The Habit of Saving
In a previous article, I wrote about being good stewards of our earthly possessions. In this short blog, I would like to talk about saving.
Based on the results of the first Consumer Finance Survey (CFS) which were released by Bangko Sentral ng Pilipinas (Central Bank of the Philippines) in 2012, 78.2% of the Filipino household respondents indicated their inclination towards saving given that they would have extra money. However, from the same survey results, only 2 out of 10 households actually owned deposit accounts, and 6 out of 10 deposit accounts were gaining interest. These data indicate that most Filipinos are rarely in the habit of saving or even investing.
But why do we need to save money? Are we not supposed to leave everything in the hands of God who provides for all our needs?
Saving may seem contrary to the biblical teaching on trusting God to provide for our needs, but the Holy Bible itself provides us wisdom on this matter of saving which is evident in this passage: “Precious treasure and oil are in the house of the wise, but the fool consumes them.” (Proverbs 21:20, NABRE) It is therefore wise to save.
Another popular verse in the Bible talks about one of the smallest creatures of nature, the ant: “Go to the ant, O sluggard, study her ways and learn wisdom; for though she has no chief, no commander or ruler, she procures her food in summer, stores up her provisions in the harvest.” (Proverbs 6:6-8, NABRE) If the ant saves for her future, why should not we do the same considering we know nothing of what could happen in the future?
Bro. Bo Sanchez of the Light of Jesus Family recommends tithing 10% of our income and allotting 20% for investments and savings while living on the remaining 70%.
Saving does not need to start with a big amount. You might not have a lot of money at this very moment, but beginning the habit even with a few peso bills a week or a month is your first step.
The idea is to set aside a specific amount of money on a regular basis for savings. Let the very thought of you receiving your income be the trigger for you to save a portion of it, even before you spend any of it. The key is doing it on a regular basis and specifying the amount that you will save. Before you know it, you will be getting into the habit of saving.
Marj Baynosa is a chemical engineer and educator, who loves reading and writing in her spare time, especially on finance, faith, and other seemingly mundane things.