For many Americans the pandemic is starting to fade away like a bad dream but

for others the economic impact is an ongoing nightmare. Millions of jobs were lost in the U.S. due to COVID and not all have returned not by a long shot. That’s pushed many folks deeper in debt. John Jodka with Christian Credit Counselors tells us the best way to manage that debt today.Then it’s on to your calls at 800-525-7000.

Millions of Americans lost their jobs during the Covid pandemic and household

debt increased to over $14.6 trillion. As restrictions lift, millions of Americans find themselves returning to work, but unable to effectively deal with the debt they incurred just to make ends meet over the last 18 months.

John offers some helpful strategies to deal with the debt.

The first strategy that many people use is dealing with their creditors directly

This tends to be very straight forward and generally keeps the accounts open and in good standing, but solutions are usually short term and they may not be the most favorable terms a creditor could offer.

●The other strategy to consider is debt management. This is the best strategy by far. The benefits of this strategy are that the debt management agency works in partnership with creditors to reduce monthly payments and APRs and accounts remain in good standing and balances are paid in full. Accounts are paid off more quickly than other methods and one-on-one counseling helps realize long-term solutions.

●A couple negatives of this strategy include accounts being closed by the creditors once the plan is approved and consistent monthly payments are required in order to maintain benefits.

Here are a coupleof questions we answered from our callers on today’s program:

●My credit score has gone down and I’m trying to build it up again. How can I get my credit rating back up?

●What would you say to someone working for a non-Christian employer in a sales role tied to a worldly product/service?

Ask your questions at (800) 525-7000 or email them [email protected]. Remember, you can call or email us 24/7.Visit us online at MoneyWise.org where you can listen to past programs, connect with a MoneyWise Coach, and download free resources like the MoneyWise app.

Like and Follow us on Facebook at MoneyWise Media to join the latest discussion!Remember that it’s your prayerful and financial support that keeps MoneyWise on the air. Help us continue this outreach by clicking the Donate tab at the top of the page.

To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29

To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29

For many Americans the pandemic is starting to fade away like a bad dream but

for others the economic impact is an ongoing nightmare. Millions of jobs were lost in the U.S. due to COVID and not all have returned not by a long shot. That’s pushed many folks deeper in debt. John Jodka with Christian Credit Counselors tells us the best way to manage that debt today.Then it’s on to your calls at 800-525-7000.

Millions of Americans lost their jobs during the Covid pandemic and household

debt increased to over $14.6 trillion. As restrictions lift, millions of Americans find themselves returning to work, but unable to effectively deal with the debt they incurred just to make ends meet over the last 18 months.

John offers some helpful strategies to deal with the debt.

The first strategy that many people use is dealing with their creditors directly

This tends to be very straight forward and generally keeps the accounts open and in good standing, but solutions are usually short term and they may not be the most favorable terms a creditor could offer.

●The other strategy to consider is debt management. This is the best strategy by far. The benefits of this strategy are that the debt management agency works in partnership with creditors to reduce monthly payments and APRs and accounts remain in good standing and balances are paid in full. Accounts are paid off more quickly than other methods and one-on-one counseling helps realize long-term solutions.

●A couple negatives of this strategy include accounts being closed by the creditors once the plan is approved and consistent monthly payments are required in order to maintain benefits.

Here are a coupleof questions we answered from our callers on today’s program:

●My credit score has gone down and I’m trying to build it up again. How can I get my credit rating back up?

●What would you say to someone working for a non-Christian employer in a sales role tied to a worldly product/service?

Ask your questions at (800) 525-7000 or email them [email protected]. Remember, you can call or email us 24/7.Visit us online at MoneyWise.org where you can listen to past programs, connect with a MoneyWise Coach, and download free resources like the MoneyWise app.

Like and Follow us on Facebook at MoneyWise Media to join the latest discussion!Remember that it’s your prayerful and financial support that keeps MoneyWise on the air. Help us continue this outreach by clicking the Donate tab at the top of the page.

What’s the most important relationship in your life? Think carefully before you reply, It’s with my spouse and children. That’s important, but your mostimportant relationship is with God. We do need family and friends, but those bonds lack the eternal significance of your relationship with God. Today we talk about practical ways you can strengthen that relationship.

The Bible gives us three dots to connect money and our relationship with the Lord.

First, God created everything and therefore He owns everything. Colossians 1:16 says, For by him all things were created, in heaven and on earth, visible and invisible, whether thrones or dominions or rulers or authoritiesall things were created through him and for him.

Second, God gave us everything we possess. Deuteronomy 10:14 reads, Behold, to the Lord your God belong heaven and the heaven of heavens, the earth with all that is in it. So although God owns everything, He’s given us resources to use temporarily as his stewards.

Finally, God is not distant and detached. He wants a close relationship with you. James 4:8 tells us,Draw near to God, and he will draw near to you. We draw near to God by being obedient and following His law. With over 2,300 verses in Scripture about money and possessions, God has made his desire quite clear that He wants us to manage money according to His principles.

In Luke 16:11, Jesus indicates that God uses money as a test. He says, If then you have not been faithful in the unrighteous wealth, who will entrust to you the true riches? Jesus is saying that how you handle money affects your spirituallife. If you manage it well, according to biblical principles, you’ll naturally grow closer to Christ. If not, your fellowship with the Lord suffers. So, biblical money management is a very practicalway to improve your spirituallife, though sometimes things get in the way of that.

There are two kinds of disobedience that keep us from handling money God’s way and growing closer to Him. The first is passive. It’s just plain laziness. Some people don’t want to take the time to organize their finances, to make a budget, and track their spending. Doing those things might only take a few hours a month. Still, it’s just too much to bother with. Worse, that same person will instead spend more time watching TV every night. As a result, intimacy with God suffers.

The second kind of disobedience is passive. It’s a willfuldisobedience. For that person, money and possessions compete with Christ. Jesus tells us in no uncertain terms how that will turn out. In Matthew 6:24 He says, No one can serve two masters, for either he will hate the one and love the other, or he will be devoted to the one and despise the other. You cannot serve God and money. Then there are people who think they can surrender every part of their lives to Christexceptmoney. They might be quite good at making money, paying their bills on time, saving, and investing.However, they refuse to give Christ lordship over their finances and to follow all of the Bible’s teaching.

Finally, there’s the person who’s not following biblical, financial principles but thinks his relationship with the Lord is just fine. To him we might say, What you don’t knowwillhurt you. What are you missing out on? You mightthinkfinances aren’t interfering with your relationship with God, but how would you know?

Commit to the Lord in earnest prayer. Then, follow through managing your money and possessions His way. To find what you need to get started, download the free MoneyWise app. It’ll not only help you set up a budget based on the envelope system, but also has the best Christian financial content out there to help you grow closer to God by following His principles.

On today’s program we also answer your questions:

We’ll be receiving a $100,000 inheritance from my mother who passed away. We want to share this with our 3 kids. How do we present this to them? Should we give this to themnowor later on?

I was awarded a savings bond in a Junior Miss pageant. I was supposed to pick it up at a bank but never did. How can I track that down and get it?

Remember, you can call in to ask your questions most days at (800) 525-7000 or email them [email protected]. Also, visit our website atMoneyWise.orgwhere you can connect with a MoneyWise Coach, purchase books, and even download free, helpful resources like the free MoneyWise app.

Like and Follow us on Facebook atMoneyWise Mediafor the very latest discussion!Remember that it’s your prayerful and financial support that keeps MoneyWise on the air. Help us continue this outreach by clicking the Donate tab on our website or in our app.

To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29

To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29

What’s the most important relationship in your life? Think carefully before you reply, It’s with my spouse and children. That’s important, but your mostimportant relationship is with God. We do need family and friends, but those bonds lack the eternal significance of your relationship with God. Today we talk about practical ways you can strengthen that relationship.

The Bible gives us three dots to connect money and our relationship with the Lord.

First, God created everything and therefore He owns everything. Colossians 1:16 says, For by him all things were created, in heaven and on earth, visible and invisible, whether thrones or dominions or rulers or authoritiesall things were created through him and for him.

Second, God gave us everything we possess. Deuteronomy 10:14 reads, Behold, to the Lord your God belong heaven and the heaven of heavens, the earth with all that is in it. So although God owns everything, He’s given us resources to use temporarily as his stewards.

Finally, God is not distant and detached. He wants a close relationship with you. James 4:8 tells us,Draw near to God, and he will draw near to you. We draw near to God by being obedient and following His law. With over 2,300 verses in Scripture about money and possessions, God has made his desire quite clear that He wants us to manage money according to His principles.

In Luke 16:11, Jesus indicates that God uses money as a test. He says, If then you have not been faithful in the unrighteous wealth, who will entrust to you the true riches? Jesus is saying that how you handle money affects your spirituallife. If you manage it well, according to biblical principles, you’ll naturally grow closer to Christ. If not, your fellowship with the Lord suffers. So, biblical money management is a very practicalway to improve your spirituallife, though sometimes things get in the way of that.

There are two kinds of disobedience that keep us from handling money God’s way and growing closer to Him. The first is passive. It’s just plain laziness. Some people don’t want to take the time to organize their finances, to make a budget, and track their spending. Doing those things might only take a few hours a month. Still, it’s just too much to bother with. Worse, that same person will instead spend more time watching TV every night. As a result, intimacy with God suffers.

The second kind of disobedience is passive. It’s a willfuldisobedience. For that person, money and possessions compete with Christ. Jesus tells us in no uncertain terms how that will turn out. In Matthew 6:24 He says, No one can serve two masters, for either he will hate the one and love the other, or he will be devoted to the one and despise the other. You cannot serve God and money. Then there are people who think they can surrender every part of their lives to Christexceptmoney. They might be quite good at making money, paying their bills on time, saving, and investing.However, they refuse to give Christ lordship over their finances and to follow all of the Bible’s teaching.

Finally, there’s the person who’s not following biblical, financial principles but thinks his relationship with the Lord is just fine. To him we might say, What you don’t knowwillhurt you. What are you missing out on? You mightthinkfinances aren’t interfering with your relationship with God, but how would you know?

Commit to the Lord in earnest prayer. Then, follow through managing your money and possessions His way. To find what you need to get started, download the free MoneyWise app. It’ll not only help you set up a budget based on the envelope system, but also has the best Christian financial content out there to help you grow closer to God by following His principles.

On today’s program we also answer your questions:

We’ll be receiving a $100,000 inheritance from my mother who passed away. We want to share this with our 3 kids. How do we present this to them? Should we give this to themnowor later on?

I was awarded a savings bond in a Junior Miss pageant. I was supposed to pick it up at a bank but never did. How can I track that down and get it?

Remember, you can call in to ask your questions most days at (800) 525-7000 or email them [email protected]. Also, visit our website atMoneyWise.orgwhere you can connect with a MoneyWise Coach, purchase books, and even download free, helpful resources like the free MoneyWise app.

Like and Follow us on Facebook atMoneyWise Mediafor the very latest discussion!Remember that it’s your prayerful and financial support that keeps MoneyWise on the air. Help us continue this outreach by clicking the Donate tab on our website or in our app.

The lowly I bond may be the Cinderella of fixed income securities. It’s almost always left out when folks diversify their portfolios. But these days, the I bond could become thebelle of the ball! I bonds have a feature lacking in many other fixed income securities: built-in inflation protection, something that’s becoming increasingly important.

An I Bond, or Inflation Bond, is an interest-bearing U.S. government savings security. They have a 20-year initial maturity, plus a 10-year extended period for a total of 30 years. They’re used as a hedge against inflation.

There are drawbacks to the I bond, especially if you were looking to rebalance a significant portion of your portfolio with them. You can only buy up to $10,000 worth of I bonds, per person, each year.

You can’t redeem an I bond until a full year after purchase and there’s an early withdrawal penalty. Also, you can’t put them in a 401(k) or a traditional or Roth IRA.

Youcanpurchase another $5,000 worth each year with your tax refund.

To purchase these, go toTreasuryDirect.govand look for the link for How To Buy Series I.

The reason you probably haven’t considered I bonds in the past is because of their terrible track record over the last 20 years or so. However, they’re now considered quite the hot commodity in investing circles.

Buying I bonds for your portfolio is not investing. These bonds basically have zero risk, so the return is appropriately low.

Compare buying these to buying gold, which some people also do to fight inflation. The difference is that with gold you have absolutely no guarantee that your holdings will keep pace with inflation. In fact, you can lose money with gold. There’s no chance of that with an I bond.

On today’s program we also answer several of your call-in questions:

You’ve said that your mortgage payment should never be more than 25% of your take-home pay. Should this principle apply to both spouses or to just one? We’rebothworking.

What’s wrong with buying a lottery ticket here and there?

We have a 4% interest rate on our mortgage and we owe $110,000. The home’s value is around $230,000. We pay an extra $400 per month on the principle. We’re considering refinancing. Should we just pay the house off? We’re not sure what we should do.

I have an old HSA from a previous employer. However, I’m about to have elective surgery and I’m wondering if it’s better to go ahead and use that account right away or just to pay for the surgery out of pocket and then take the distribution at a later date to let the money grow in that account.

Remember, you can call in to ask your questions 24/7 at (800) 525-7000 or email them [email protected]. Also, visit our website atMoneyWise.orgwhere you can listen to past programs, connect with a MoneyWise Coach, and even download free, helpful resources like the free MoneyWise app.

Like and Follow us on Facebook at MoneyWise Media for the very latest discussion! And remember that it’s your prayerful and financial support that keeps MoneyWise on the air. Help us continue this outreach by clicking the Donate tab on our website or in our app.

To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29

To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29

The lowly I bond may be the Cinderella of fixed income securities. It’s almost always left out when folks diversify their portfolios. But these days, the I bond could become thebelle of the ball! I bonds have a feature lacking in many other fixed income securities: built-in inflation protection, something that’s becoming increasingly important.

An I Bond, or Inflation Bond, is an interest-bearing U.S. government savings security. They have a 20-year initial maturity, plus a 10-year extended period for a total of 30 years. They’re used as a hedge against inflation.

There are drawbacks to the I bond, especially if you were looking to rebalance a significant portion of your portfolio with them. You can only buy up to $10,000 worth of I bonds, per person, each year.

You can’t redeem an I bond until a full year after purchase and there’s an early withdrawal penalty. Also, you can’t put them in a 401(k) or a traditional or Roth IRA.

Youcanpurchase another $5,000 worth each year with your tax refund.

To purchase these, go toTreasuryDirect.govand look for the link for How To Buy Series I.

The reason you probably haven’t considered I bonds in the past is because of their terrible track record over the last 20 years or so. However, they’re now considered quite the hot commodity in investing circles.

Buying I bonds for your portfolio is not investing. These bonds basically have zero risk, so the return is appropriately low.

Compare buying these to buying gold, which some people also do to fight inflation. The difference is that with gold you have absolutely no guarantee that your holdings will keep pace with inflation. In fact, you can lose money with gold. There’s no chance of that with an I bond.

On today’s program we also answer several of your call-in questions:

You’ve said that your mortgage payment should never be more than 25% of your take-home pay. Should this principle apply to both spouses or to just one? We’rebothworking.

What’s wrong with buying a lottery ticket here and there?

We have a 4% interest rate on our mortgage and we owe $110,000. The home’s value is around $230,000. We pay an extra $400 per month on the principle. We’re considering refinancing. Should we just pay the house off? We’re not sure what we should do.

I have an old HSA from a previous employer. However, I’m about to have elective surgery and I’m wondering if it’s better to go ahead and use that account right away or just to pay for the surgery out of pocket and then take the distribution at a later date to let the money grow in that account.

Remember, you can call in to ask your questions 24/7 at (800) 525-7000 or email them [email protected]. Also, visit our website atMoneyWise.orgwhere you can listen to past programs, connect with a MoneyWise Coach, and even download free, helpful resources like the free MoneyWise app.

Like and Follow us on Facebook at MoneyWise Media for the very latest discussion! And remember that it’s your prayerful and financial support that keeps MoneyWise on the air. Help us continue this outreach by clicking the Donate tab on our website or in our app.

These days, people focus on two things when buying goods and services: how fast can I get it and how much does it cost? What folks don’t often consider is that the first one has a big impact on the second and that’s how much they’ll have to pay for convenience because it certainly isn’t free.

We want to be good stewards of the resources God entrusts to us. But if you have the money in your budget for a convenience purchase, is it wrong to buy it? Not necessarily. We have to budget our time as well as our money.

Don’t ignore the fact that convenience costs money. Maybe you don’t have time to cook at home so you opt for pizza delivery, something not in the budget. Or instead of waiting for an item to go on sale at a local store you go online to buy it. Now you’re paying for shipping, too.

There are other ways we might sacrifice stewardship for convenience. Payday loans, for example. These have extremely high interest rates. Another example is an unlimited data plan on your cell phone. Do you really need it?

We should always be thinking, What else could God’s money be used for?

Even if you have the money to pay for a convenience, it doesn’t mean you always should, especially if it results in your saving or giving less.

Here’s the bottom line. The less discretionary money you have, the fewer conveniences you can afford. God wants us to enjoy his abundance, and there’s nothing wrong with that, within reason.

On today’s program we also answer a few of your questions:

What advice do you have regarding charitable giving in a period of our lives where we’ll have less income?

My husband and I are looking at purchasing a new vehicle. What’s your opinion on buying new versus used? We’re aware how expensive used cars are right now and that there are incentives out there to buy new.

I’m planning to retire at 62. But doing the math, I don’t think it’s such a bad idea instead of waiting until full retirement age. What are your thoughts?

Remember, you can call in to ask your questions 24/7 at (800) 525-7000 or email them [email protected]. Also, visit our website atMoneyWise.orgwhere you can listen to past programs, connect with a MoneyWise Coach, and even download free, helpful resources like the free MoneyWise app.

Like and Follow us on Facebook at MoneyWise Media for the very latest discussion! And remember that it’s your prayerful and financial support that keeps MoneyWise on the air. Help us continue this outreach by clicking the Donate tab on our website or in our app.

To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29

To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29

These days, people focus on two things when buying goods and services: how fast can I get it and how much does it cost? What folks don’t often consider is that the first one has a big impact on the second and that’s how much they’ll have to pay for convenience because it certainly isn’t free.

We want to be good stewards of the resources God entrusts to us. But if you have the money in your budget for a convenience purchase, is it wrong to buy it? Not necessarily. We have to budget our time as well as our money.

Don’t ignore the fact that convenience costs money. Maybe you don’t have time to cook at home so you opt for pizza delivery, something not in the budget. Or instead of waiting for an item to go on sale at a local store you go online to buy it. Now you’re paying for shipping, too.

There are other ways we might sacrifice stewardship for convenience. Payday loans, for example. These have extremely high interest rates. Another example is an unlimited data plan on your cell phone. Do you really need it?

We should always be thinking, What else could God’s money be used for?

Even if you have the money to pay for a convenience, it doesn’t mean you always should, especially if it results in your saving or giving less.

Here’s the bottom line. The less discretionary money you have, the fewer conveniences you can afford. God wants us to enjoy his abundance, and there’s nothing wrong with that, within reason.

On today’s program we also answer a few of your questions:

What advice do you have regarding charitable giving in a period of our lives where we’ll have less income?

My husband and I are looking at purchasing a new vehicle. What’s your opinion on buying new versus used? We’re aware how expensive used cars are right now and that there are incentives out there to buy new.

I’m planning to retire at 62. But doing the math, I don’t think it’s such a bad idea instead of waiting until full retirement age. What are your thoughts?

Remember, you can call in to ask your questions 24/7 at (800) 525-7000 or email them [email protected]. Also, visit our website atMoneyWise.orgwhere you can listen to past programs, connect with a MoneyWise Coach, and even download free, helpful resources like the free MoneyWise app.

Like and Follow us on Facebook at MoneyWise Media for the very latest discussion! And remember that it’s your prayerful and financial support that keeps MoneyWise on the air. Help us continue this outreach by clicking the Donate tab on our website or in our app.

If I just made a little more money, I could probablysavemore too? Have you ever thought that? You might be surprised to learn that how much you save doesn’t have much to do with your salary. That’s one of the key findings from some recent studies on people’s saving habits and why some folks are successful at it and others, well, not so much. We’ll talk about that on today’s MoneyWise.

Studies by the Employee Benefit Research Institute and J.P. Morgan first defined three different types or levels of savers. What they called low savers managed to put away about 2% to 3% of their salary. The next category, middle savers, banked 5% to 6% of their income. Finally, high savers were consistently saving about 9% of their salary. You’ll notice that middle savers put away about 3% more than low savers and high savers 3% more than middle savers.

It mightseemlogical but it’s still a misconception that low-income people save less on a percentage basis than those earning more money. But the research clearly showed that people, often with identical incomes, saved at different rates and not necessarilymorethan folks earning less. There’s no link between income and saving. This helps explain what financial author Ron Blue describes as a consumptive lifestylethe more you earn, the more you spend. Instead of banking all or at least part of a raise, you tend to just increase your lifestyle and your spending.

Saving isn’t difficult, you just can’t be lazy about it. It’s easy to let your spending creep up as you earn more money. It takes discipline to prevent that. So, try this. Pledge to save any type of future increase you receive, whether it’s a raise, a tax refund or even a gift card. Use the gift card onbudgetedpurchases but move the equivalent amount into savings.

How do you move from being a low saver to a middle saver or middle to high saver? The research showed that you can get the most bang for your buck by concentrating on three key areas. (1) Higher savers tended to focus their saving efforts onhousing. That includes a mortgage or rent, taxes, utilities and home furnishing. (2) The next saving priority was food, both eating out and groceries. (3) Finally, transportation, which includes vehicle purchases, fuel and maintenance.

What would you rather do, save $150 a month, $35 a week, or $5 a day? The researchers found that four times as many people chose to save $5 a day rather than $150 a month even though it’s the same amount (this was consistent across the various income ranges). Psychologically, it seems easier to give up something that costs $5 a day. Keep that in mind when you’re looking for ways to cut spending. It’s helpful to write down every penny you spend for at least a month, but three would be better.As you do that, look for small, repeat purchases that you can do without. You’ll discover that saving $5 a day is easy.

Here are a few of questions we answered from our callers on today’s program:

I have a friend who is looking to open a 401K to help her in retirement. She is 61 and single. Is it too late for her to do this?

I have money set aside in a retirement account and an emergency fund. A friend has recommended that I apply for a HELOC in case of emergency. What is your opinion on this?

We have paid off our home and have 160K in savings. Where is the best place to invest this money?

I am eligible for full social security. I am planning on retiring at age 64, but should I wait until 67 to retire to get more?

Ask your questions at (800) 525-7000 or email them [email protected]. Remember, you can call or email us 24/7.Visit us online at MoneyWise.org where you can listen to past programs, connect with a MoneyWise Coach, and download free resources like the MoneyWise app.

Like and Follow us on Facebook atMoneyWise Mediato join the latest discussion!Remember that it’s your prayerful and financial support that keeps MoneyWise on the air. Help us continue this outreach by clicking the Donate tab at the top of the page.

To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29

To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29

If I just made a little more money, I could probablysavemore too? Have you ever thought that? You might be surprised to learn that how much you save doesn’t have much to do with your salary. That’s one of the key findings from some recent studies on people’s saving habits and why some folks are successful at it and others, well, not so much. We’ll talk about that on today’s MoneyWise.

Studies by the Employee Benefit Research Institute and J.P. Morgan first defined three different types or levels of savers. What they called low savers managed to put away about 2% to 3% of their salary. The next category, middle savers, banked 5% to 6% of their income. Finally, high savers were consistently saving about 9% of their salary. You’ll notice that middle savers put away about 3% more than low savers and high savers 3% more than middle savers.

It mightseemlogical but it’s still a misconception that low-income people save less on a percentage basis than those earning more money. But the research clearly showed that people, often with identical incomes, saved at different rates and not necessarilymorethan folks earning less. There’s no link between income and saving. This helps explain what financial author Ron Blue describes as a consumptive lifestylethe more you earn, the more you spend. Instead of banking all or at least part of a raise, you tend to just increase your lifestyle and your spending.

Saving isn’t difficult, you just can’t be lazy about it. It’s easy to let your spending creep up as you earn more money. It takes discipline to prevent that. So, try this. Pledge to save any type of future increase you receive, whether it’s a raise, a tax refund or even a gift card. Use the gift card onbudgetedpurchases but move the equivalent amount into savings.

How do you move from being a low saver to a middle saver or middle to high saver? The research showed that you can get the most bang for your buck by concentrating on three key areas. (1) Higher savers tended to focus their saving efforts onhousing. That includes a mortgage or rent, taxes, utilities and home furnishing. (2) The next saving priority was food, both eating out and groceries. (3) Finally, transportation, which includes vehicle purchases, fuel and maintenance.

What would you rather do, save $150 a month, $35 a week, or $5 a day? The researchers found that four times as many people chose to save $5 a day rather than $150 a month even though it’s the same amount (this was consistent across the various income ranges). Psychologically, it seems easier to give up something that costs $5 a day. Keep that in mind when you’re looking for ways to cut spending. It’s helpful to write down every penny you spend for at least a month, but three would be better.As you do that, look for small, repeat purchases that you can do without. You’ll discover that saving $5 a day is easy.

Here are a few of questions we answered from our callers on today’s program:

I have a friend who is looking to open a 401K to help her in retirement. She is 61 and single. Is it too late for her to do this?

I have money set aside in a retirement account and an emergency fund. A friend has recommended that I apply for a HELOC in case of emergency. What is your opinion on this?

We have paid off our home and have 160K in savings. Where is the best place to invest this money?

I am eligible for full social security. I am planning on retiring at age 64, but should I wait until 67 to retire to get more?

Ask your questions at (800) 525-7000 or email them [email protected]. Remember, you can call or email us 24/7.Visit us online at MoneyWise.org where you can listen to past programs, connect with a MoneyWise Coach, and download free resources like the MoneyWise app.

Like and Follow us on Facebook atMoneyWise Mediato join the latest discussion!Remember that it’s your prayerful and financial support that keeps MoneyWise on the air. Help us continue this outreach by clicking the Donate tab at the top of the page.