Savings

"He who gathers money little by little makes it grow" (Proverbs 13:11).

Each month it is necessary to put a set amount of money into a savings account. Laura Petherbridge says, "This is important because inevitably there will be a crisis—perhaps a shingle blows off your roof or the car breaks down or you fall and break your hip and can't go to work. You may have disability insurance, but that might not kick in for a few months. You must have money tucked away so you can manage for a few months or pay for whatever crisis has happened. Saving is not a luxury or an option; it's a necessity."

When you receive your pay, immediately put money into your savings account. This amount does not need to be large, just let it build over time. Make sure your savings account is not so easily accessible that you are tempted to pull money from it to pay for other budget items.

"It's when you are literally at your worst that you most need to consider saving," says Cynthia Yates. "Saving does not necessarily mean putting aside 10 percent every single week, but it means putting something away as a little security blanket for yourself because you're going to need it."

Scripture reminds us of the importance of saving money:

"On the first day of every week, each one of you should set aside a sum of money in keeping with his income, saving it up" (1 Corinthians 16:2).