Delaying Gratification so that you can save money part 2

Image by 3D Animation Production Company from Pixabay 

     This is part two of my popular post, "Delaying Gratification so that you can save money".  In the post we discussed how Esau sold his birthright for food.  This is akin to wanting instant gratification that can set you back financially.  

     Yesterday, I was having a discussion about homelessness, living from paycheck to paycheck, etc.  Almost 30% of Americans have no emergency savings at all.  So if they fall on hard times, they have nothing to leverage the fall.  Culprits are wages that are not increasing, the rising cost of living, lack of financial literacy, and mismanaging money.   

    Being the solution oriented person I am, I look for ways to prevent this.  One of the main ways is through financial literacy.  We need to know how money works.  Especially in the body of Christ, because we are often taught a mixed message concerning money.  We are taught that the rich are evil and greedy, yet on the other hand we are taught to tithe and give and that will magically give us some divine protection against poverty.  However it doesn't.  You divine protection comes through practical principles concerning money.  

  First of all do not depend on a paycheck.  Even if you live in a household where all the adults are earning paychecks, you can not simply rely solely on them.  You have to have other income streams.  These other income streams can be a business you have on the side, investments, etc.  

  Also always stay up to date with your skills and invest in yourself so that you can learn new skills.  This will help you in the event that you need to quickly find another job.  It is a very competitive job market and with technology constantly changing, you need to be ahead of the curve.  

   You also need to be a very good saver.  I try to use 20% of my earnings toward saving and investments.  It takes discipline to do that every month because sometimes you are tempted to fall off and tell yourself that you will save next month.  However, remain discipline.

  Last but not least, work earnestly at eliminating debt.  Treat it as the enemy, if you have some extra money on hand at the end of the month, use it to pay down debt.  Even if it is an extra $20 you can use it to help pay down a loan.