How to Save Money, How to save for retirement, Financial coach, how much money do I need to retire

“Saving money is one of the most important things you can do for your financial security. It’s not always easy, but with a little bit of effort, you can make a big difference in your life”

Gary Smith at Fortitude Financial Coaching, LLC

Create A Savings Plan
Saving money isn’t about math, it’s about behavior. Fixing your current situation means taking responsibility for your financial decisions and making conscious choices. There’s only one way to save money. You have to spend less than you earn. You’ll only start saving money when you learn healthy money habits and let your future needs be more important than your current wants – when you make saving money a priority. You can stop the cycle of living paycheck to paycheck with a simple secret: create and live on a budget. Saving money on a regular basis has many benefits. Having cash, or an emergency fund, in the bank prepares you for emergencies. Your investments prepare you for retirement. Of course, saving and investing money comes after paying off your debt. If you’re just getting started, you don’t need to invest, yet, even if you wish you could. The priority at the beginning of the financial journey should be to get your $1,000 emergency fund saved so you can start paying off debt. Once you finish paying off debt and have your 3-6 months of expenses saved in your emergency fund, you can move on to investing. This is where you invest 15% of your income toward retirement. At this time, you can also decide how much you want to put toward savings for your kid’s college and paying off your home early.

✓Investing and building wealth
“A good man leaves an inheritance to his children’s children.” and “He who hastens to be rich will not go unpunished.”

Proverbs 13:22 and Proverbs 28:20
What should we save money for? You can save to buy a car, pay for your kids to go to college, or go on vacation. But, before you do any of those things, first, you’ll want to make sure you’ve saved money for emergencies. We recommend three to six months’ worth of expenses. You should also save money because it allows you to invest and build wealth over time.
How do you leave an inheritance? By building wealth. Follow the biblical plan for building wealth. Don’t buy into get-rich-quick schemes. The Bible says that’s a bad idea.
Make a budget and stick to it. Live on less than you make. Save. Invest over time in plans with a proven track record. Repeat those behaviors over and over again, and you will build wealth…it’s biblical. It’s also math.

✓Save for something specific
“In the house of the wise are stores of choice food and oil, but a foolish man devours all he has.” and “No discipline seems pleasant at the time, but painful. Later on, however, it produces a harvest of righteousness and peace for those who have been trained by it.”

The Bible talks about the importance of saving in Proverbs 21:20 and Hebrews 12:11
When you make your budget, you need to think beyond today’s needs and the month ahead. You’ll want to think about the future too. That means living on less than you make – so you’ll have money left over to save. We know saving money isn’t easy. But if you don’t control your spending enough to have money left over, you’ll wind up like the 78% of Americans who live paycheck to paycheck. The Bible is clear about how that kind of discipline is 100% worth it in the end, even though it can be really hard at first.

✓Added Benefits - Being Selfless
“So let each one give as he purposes in his heart, not grudgingly or of necessity; for God loves a cheerful giver.” and “He who hastens to be rich will not go unpunished.”
“Honor the Lord with your possessions, and with the first-fruits of all your increase.”“a generous person will prosper” and “whoever refreshes others will be refreshed.”

2 Corinthians, Proverbs 3:9 and Proverbs 11:25 speaks about generosity
Being generous isn’t just something God wants us to do. It’s part of how He made us.
We are called to give some of our money for kingdom purposes. This is something you can do whether you’re a millionaire or still working to get out of debt. A good place to start is giving 10% of your income to your local church, and it should be the first item on your budget.

Fortitude Financial Coaching, LLC and Wellness Center

Office Hours: Monday-Friday
9am-4pm
(we provide Zoom calls throughout the world with various time zones / click and schedule the best time to get started)

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