Crown Financial Ministries Wants to Help You Save $1,000

KNOXVILLE, Tenn., Jan. 25, 2018 /PRNewswire-USNewswire/ — A staggering six out of 10 Americans don’t have access $500 in an emergency.

And 34% of Americans say they don’t have any savings…at all. With only 31% of Americans reporting at least $1,000 in their savings accounts, Crown Financial Ministries has set out to help individuals become better stewards, and savers, in 2018.

A lack of savings is the #1 reason people accumulate debt – because when you don’t have the cash to pay for something, you begin relying on credit cards. This high-anxiety, unstable system of financial management is not what God designed for His people.

To help free people from the financial burden that debt and no savings brings, Crown Financial Ministries has created resources and tools to help people save money and get out of debt.

Much like the marathon or other athletic training programs that can take you from “The Couch to 5K” in a matter of time, Crown can help individuals save $1K even if they’re starting at $0 (or in debt).

In fact, saving is their recommended first step to getting out of debt, explaining that without savings, it’s likely that taking on more debt will surface as a necessity at some point during the debt-free journey.

To start saving, Crown recommends you follow these 3 steps:

1. Open a savings account at a bank. If you already have a savings account, great! Make sure you can access this money at any time in case of an emergency and won’t incur any withdraw fees or penalties.
2. Begin to save a portion of your gross income. Crown recommends setting up an automatic withdrawal from your paycheck to your savings account. Every time your employer pays you, you pay yourself.
3. Get creative in your savings tactics. It may take some creativity to figure out where you can save from. If you’re already living paycheck to paycheck, try increasing your income to give yourself margin to save and pay off debt. Crown has some helpful ideas here.

Learning to be a saver is the first step in a steward’s financial journey. No matter how much money you make or what your current financial situation is, you can save and you can get out of debt.

Crown created the Money Map to serve as a visual guide to becoming a steward and wise manager of money. The Money Map’s seven destinations include benchmark accomplishments, like getting out of debt, saving 3 months’ of living expenses, and buying a house. You can download the Money Map and start your journey to financial freedom for free here.

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SOURCE Crown Financial Ministries

Related Links

https://www.crown.org