Summary:

Although saving money isn’t easy, the reward is worth the work. By tracking your spending, and exercising wisdom in financial matters, you will be able
to plan ahead and save money.

1. Setting aside money for savings is scriptural (1 Corinthians 16:2).
   1. Consider the story of Joseph when he began to govern the finances of Egypt. He stored up food before the famine. People came to Egypt for food during that time (Genesis 41:47-49).
      
   2. Consider the wise ways of the ant (Proverbs 6:6-8; Proverbs 30:24, 25).
      1. Though ants have no ruler or overseer, they diligently gather their food in the summer.
      2. The Bible says it’s not wise to spend without regard for the future (Proverbs 21:20).
         1. A wise servant receives promotion, and will earn an inheritance (Proverbs 17:2).
   
   
   
2. You can save money; however, you have to make adjustments in your life.
   1. The cutbacks may not be comfortable at first, but the rewards are worth it.
   
   
   
3. Here is a list of ways to save on everyday items:
   1. Gas
      1. Compare prices at different stations.
      2. Pump your own gas.
      3. Use the lowest octane.
         1. Read your owner’s manual to find out the lowest octane you can use in you car.
      4. Keep your engine tuned.
      5. Keep your tires properly inflated.
      6. Car pool to work.
   2. Insurance
      1. Purchase from a licensed, low-cost insurer.
      2. Compare rates.
      3. Increase your deductibles.
      4. Be certain your home insurance is enough to replace the house, and its contents.
      5. Buy term life insurance.
   3. Savings products
      1. Select a free checking account.
      2. Request a complete list of fees.
         1. Be aware of your charges.
      3. Learn how to balance your checkbook.
      4. Before opening an account, find out if the bank is insured by the Federal Deposit Insurance Corporation, or the National Credit Union Administration.
         
         1. Mutual funds and annuities are not insured.
      5. Consider purchasing a Certificate of Deposit (CD), or U.S. savings bonds to get the highest annual percentage yield.
   4. Credit card savings
      1. Send payments 10 days in advance.
      2. Avoid interest charges by paying your entire balance each month.
      3. Shift balances to a card with a lower interest rate.
      4. Be aware that credit cards with rebates and incentives have higher interest rates.
      
      
   5. Car loans
      1. Pay for your car in cash.
      2. Make a large down payment.
      3. Get the shortest loan term possible.
      4. Get a rate quote.
      5. Consider the dollar difference between the price of the car and financing.
      6. Keep in mind that your bank or credit union may offer a lower interest rate than the dealer.
   6. Buying a home
      1. Shop for the lowest rate mortgage with the fewest points.
         1. You have to be wise as a serpent, and as harmless as a dove.
         2. Negotiate everything.
      2. Save on interest by making two payments a month.
      3. Get the shortest term possible.
   7. Save on mortgage refinancing
      1. You can save money in this area; gather all your information and weigh your options.
   8. Save on home improvements
      1. Don’t do business with someone you can’t sue if necessary.
      2. Don’t have a religious attitude, or a false sense of humility when dealing with financial affairs.
         1. Avoid verbal agreements.
            1. Make sure you have contractual agreements.
            2. Never sign a contract that requires payment in full before the work is complete.
      3. Don’t allow other people’s lack of planning to become your emergency.
      4. Control your temper when dealing with people on certain projects.
         1. You lose money when you lose your temper.
   9. Home Equity Line of Credit
      1. A loan on the equity you currently have in your home.
   10. Renting a place to live
       1. Don’t limit your search to classified ads or referrals.
       2. Don’t just choose a place to live, consider the area and your surroundings.
          1. Keep in mind you have to be comfortable wherever you live.
   11. Heating and cooling bills
       1. Check to see if you can receive a free energy audit from your utility company.
       2. Enroll in a loan management or cost savings program through your utility company.
       
       
   12. Telephone service
       1. Review your phone bills.
       2. Consider a bundle package.
       3. Cancel the optional services you don’t need.
       4. Avoid calling plans with monthly fees.
       5. Be sure your calling plan matches your usage.
   13. Television/Cable
       1. Consider what you watch.
          1. For example, if you don’t watch premium channels, cancel them.
       
       
   14. Food purchases
       1. Buy in bulk from warehouse stores like Sam’s.
       2. Go to grocery stores, not convenience stores, to do food shopping.
       3. Shop with a list.
       4. Buy everything you need at once.
          1. Don’t make multiple trips to the grocery store.
   15. Prescription drugs
       1. See if a generic brand is offered.
       2. Check with your doctor to see if you can buy over-the-counter medication as a substitute for prescription medication.
   16. Funeral costs
       1. Make your requests known.
       2. Plan your entire funeral.
       3. Contact your local memorial alliance.
   17. New cars
       1. Select a model that combines low price with a low depreciation value.
       2. Choose a car with low maintenance costs.
       3. Choose a car that gets good gas mileage.
   18. Used cars
       1. Compare prices with the blue book value.
       2. If you opt to lease a car, choose your options wisely.
          1. Calculate all costs.
          2. It’s better to buy, rather than lease a car.
   19. Eating out
       1. Brown bag your meals.
       2. Eat breakfast foods for dinner.
          1. Restaurants that serve breakfast are usually cheaper.
       3. Learn how to cook your meals.
       4. Instead of frequenting coffee shops, buy a coffeemaker.
       5. Stop smoking and drinking alcohol.
          1. Not only are these habits unhealthy, they’re also expensive.
   
   
   
   

   Scripture References:

   • 1 Corinthians 16:2
   • Genesis 41:47-49
   • Proverbs 6:6-8
   • Proverbs 30:24, 25
   • Proverbs 21:20
   • Proverbs 17:
   Pastor Robert Bagonza
4. Redeemed Church
5. www.mrolec.org
   
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