Last week I posted about the best question series we are doing at church. This past Sunday was about money and I actually took notes like no tomorrow. Usually I’m not a big note taker but I was looking for more paper to keep writing. With Caden about to enter Kindergarten meaning that our monthly school tuition is going to double. I need to find ways to pay off bills and get that extra monthly budget. So DON’T get scared that I say church I think really this is something that can apply to practical life again!
BEST QUESTION ASKED:
In light of my financial past, my present financial circumstances, and my future financial hopes and dreams, what is the wise thing to do?
“Of What use is money in the hand of a fool, since he has no desire to get wisdom?” Prov. 17:16 = Hmmm makes you think right?
1. Asking the WRONG Questions. Example
- Can I afford it?
- Can I make the payment?
- Is it on Sale? (I do this a lot)
- If I can make it work, then I should get it.
2. Assessing your financial Priorities
Currently how we use our money:
- Spend it
- Repay Debt
- Pay Taxes
- Save it
- Give it
What is wise from my financial past? Priorities, Knowledge & Self Control mandates how we do it.
The rich rules over the poor, And the borrower becomes the lender’s Slave. Proverbs 22:7
Leaned someone money and it changes the relationship! When you’re in debt to someone (friend, creditor, etc) means your in slave to them!
Dave Ramsey gives you this acronym “F.I.X G = M”
FOCUSED INTENSITY X GOD = MOMENTUM
Adjusting your Financial Focus
Live like no one else! If you’re living like a Rock Star it will lead to being upside down.
Change the way we use money, instead of how we currently do it. Do this:
- Give – Now that doesn’t mean to church if you don’t go. Give to others in need. It comes back 10 Folds.
- Save – Have an Emergency Fund of $1000 or at least $500.
- The wise man saves for the future, but the foolish man spends whatever he gets. Prov. 21:20 – AGAIN HMMM makes me rethink what I’m always doing!
- Repay Debt - Instead of Funding Someone else's future fund your own – I LOVE THIS!!!
- The rich rule over the poor, and the borrower is servant to the lender. Prov. 22:7
- Pay Taxes – Remember if you GIVE and Save you PAY less taxes! Hello you can write off charitable giving!
- Spend it – What ever is left spend that!
I know it is a crazy way to do things but we have been given the task of trying this for 3 months and see what happens!
I thought really hard and prayed on this. I’m on board I gave double what I usually give last Sunday (not close to 10% but a % that works for us). Then I wasn’t sure what was going to happen this week but I knew it would work out. THEN today my boss emailed me that a surprise BONUS had been given to me! I’m telling you I fell off my chair! I automatically put a portion in savings and then was able to enroll both boys for school and pay the registration fee! All I can say is I’m blessed and I’m putting this new practice forward!
Something else our pastor talked about that made me stop dead in my tracks. Take ALL your bills write down from smallest amount owed to largest amount owed. Then take the SMALLEST bill you owe on, double what you minimum payment each month this will help pay off this bill faster. WHEN that bill is paid off then take the money you have been sending to that bill to the next SMALLEST bill and so on. It’s called Debt snowball, pay off smallest to largest payment and then retire that bill. It makes it more manageable and not so over whelming to take care of your debt! With my bonus I made a triple payment and hope to have this bill paid off by next month and then on to the next smallest bill!
This may not be easy but it is the wise thing to do! Wish me luck but I think I may have just had my “Ahh Haa” moment and will take control of my financial life!