We’ve all tried to save money. We all want to save money and grow our accounts
So why is this so hard?
Why does it always seem like our accounts never grow?
Have you been sitting on the same $200 in your account for the past two years?
That was me.
Now when you’re single, as in truly single, not dating anyone, it’s much easier to save money. It still takes discipline, but it is do-able.
And once you’re married, it’s much easier to save money because now you have two incomes.
But where it gets tricky is when you are seriously dating someone that you think could be “the one.” You believe she’s the one and you want to treat her like a princess.
You want to take her to the nice places, I’m not talking Applebee’s, you know the places I’m talking about. You want to keep her in the Coach purses and Jimmy Choo’s, trust me I totally get it.
But then you think, “Man, I want to be putting money in my savings account so I can marry this girl, I need a ring, I need a down payment for a house, I need to pay down this debt…BUT at the same time, I want to take her out, take her on nice dates, show her how much I care and want to bless her…”
It’s the dilemma we have faced since the beginning of time. (Well at least since I’ve been alive.)
Don’t worry, you’re not alone.
Like most things in life, the solution is simple.
Let’s check out Deuteronomy 28:8 “The Lord will command the blessing on you, and in your storehouses, and all you set your hand to…”
What’s a storehouse? Back in the day, it was where you put your extra. Your extra grain or wheat. (This was also used as currency at the time) You would store it up for use later. Obviously today that would be our bank accounts, investments, or anywhere we would place our money. (Notice it says storehouses – plural)
So first things first:
Go open a savings account!
Duh! How can God COMMAND THE BLESSING on something you don’t have?! Seriously, you have to go open one today! Put $25 in it if that’s all you have.
Success starts when you gain knowledge and take action immediately.
So please take action on this today. (That’s a good quote, you probably should write that down)
You will be amazed at how fast and powerful the Storehouse Principle works.
I taught this principle to the youth at my church a few years back, and one 14 year old kid took what I said to heart.
He asked his dad if he would take him to go open a savings account because he wanted to start saving up for a car. His dad took him to the bank and they opened a savings account with $100 he had saved up.
When he did this, it’s like God opened the floodgates for him! Birthday money poured in, he got a summer job working construction, blessings started coming from every angle. He put all that money straight into savings for his car.
Within in 6 months he had the money needed to buy a nice car that needed a little work. Him and his dad fixed it up together and he was good to go. He wasn’t even old enough to drive it yet! But God put him ahead of the game, because of THE Blessing God commanded on his storehouse.
Now, I know most of you reading this don’t have savings accounts.
The reason is, you don’t have anything to save! You live paycheck to paycheck, you think you can’t afford to save! “I’d like to save money each month, I just can’t…”
But the reason you think like this is you are doing it backwards. There is a process to saving AND IT WORKS EVERY TIME!
But you’re not going to like it, and you won’t know that it works until you DO it.
From now on, when you receive your paycheck, here’s what you do
1. TITHE – off the gross income of your check. The FIRST 10% always goes to your local church where you’re fed spiritually.
2. SAVE!!! I want you to put $25 from each paycheck into savings immediately. Download your bank’s app and transfer money into your savings account immediately after your paycheck hits. Do not ignore my instruction here.
3. Live (pay yo’ bills) and Give off the rest.
*Sidenote: Do not “try and save” after you have paid your bills…we both know that doesn’t work.
I don’t care if you think you can’t afford to do this.
If you follow my 3 steps – in that order – you will see the results you want to see.
Commit to it. It WILL work, I promise.
Soon you will increase your savings amount to 10% from each paycheck as well. This is known as the 10/10/80 rule. Many of the wealthy people you know live this way. First 10% to God, second 10% to savings, then live off the remaining 80%.
Again, the key here is doing this in Faith. Even though financially, the numbers may not line up for you. (Yet!)
Your savings will grow faster than you ever thought possible. Why?
Because now you’ve activated God’s Promise on your money. You’ve given Him permission to work in your finances by tithing and you’ve activated the storehouse principle by opening a savings account and COMMITTING to diligently put money in it.
Bonus Savings Strategy:
It seems for me, that when I save money with a purpose in mind, the money comes even faster. So have a specific reason for saving. For example, I would first save up $1,000 for an emergency fund, then save up $3,500 for an engagement ring, or $12,000 for a down payment on a house. Have a laser focused reason for each thing you’re saving up for and God will fill up that storehouse.
Remember, when you put your hand to something, it prospers, it grows. (Deuteronomy 28:8, Psalms 1:3) That’s a Promise God made so you can hold Him to it!
Negotiating is fun, I think everyone likes to do it, especially when you win!
One thing we enjoy most in life is bragging about a great deal we got on our car, or clothes, or our cable bill.
If there is just one key to winning a negotiation, it’s this:
Both parties want to feel like they won. Even if it’s just a little win.
I’ve seen an 11 million dollar deal over a New York penthouse almost be lost over a $100,000 discrepancy. When you’re dealing at the 11 million dollar level, 100k is nothing. But that buyer just had to “win” a little bit.
Negotiating plays very heavily to pride and ego.
Negotiating an engagement ring
Here is the tactic I used for buying my wife’s engagement ring. It can be applied to nearly any object you are trying to purchase.
1. Research. I did the homework. Obviously I found out what type of ring she wanted through her girl friends. Then I googled that type of ring. “Cushion Cut, White Gold, Engagement Rings.”
I learned about color, cut, and clarity. By the time I was done, I felt like I was a diamond expert. I knew exactly what I wanted.
2. Next I Googled: “Average mark up on diamonds” and learned that most places, charge a 300% mark up on their diamonds. (Some go up to a 1,000%)
That means if the jewelry store is charging $3,000 for the diamond ring, they probably only paid $1,000 for it. You can use this number to your advantage. It proves there is some wiggle room there.
Now the average mark up is 300% but at the very minimum they charge is 100% So that means you could probably get them down to $2,000 because you know they’re making a profit, and you’re getting a good deal. Smaller jewelry stores have less overhead than the big “mall” stores, so there may be even more bargaining power there.
3. I compared prices online. Once I nailed down the ring I wanted (in my price range) I started shopping and comparing prices online. Once I found the exact one I wanted, the right carats, the cut, the right clarity, the right band, and diamond setting AND with the lowest price, I printed it out on a piece of paper and took it with me.
4. I went on the hunt. Then I went to literally nine local jewelry stores and pulled out the piece of paper and showed them exactly what I wanted. Now the price listed on the piece of paper I brought was always less than what they were selling the ring for in the store. And I expected that to happen, the ring I found online was a great deal. That’s where your bargaining power comes in.
My approach was simple: I need this ring here (pointed to paper) for this price here: _____________. (A little bit less than what the paper said)
Then I’d say, “Let me know if you can’t do it, and I’ll just buy the ring online instead. I’d like to deal with a local company, but if you can’t beat the price, I’ll just get it online, no big deal.”
And man you should’ve seen the sales people jump through hoops.
It’s a powerful negotiation stance. Since I’ve done my research, I knew about what they paid for the ring, and I knew I could find it online and get a great deal. (I honestly didn’t want to buy it online. Since it was a major purchase, I wanted to see it first and make sure it was high quality)
Now, some of the stores didn’t have a ring like that in stock, but ALL of them said they could get it, if I would be patient for a few more days. But some of the stores did have it in stock, and they started negotiating and bidding down other store locations to get my business. They were fighting over me!
After a few days, I heard back from one of the stores. I had stood firm on my number. (Remember, I could always buy it online) So I had no problem staying on the number I wanted. And I ended up getting the ring for a great deal, at the price I wanted.
I was happy, my wife was happy, and the saleswoman was happy.
Just remember, you want the store to make a profit too, don’t low ball them to the point where they weren’t making any money. You will lose the deal that way. The idea is that you create a win/win for both parties so that everyone is happy.
This tactic will work for just about everything: Cars, houses, TV cable providers, computers…
Review the 4 steps to negotiating success, and remember, it doesn’t hurt to ask! The worst thing that could happen is they say no, or the discount they offer isn’t as low as you’d like.
A few extra tips:
Stay polite, don’t ever be rude, arrogant, or harsh.
Dress sharp when you go to the store
Do your research, don’t sound like an idiot when you talk about the product
Be confident in your price, if you don’t get the number you want, move on to the next store, no big deal
Look, people make mistakes.
I get it.
As an Ex-Insurance Agent, I found there are a little strategies you can use to try and keep your rates as low as possible, even with a DUI or bad record.
How to do it:
- USE AN INDEPENDENT AGENCY. (This is key!) In MOST cases, an independent agent has access to more companies than the average insurance agent. They have specific companies that work well with bad records and your independent agent can connect you with these companies.
- If you have a roommate, partner, or parent that lives with you and they have a good record, you may be able to add them to your policy and tap into their personal discounts. (Check with your independent agent to see if this is a beneficial route to go)
- Switch from a full coverage vehicle, to an inexpensive liability only vehicle. This is one of the top money saving tactics. Insurance is heavily based on the type of vehicle you drive. So for a while, it may make sense to drive an older car until your bad record is removed.
- Be patient and drive smart. Most incidents on your record only last 3 years. So if you do have something on your record now, make sure you don’t get anything else! Remember, the more reckless you drive, the more you’ll pay each month!