Proverbs 13:11 – ‘Wealth gained quickly will dwindle away, but the one who gathers it little by little will become rich.’
I’ve been reading advice from an entrepreneur Ramit Sethi recently. He talks about the power of automation and setting up systems that save you time – and earn you money. And once they’re set up, it’s a done deal! You don’t have to do it again. And I think this can also be true for our finances as Wealthy Christians. I honestly believe you can use automation to build your wealth slowly.
How? Let’s start with a savings plan. Many people save if they have anything left over at the end of the week, fortnight or month. This isn’t prioritising your financial future. I learned about the concept of pay yourself first years ago whilst reading a Robert Kiyosaki book. I think as Christians we need to do this. As soon as your pay is received in your bank account, put some money aside into savings. It can be as little as $1/day or $7/week if you’re paid weekly or $14 per pay packet if you’re paid fortnightly – you get the picture.
Whatever your amount, set up an automatic savings plan. Have the money transferred out of your main account into a savings account where it will earn interest. Do this as soon as you know you have funds available in your account – like the day after you receive your pay. If you get paid in cash, be sure to deposit this amount each pay into a savings account. If you prioritise saving, then you will see the benefit of it.
If things get tight at the end of the pay bracket, then learn to make do or cut back on other things that you may want but not necessarily need. If you didn’t save and fell short, you’d still have to make do. A dollar a day into savings at the start of receiving your pay won’t affect your budget too much – but it will greatly benefit your financial future if you get into a habit of saving this and earning interest! Think about it. Then act on it.