Hey beautiful people!
My Personal Savings Journey
As an independent contractor, my income can be sporadic, making it hard to figure out how to save. I recently decided to save using the tithes model. When I tithe, I give 10% to God from each check. For my savings, I started to save 10% of my income and put it immediately into my high-yield savings account.
To avoid the temptation to use it, I remind myself not to check the balance often. So far, this method has been a great way for me to save. Another tip that helps me is naming the savings account. Mine is called “Home!” because my big goal is to buy my dream home. I’ve had the opportunity and finances in place many times, but when I get close, something always comes up.
This year, I wanted to take it very seriously. Naming my high-yield savings has helped me focus on that goal. I’ve also created a vision board and a realistic to-do list to help make this dream a reality. I’ve attached a prayer for God’s guidance on this journey so I can be successful. I’ve learned enough in my life to know now that I want God in all my endeavors, so in everything I do, I make sure my foundation is built on my rock, Jesus.
What is a High-Yield Savings Account?
A High-Yield Savings Account is just like a regular savings account, but it offers a much higher interest rate. This means your money grows faster over time without you having to do much. It’s a smart and simple way to save for the future.
Why Choose a High-Yield Savings Account?
- Higher Interest Rates: You earn more on your savings compared to a regular savings account.
- Safety: Just like regular savings accounts, HYSAs are insured by the FDIC, meaning your money is safe up to a certain amount.
- Easy Access: You can still access your money whenever you need it.
Adding God to Your Finances
Money and faith might seem like two different things, but they go hand in hand. The Bible has a lot to say about how we manage our money. For instance, Proverbs 21:5 tells us, “The plans of the diligent lead to profit as surely as haste leads to poverty.” This means planning and being wise with our money is important.
Tips to Combine Faith and Finances
- Pray for Wisdom: Ask God for guidance on how to manage your finances. James 1:5 says, “If any of you lacks wisdom, you should ask God, who gives generously to all without finding fault, and it will be given to you.”
- Be Generous: God loves a cheerful giver (2 Corinthians 9:7). Save smartly, but also remember to give to others and support your church or favorite charities.
- Trust in God: Sometimes, financial situations can be tough. Trust that God will provide for you. Philippians 4:19 says, “And my God will meet all your needs according to the riches of his glory in Christ Jesus.”
Practical Steps to Start
- Do Your Research: Look for a reputable bank that offers a High-Yield Savings Account. Compare interest rates and fees.
- Set a Goal: Decide what you’re saving for. It could be an emergency fund, a future trip, or anything important to you.
- Start Saving: Open your account and start saving! Even small amounts add up over time.
By combining smart financial choices with faith, we can ensure we are good stewards of the resources God has given us. Remember, saving is not just about piling up money but being prepared for the future and being able to bless others.
Bible Verses About Finances
- Proverbs 3:9-10: “Honor the Lord with your wealth, with the firstfruits of all your crops; then your barns will be filled to overflowing, and your vats will brim over with new wine.”
- Malachi 3:10: “Bring the whole tithe into the storehouse, that there may be food in my house. Test me in this,” says the Lord Almighty, “and see if I will not throw open the floodgates of heaven and pour out so much blessing that there will not be room enough to store it.”
- Luke 6:38: “Give, and it will be given to you. A good measure, pressed down, shaken together and running over, will be poured into your lap. For with the measure you use, it will be measured to you.”
- 1 Timothy 6:17-19: “Command those who are rich in this present world not to be arrogant nor to put their hope in wealth, which is so uncertain, but to put their hope in God, who richly provides us with everything for our enjoyment. Command them to do good, to be rich in good deeds, and to be generous and willing to share. In this way, they will lay up treasure for themselves as a firm foundation for the coming age, so that they may take hold of the life that is truly life.”
- 2 Corinthians 9:6-8: “Remember this: Whoever sows sparingly will also reap sparingly, and whoever sows generously will also reap generously. Each of you should give what you have decided in your heart to give, not reluctantly or under compulsion, for God loves a cheerful giver. And God is able to bless you abundantly, so that in all things at all times, having all that you need, you will abound in every good work.”
Keep trusting, keep praying, and keep saving!
Blessings,
Renée Bhagwandeen
