Joseph Dillard

The Book of Genesis in The Bible is full of important stories. Recently, I began to think about one story in particular and how it relates to finances and money management. Many of us are familiar with the story of Joseph, “The Dreamer”, from Sunday School. Others became acquainted with the story via the DreamWorks Animation movie, “Joseph: King of Dreams”. I want to talk about one part of the story that stands out to me as it relates to money and the need for an Emergency Savings Account.

Genesis 41: 29 – 36 talks about Joseph interpreting one of Pharaoh’s dreams. In one part of the dream seven fat, healthy cows came out of the Nile River and began grazing in the marsh grass. Then seven sick-looking, scrawny, and thin cows came out after them. The thin cows ate the fat cows but were still as thin and scrawny as before. Joseph’s interpretation of the dream was that God decreed that there would be seven years of plenty followed by seven years of famine. Joseph suggested that Pharaoh put someone in charge of Egypt and “save” one-fifth of all the crops during the seven years of plenty so there would be food during the seven years of famine. This plan helped Egypt to prosper during the seven years of famine.

Nobody has to dream today for us to know that there will be times of feast and times of famine. In fact, many of us have already experienced times of feast and times of famine. Usually, we spend more during times of feast or prosperity and have little or nothing set aside during times of famine or lack. We can take a lesson from the Book of Genesis and be prepared for times of famine. We can prepare by setting aside money in an Emergency Savings Account. How much should you set aside? They set aside one-fifth in the Bible story. One-fifth is 20%. That might seem like an unachievable amount for some. 5% – 15% may seem more achievable for others. Or you may decide to choose a set amount such as $50 or $100 per month. Choose what works for you. You can always change it later, if necessary.

In the past, you may have been caught off guard when unexpected events lead to unexpected expenses. Then the unexpected expenses lead to a chain of events resulting in financial hardship. Sound familiar? Although this may have happened repeatedly, you didn’t prepare for the next time it happened. Now, you know it’s going to happen. Not because of a dream but because it happened before. Next time you can be prepared. Make up your mind to be prepared and start saving today and tomorrow won’t be so bad. Your money future can be filled with sweet dreams instead of scary nightmares. It’s up to you to make it happen. All the best.