goods and
services. Moreover, there are five things we can do with money: Earn it, Save
it, Spend it, Invest it, and Give it.
One of the five we should take seriously is to Save it. We save money to
give something to others or to cope with future financial problems.We do not
save money just to spend money on buying another pair of shoes, latest
smartphone, new perfume, or watching a concert, or on different vises because
it is not “saving” anymore. It is just waiting for our piggy bank to get full,
then spend again our savings to something unnecessary. The root on wasting
money indeed are gluttony, pride, insecurity, and attachment to the lifestyle
obsession we had been used to. For that
reason, the things we should save for are: retirement, education, emergency,
house, and in charitable works.
In the book of Matthew
6:19-20, it said; “Lay not up for
yourselves treasures upon earth, where moth and rust doth corrupt, and where
thieves break through and steal: But lay
up for yourselves treasures in heaven, where neither moth nor rust doth
corrupt, and where thieves do not break through nor steal:”It said that we
should not just save money in this world, but to invest to the place we must
heading for —
in heaven. By using our savings on
helping our, family, friends, and neighbors, our money is not wasted. Furthermore, in the book of Proverb 21:13 and Mathew 5:42 it said; “ Whoso stoppeth his ears at the cry of the
poor, he also shall cry himself, but shall not be heard;” “Give to him that
asketh thee, and from him that would borrow of thee turn not thou away.” These
verses are examples on how should our heart deal with money and to exhibit the
right way to use it. As with saving, giving should always be planned and
regularly. Lastly, while saving is practical, prudent and wise, there is a fine
line between saving and hounding. And in whether you save money in the savings
account or trust fund, make sure that your faith and relationship with God
grows along with it.
Generic Tips on How to Save Money
1.
Eat breakfast- Eating a healthy breakfast fills you up with
energy required for the day, as well as you can avoid the desire for a and
expensive lunch.
2.
Pack your lunch- Packing your lunch saves
you a significant amount of money. If your day required a Php 60 of lunch, then
of course if you start packing up your lunch, you will save PHP 300 in five
days a week in school days. Imagine if you save all those Php 60 in your bank
for a year, you do not just save but gain for interest.
3.
Exercise more- Going for walk or jog every
evening or partake some light muscle exercise at home saves you a couple of
penny than hitting the gym. Try also to go to school by riding bike.Moreover,
it can strength your health and body that will prevent you from having an
illness for this is more expensive.
4.
Do not be cheap on preventive healthcare-
Routine check-up helps to maintain your good health and avoid the chronic
diseases. Having a disease, in first place, is expensive. Therefore, prevention
is better than cure.
5. Suggest cheap activities when meeting up with family and friends- If you can convince your friends to go to the park and shoot hoops instead of going golfing, for example, those greens fees are going to stay in your pocket.
6.
Take advantage of your library-
Instead of buying books, magazine, newspaper and going to computer shop, going
to public or school library is the advisable way to save money. Just ask the
librarian and be sure to bring back what you had been barrow.
7.
Avoid the mall- The mall is a place for
leisure, entertainment and pack of temptation, so you should avoid going to
mall unless you really need to buy something. Also, window shopping when you
are in budget can be a torture for it drains your money in unwanted and
unimportant things.
8.
Plan your grocery in advance before going to market- People who do food shopping
with a list buy objectively,and spend on what is in the plan than those who
decide what to buy when they get to the food market.
9.
Grocery Shopping while hungry is not a good idea- “Even short-term food deprivation can lead to
a shift in choices such that people choose less low-calorie, and relatively
more high-calorie, food options. Moreover,
people should be more careful about their choices when food-deprived and
possibly avoid choice situations when hungry by making choices while in less
hungry states”, according to American Medical Association.
- - Prioritize the quality over
price- Prioritizing the quality over price is the right
way to consider than buying cheap things that can be easily break off or fail.
For instance, sometimes being cheap can be costly afterwards.
- - Master the 10-second rule- Whenever going to shopping and adding stuff
in your cart, hold for 10 second and think why you should buy this thing, or do
you really need it or not. If not, put it back.
1 - Avoid Impulse Purchase-
It refers to unplanned purchased decision made by the impulse buyer. These are
the tips on how to avoid impulse behavior:
First, create a 30-day waiting list for big purchases. Second, avoid
going to shopping areas (except for necessities). Third, Find free ways to
reward yourself. Forth, avoid visiting online
shopping websites. Fifth, be mindful of
your reaction to impulse buying. Lastly, always have a list and a plan for your
purchases.
1- Create a saving account-
According to investopedia,“a savings account is an interest-bearing deposit
account held at a bank or other financial institution. These accounts provide a
modest interest rate. They are a great option for people to park their cash to
save for short-term needs and emergencies such as a car, furniture, vacations,
or medical expenses because they can be easily liquidated without any tax
implications.”
1 - Move any unspent money to
your savings account, and zero out your money every evening- Moving unspent money to your savings account
help you to control money and avoid buyingunnecessary things.
1- Breaking bad habit-
If you have got bad habit like smoking cigarette,assume that one stick of it
cost 6 INR and you consume three times a day, in a month it cost you 540 INR. Ultimately, it will cost your health and
another expense for you.
04:48 28 September 2019Author: PHILIP BUTCHERO
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