SAVINGS
There are many sayings that involve
money & savings:
A penny saved is a penny earned
Don’t count your chicken’s before they hatch
I.N.G.’s slogan: “Save your money”
Others?
Some of the best money & savings advice
comes from the Bible, especially Proverbs.
Verses on Money Issues
Open a file, and create a chart with two
columns. In the first column, write the
verse or passage, and then to the right of
it, summarize the verse or passage in a
sentence or two.
Make at least ten entries, and try to have
verses from at least 5 different books.
You’ll share at least one with the class.
Matthew, the tax collector
Matthew was a tax collector before he
became one of the 12 disciples.
The gospel of Matthew is filled with
teaching and parables on money that are
not found in the other three gospels.
The former tax collector also records
Jesus’ strongest words on the treatment
of the poor and needy.
In groups of 2 or 3 people:
Explain one of these money stories or
teachings from Matthew.
You may act it out, do a dramatic reading to
the class, give a modern day example, write a
story to summarize it, etc. Be creative.
Sign up for a passage once you are in your
group.
In groups of 2 or 3 people:
1) “Giving to Needy”: Matt. 6:1-4 (Mike, Brandon &
Adam R.)
2) “Savings & Money”: Matt. 6:19-21, 24. (Serena,
Sarah, Debbie)
3) “Temple Tax”: Matt. 17:24-27 (Freeman)
4) “Bad debts”: Matt. 18:23-30 (Lindsay, Kate, Brooke)
5) “Rich young man”: Matt. 19:16-26 (Carl, Nic, Jason)
6) “Unfair Pay”: Matt. 20:1-16 (Ryan O, Joel, Adam M.)
7) “Profit at the temple”: Matt. 21:12-13 (Freeman)
See also Mark 11:15-18, Luke 19:45-47
8) “Good investing”: Matt. 25:14-30
9) “Judas” Matt. 26:14-16, 47-49, 27:3-6. (Ryan, Frans,
Matt)
Why do you save your $
1 Corinthians 16:2. On the first day of every
week, each of you should set aside a sum of
money in keeping with your income, saving it up.
In the Old Testament, giving 10% (tithe) is often
raised, but tithing is rarely mentioned in the New
Testament. Why? (Jesus said, “give everything”)
In Luke 11:42, Jesus tells the Pharisees that
giving 10% is not enough, especially when
they “neglect justice and the love of God”
How do you save your $
What are some good practical ways to save $?
Save on a regular basis (weekly)--1st Corinthians
16:2
Savings Bond ($ locked away)
Get two accounts! (Only have your debit card
access the checking account)
Give $ to your parents to hold.
“Do one thing different” Calculator!
How do savings add up?
Compound interest is “interest on the interest”
Compound interest is your friend (if you are
saving $) or your enemy (if you’re borrowing it!)
Compound interest formula: A = P(1 + i)n
A = amount of $ at the end of your savings
P = principle (amount of $ at the start of your savings)
i = interest, for the compounded period.
n = number of compounding periods (annual,
monthly)
How do savings add up?
Ex. 1: $1000 put into savings at 3%
interest, compounded annually for 5 years.
A = P(1 + i)n
A = 1000(1 + 0.03)5
A = $1159.27
Ex. 2: $1000 put into savings at 3%
interest, compounded monthly for 5 years.
i = 0.03/12 =0.0025 & n = 5(12) = 60
A = P(1 + i)n
A = 1000(1 + 0.0025)60
A = $1161.62
How do savings add up?
Ex. 3: $1000 put into savings at 3%
interest, compounded monthly for 25 years
i = 0.03/12 =0.0025 & n = 25(12) = 300
A = P(1 + i)n
A = 1000(1 + 0.0025)300
A = $2115.02
Even at a very low interest rate, the money still
doubles by 25 years. Time is the key.
Create a spreadsheet that calculates the amount
of your savings (A), if you have P, i, & n.
Loans
Old testament laws contained many rules to
protect people from exploitation. Israelites
could not charge each other interest for loans
(Exodus 22:25). And Deuteronomy set limits on
collateral that secured a loan. Here, the lender
could not accept a millstone, for that would
threaten the debtor’s livelihood. Verses 10-13
show further safeguards. The debtor was
allowed to keep everything necessary for living.