Since statistics show that the average American consumer has installment payments equal to 17 to 18 percent of his take-home pay, obviously large numbers of persons are overspending. An increase in bankruptcies of over 50% more each year than the previous year, would indicate that such overspending is leading many into financial disasters. And the Bible calls such spenders fools! I don't know many people who deliberately choose to be foolish.
When it comes to money, the way to be wise is to be a saver. Here are four simple rules given by the late financier, J. P. Morgan, for saving money.
1. Start early. Today is the day to start your savings program.
2. Save a definite amount. 3. Save regularly and systematically.
3. Employ your savings productively.