The average personal savings rate for Americans has been hovering around 4.9%.  We save $5 out of very $100, which is not bad… unless we compare it to other countries. The Chinese average 38%, the Irish 19%, the French save 16%, and Australians save 9.3%.

For a developed country, we have one of the lowest savings rates in the world.

Here are some tips to help you improve and become a better saver.

Start today. Procrastination is your enemy! The sooner you start, the better.  If you are reading this and thinking, “Hey it is a good idea to save money, someday” you will likely never do it! Start today.

Set a Purpose. Saving for “retirement” doesn’t motivate many folks until it’s too late. Write down a more specific purpose that excites you, something like – “We want to be able to take our grandchildren on vacations before we get too old” or “Our purpose is to be free to serve others without any dependency in our golden years.” This purpose will compel you to think differently about the spending decisions you are making today.

Practice steady plodding. Proverbs 21:5 says, “Steady plodding brings prosperity; hasty speculation brings poverty.” The tortoise always beats the hare! Put a little aside every month and increase it with each bonus or pay increase or surprise dividend. It takes discipline and time for it to accumulate, but if you have set a strong purpose, you will stay motivated to be faithful.