Saving Versus Spending

Wealth gained by dishonesty will be diminished, But he who gathers by labor will increase.

Proverbs 13:11

Albert Einstein believed the rule of seventy-two (the compounding of interest) was a more important discovery than his theory of relativity. Here’s the rule: divide seventy-two by the interest rate of your savings to discover the number of years in which your savings will double. For instance, one thousand dollars saved at 6 percent interest becomes two thousand dollars in twelve years. No wonder compound interest is called the eighth wonder of the world!

But credit card issuers also know the rule of seventy-two. If you make a one-thousand-dollar purchase on a credit card at 18 percent interest and don’t pay it off, that balance becomes two thousand in four years (72 ÷ 18 = 4). Instead of earning you money, your one thousand dollars is earning big bucks for the credit card company.

Saving versus spending is a daily battle in a wealthy and materialistic economy. But God’s economy is designed to repay savings. Save and sow a single tomato seed, and you’ll get thousands in return—it’s only a matter of time. And it’s the same with money. Take time today to evaluate your savings practices. Remember, a penny saved is (another) penny earned!

The very day we think we can’t afford to save is the day we can’t afford not to!