Saving Money For Big Purchases

Saving Money For Big Purchases | Saving Money For Big Purchases is not as hard as you think! Today, we are going to be talking about money, saving tips for large purchases. | #podcast #homeschoolpodcast #savingforbigpurchase #savingmoney Saving Money For Big Purchases – Episode 405 with Felice Gerwitz and Meredith Cutis.

Saving Money For Big Purchases is not as hard as you think! Today, we are going to be talking about money, saving tips for large purchases.

Thanks to our sponsor – Media Angels Membership and Meredith’s curriculum – Powerline Productions

Debt free living is closer than you think. Meredith has done this for years and learned that not every American needs to have debt! It takes so much pressure off of life. If you’re a teen listen up, because I just tell you from experience, it is better to live debt-free than to struggle under debt. Debt can feel like bondage.

Meredith has written her number one bestselling book is called Economics and Finances and Business, and it’s a high school economics class. It covers all the basics of economics. It covers all the basics of financial management, including how to buy a car and how to write your first department. And it even covers how to start a business. And so I do want to encourage you to consider that course, you can find that PowerlineProd.com because it does cover some of the things I’m talking about in a very thorough step by step way, but so much more.

Budgeting is important and knowing how much money a month you make and how much you want to save. a

  1. The first thing, when you’re thinking of large purchases you be realistic and you need to pray and to say, Lord, this is what I would like. Is this something that you want me to have? And if it is something you want me to have, will you help me come up with a realistic plan? So here’s what I mean by that. It is not realistic to think that you are never going to go to a movie that you are never going to eat out, but it is realistic to think, I’m only going to spend $40 a month on entertainment and food. Come up with a plan that will work for you and commit that to the Lord and keep praying about it.

Pray:

Lord, I’m trying to save money, help me save money. And of course, it goes without saying that the tithe belongs to the Lord. I find that when we give the Lord his ten percent, it’s much easier to live on ninety percent.  I’ve actually seen it help us to save money quickly when you put the Lord first in your finances. When you are first – or just committing all of that to the Lord and trusting him to move forward with your plan it can be frightening.

  1. Look at your income
  2. Look at your needs vs. you wants
  3. Look at your bills – make a list and total costs
  4. Create a budget, how much will you spend on eating out and entertainment?
  5. How much will you save?

Saving money – put the money into a savings account. If you are paying for things use a debit card tied to your checking account. The money in your savings account can go toward a big purchase. Keep in mind the money in your savings account is not to spend. Keep a goal in mind and as you get toward that goal it becomes exciting to see how much you’ve saved.

And, take a look at your expenses and then live in a way that focuses on your needs versus your wants.

When you earn money, earmark it by breaking the money out and separating it, so it is off-limits. You will find with finances, there is always a financial need. And if all your money is together, you just tend to think, Oh yeah, I am saving money. My savings are accumulating. But then when then you realize, Oh, it’s not accumulating, I’ve spent it on this and this and this and this. So I think when you separate money out that your savings, it helps better to keep track of it.

 

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