“In the house of the wise are stores of choice food and oil, but a foolish man devours all he has.” – Proverbs 21:20 Three times during several recent financial workshops with college students I was asked a surprising and refreshing question: Does saving money reflect a lack of faith in God’s provision? It was […]
Getting Started With Savings
I recommend maintaining three distinct types of savings accounts: an emergency fund (with 3-6 months’ worth of essential living expenses), a big-ticket item replacement fund (where you save for your next vehicle or to pay for a new furnace), and a periodic bills and expenses fund (where you save each month for bills and expenses that you’ll have to pay sometime in the year, such as an annual life insurance premium or Christmas gifts). You could open 3 separate accounts. Or, I use Capital One 360, where one account can be set up with numerous sub-accounts.