Contingency Fund

One problem with most families is the inability to save consistently. Running into an unexpected expense causes most of them have to go into debt because they do not have a contingency fund (short-term savings) for such an emergency. As Christians, we know these emergencies are certain to occur. God’s Word tells us in 1 Peter 4:12, “Beloved, think it not strange concerning the fiery trial which is to try you.” All born-again Christians are going to suffer trials. Though our enemy the devil will often try our faith in the area of finances, it is comforting to know is that our God will deliver us out of all these trials. He has given us His Word so that we can have wisdom and power to defeat the devil. Psalms 31:19 tells us “Many are the afflictions of the righteous: but the LORD delivereth him out of them all.” God’s Word tells us these trials will come; our responsibility as faithful stewards of God’s blessings is to prepare for the financial emergency by having a contingency fund.

Unfortunately, most people are not regular savers so they are not prepared when emergencies occur. The average American depends on the next week’s paycheck to keep a budget afloat. A 2004 survey by the Consumer Federation of America found that nearly three quarters (71%) of women surveyed worry about finances because of a lack of money saved for emergency situations. About one half (42%) of the women surveyed had less than $500 in emergency funds. God’s Word tells us it’s wise to save. The Living Bible translates Proverbs 21:20 like this: “The wise man saves for the future, but the foolish man spends whatever he gets.” It is important for the child of God to build a contingency fund for future needs, so when the emergency arises, they are equipped for the occasion.

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