Ask Chuck: I need to save some money this year
Dear Chuck,
I need to save some money this year, but I feel like a failure every time I try. What does the Bible offer that will help me achieve my goal?
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Struggling to Save Money
Dear Struggling to Save Money,
You are not a failure; you are just delayed in reaching your goal. All those past efforts have likely taught you some valuable lessons. Nothing is wasted in God’s economy. Plus, you’ve taken a great first step by facing reality and asking for help! Let’s look at the big picture and then get into some helpful tips from Scripture that will guide you in reaching this important financial goal.
Americans want to save more this year
Statista released findings of the most popular New Year’s resolutions in the U.S. this year.
The majority of those surveyed want to save more money:
- 52% want to save more money.
- 22% want to quit smoking.
- 21% want to reduce spending on living expenses.
- 19% want to spend less time on social media.
Bankrate shows similar findings. More than half of Americans who are working in some capacity feel behind in their retirement savings. Forty-eight percent of people with a specific retirement goal do not think they will be able to save that much due to high interest rates, a weakening job market, and the high cost of day-to-day essentials. A Bankrate survey in May of 2024 revealed that 59% are uncomfortable with their emergency savings.
A biblical framework for saving more money
Pray
To develop a radical saving habit, you’re going to need the power of God acting on your behalf. Proverbs 16:9 states, “The heart of man plans his way, but the Lord establishes his steps.” Get Crown’s daily email devotional for encouraging biblical principles and financial advice, straight to your inbox every morning!
Write down your goal
Jesus noted that big plans without careful planning are doomed to fail. In Luke 14:28–29, we read: “Suppose one of you wants to build a tower. Won’t you first sit down and estimate the cost to see if you have enough money to complete it? For if you lay the foundation and are not able to finish it, everyone who sees it will ridicule you.”
Be specific. How much do you want to save? What kind of saving? Emergency? Down payment for a house? Paying cash for a car? Retirement? Write it down and post it where you will see it regularly. Put a copy in your wallet, in your car, and on your bathroom mirror. Record your progress in a notebook or on a spreadsheet to keep you motivated.
Here is an example: With the Lord’s help and a disciplined budget, I will put $400/month in an emergency savings account until I reach my goal of $5,000.
Make your plan
Proverbs 29:18 observes, “Where there is no vision, the people perish.” In this case, a vision is an expression of a better future. Stay motivated by focusing on the benefits of achieving your goal. I can name a few benefits to consider: lower stress, greater freedom, more generosity, and the joy of knowing your finances are getting healthier.
Example: With the Lord’s help and a disciplined budget, I will have $5,000 in an emergency savings account by December 31, which will reduce my worry and increase my ability to be more generous.
Get practical
Do you need to open a new bank account? Established automated deposits? These can prevent excess spending and cause you to become more saving conscious.
What to look for in a savings account:
- Low-minimum balance.
- Competitive annual percentage yield (APY).
- No monthly fees.
- A money-saving app.
- A different bank to prevent using funds for impulse purchases.
Track your income and expenses so you can create a workable budget. The sooner you eliminate high-interest debt (like credit cards), the more you will be able to save. You can simultaneously build an emergency fund to avoid adding debt when unexpected expenses arise.
Where can you cut expenses? Learn to recognize the difference between needs and wants. Then deposit excess money into your savings accounts.
- Cut or reduce streaming services, magazines, and subscriptions.
- Wait at least 24 hours when tempted to make an unnecessary purchase.
- Consider buying used: Facebook Marketplace, thrift shops, bartering, etc.
- Menu-plan, grocery shop with a list, then eat at home and carry your lunch.
- Cut back (or eliminate) alcohol, tobacco, sugar, soda, and fast foods.
- Find a healthy activity to substitute for shopping.
- Limit social media.
If you struggle with budgeting or planning, this guide may be helpful.
Recruit a friend or group of friends
Proverbs 15:22 says, “Plans fail for lack of counsel, but with many advisers they succeed.” Going it alone won’t work for most significant accomplishments. As it says in Ecclesiastes 4:9–10: “Two are better than one because they have a good reward for their efforts. For if either falls, his companion can lift him up; but pity the one who falls without another to lift him up.” Find someone to “lift you up” or encourage you when you stumble toward your goal … and do the same for someone else. Maybe a relative, close friend, or small group will want to join you in this effort.
Celebrate achievements
Recognize small victories on your journey and thank God and friends for help in your progress.
As Christians, we press on in hope, knowing that we are more than conquerors through Christ who loves us. Don’t allow any past failures to alter your certainty that nothing is impossible with God. Make a God-directed resolution, be faithful, and persevere to victory.
If overspending and debt are holding you back from saving, a trusted partner of Crown is Christian Credit Counselors. They are a valuable resource to help consolidate debt and get on the road to financial freedom.
Chuck Bentley is CEO of Crown Financial Ministries, a global Christian ministry, founded by the late Larry Burkett. He is the host of a daily radio broadcast, My MoneyLife, featured on more than 1,000 Christian Music and Talk stations in the U.S., and author of his most recent book, Economic Evidence for God?. Be sure to follow Crown on Facebook.
