The adage “save for a rainy day” suggests that every figurative day will not be happy, bright, and full of joy. We will have days of gloom and unexpected trauma, and we must assume that bad times will come. So, you must have cash in the bank to help protect yourself from those times. A Bible proverb says, “For wisdom is a protection just as money is a protection, but the advantage of knowledge is this: Wisdom preserves the life of its owner.” Money cannot protect you if you don’t have it, and it is the course of wisdom to save it.
According to debt.org, “Most cases of bankruptcy aren’t caused by reckless spending but by financial hardship.” This suggests that people did not expect nor anticipate difficult times. Not only should we plan for difficult times by saving money, but we should expect difficult times.
Ways to Save Cash
- Get a large jar and put all of your change in it at the end of each day.
- Have a portion of your paycheck deposited directly into your savings account so that you never see the money. You don’t miss what you don’t see.
- Pay off credit cards quickly. If you pay off a credit card that is charging you 12% a month, you have saved 12%.
- Participate in company stock purchase programs.
- Participate in company savings match plans. If someone wants to give you money to save, do it!
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