21 Jan Finance Fundamentals
By Stephen Kanagaratnam
Have you ever wished that you had enough money to pay off debt, go on a vacation, buy a new car, or be able to show more generosity?
Financial success is not about how much money you make, but how you manage it.
God’s plan for us has always been to win in every area of life and that includes your finances. You can learn how to direct your hard-earned money to wherever you want it to go, instead of your money telling you where it went!
Many people all over the world wish for something to happen in their finances in the new year, but do not take any steps to move in that direction. Or, if they set a financial goal, they mistakenly try to do too much, setting unrealistic goals. When they feel they did not reach their desired target or outcome, they give up.
Not so for you! You are cut from a different cloth, and have been destined to win in your finances! Making disciplined choices today will allow you to enjoy the rewards of those choices in your future.
Set short-term goals and staying focused on them. If you are just getting started, here are a few suggestions to choose from:
- Create a simple household budget. A well thought-out budget is a road map for your finances. A budget allows you to clearly see both money coming in and money going out. It’s one of the best tools you can use to be a good steward of the financial resources God has put in your hand. Search the Internet for “Crown Financial” or Dave Ramsey material for good examples to follow. Keep it simple, but realistic. Minor changes over time can have a huge impact!
- Open a savings account. Deposit a certain dollar amount every month (say, $50 or $100) and stick to it. The money that you save from cutting back on your expenses can be used to deposit into this account. Set up an automatic transfer at your bank to transfer funds on a certain date every month. Don’t leave room for the enemy to rob you from the joy of meeting your goal!
- Plan your meals and stick to your grocery lists. Studies have shown that one line-item on a budget that you easily control is your grocery bill. People who fail to plan find themselves at the grocery store three or four (or more!) times a week. Just look at the traffic at the grocery store between 5-6:30pm every day on your way home! Start meal-planning for the week, buying only what is on your list. Look for coupons and weekly store ads to increase your savings.
By keeping your goals simple and attainable, you will quickly start to reach your financial target. You will discover the confidence to reach higher and set new goals, building momentum and motivation along the way. Stretch your faith and stay focused! You can do it!
Don’t wait and wish – start winning today!