$2.81. That’s all that was in my savings account when I was a kid. My parents set a good example in many things, but handling money wisely wasn’t one of them. If they had a savings account, I suspect it was small, because the financial vibe in our home was that things were always tight.
Sound familiar? What missionary doesn’t feel the perpetual pressure of financial need? For most, raising support is an ongoing activity. So, like it did to the younger version of me, saving seems unrealistic. But is it?
Funding coach Scott Morton says that you shouldn’t view saving as optional. Precisely because any number of events can cause your financial support to dip, savings are essential. For example, “Home assignment is a time when many donors stop giving,” Morton says, “and when your expenses can go up.”
How can you start saving when finances seem so tight? Morton offers two first steps:
- Set savings aside first. And don’t touch it. “Somehow you’ll get to the end of the month,” he says, “and you’ll get by and you won’t die.”
- Set your budget high enough and add 10%. That extra percentage becomes your savings. Then if some of your supporters stop giving, you’ll still have enough money for both short- and long-term needs.
I don’t know about you, but I’m not a fan of New Years resolutions. However, if you aren’t a saver, January 1 would be a good time to start. ECCU has several account options for missionaries. Read more on missionary savings plans from Scott Morton.