Today, go to your online savings account. Log in. Start an automatic savings deposit that transfers $2 from your checking account into this savings account every Monday. If you already have an automatic weekly deposit going into your savings account, add $2 to it.
Did you do it? If not, why?
Did you know most women don't have money set aside for a rainy day? Did you know that most women don't do it because they think they don't have enough money to start and fuel a "real" savings account?
A few years ago, I started an automatic deposit into my ING savings account for $2 a week. I had no clue what our expenses and budget looked like, but I just wanted to start something-- ANYTHING-- right away. I thought that even though we were financially tight, maybe we could afford $8-$10 a month. I forgot about the automatic deposits for a while and mentioned it to David a few months later. He looked at the account and just kind of laughed at the huge savings I had accrued (Do you smell sarcasm?), but he thought it was a good idea. A few months after that, he gave me the OK to raise the deposits to $5 per week. Every 6 months or so, we looked at the account and talked about whether we could raise it another dollar or more, but we never lowered it. Whenever David got a raise, we immediately scheduled that extra money as deposits to that account.
In the beginning, this money couldn't have bailed me out of a chewing gum emergency, and it was a little sad to look at (especially when compared to my debts back then), but I persevered. I did not touch this money. It was for emergencies ONLY, not even to pay for my credit card foolishness. (That was an entirely other plan.) Today, that savings account equals 4 months of our monthly expenses! I tell you that to show you that starting with something and done repeatedly each week automatically can make a huge difference!
Our church leaders counsel us to create a financial reserve. They aren't trying to be mean; they're trying to set us up for blessings and additional happiness. I hear some people say "we'll do that after we pay off our credit cards" or "we'll do that when we ________." Do it now! You can do something-- ANYTHING-- now. I would even encourage the poor among us to put away $2 --ANY AMOUNT-- on automatic each week.
I say again, if you don't have a savings account with money automatically being transferred to it, I want you to start one, even if it's at $2 per week. If you already have one set up, increase it by $2 each week. I want you to do this because I care about you (the women especially). I want you to feel good and I want to help you protect yourself. I'm not asking you to profit me, I'm encouraging you to pay yourself. Log into your account now and do this for yourself and create a little piece of mind. At first, it will be a very VERY LITTLE piece, but it's a piece all the same. Line upon line, dollar upon dollar. :)
Most people think they have to wait until they have a meaningful amount leftover each month to do this. Screw that! Send $2 over! (Of course, if you can commit more money each week, better!)
After you start your $2 account, don't touch it! It's not for Christmas gifts or new couches or manicures. This money sits there getting paid a little interest by your bank or credit union and waits for your car to break down, or your roof to leak, or your kid to need stitches. It may not be able to pay for all of it, but it's nice to have it there when you need it! Once you've used this money, your automatic deposit will continue working and will refill that account. (Of course, if you want to speed up the refill, you may ALSO add occasional big chunks to it!)
Start this today and by January 1st, you'll have $36 PLUS INTEREST set aside (enough for a sick child's medicine or a month of natural gas in the warmer months.) If you keep your deposits at $2, by next September, you'll have $140 PLUS INTEREST prepared for an emergency (enough for a utility bill or a dental bill after insurance). Partner up with Heavenly Father in this noble plan and chances are you'll be increasing your automatic weekly deposits before January 1st anyway.
Honey, it IS going to rain, so get your rainy day money and your galoshes ready!
So, did you do it?
[Posted song: "Rainy Day Bells" by Globetrotters]