No matter what the politicians do (they’re not spending their money, they’re spending their money), we can’t progress financially by going into debt. You need to budget your money so you can manage your finances, instead of letting your financial circumstances control you. Not planning is planning to fail. Managing finances requires prioritizing. If you do not have your financial values properly prioritized, you will not have enough money to pay important expenses. So, let’s look at a logical set of priorities:
1. Housing – Rent or mortgage always comes first… or you’ll live on the street… or with your in-laws.
= safe
= repairs
2. Utilities: It doesn’t make much sense to have a house without electricity and water.
3. Food: Don’t tell me you love your kids when you pay for an unnecessary toy before buying food for your family!
4. Transportation: Not a status symbol, but transportation! Get rid of the truck if you are not a farmer or contractor! Ditch the sports car if you have kids!
has. car payment
b. insurance… (be realistic… not having insurance will ruin your future and the future of your family)
against gasoline and maintenance.
5. Household items (soap, etc.)
6. Clothes
7. School supplies and expenses
8. Life Insurance and Health Insurance
9. Savings – Pay for yourself and prepare for the future.
= Have a second savings account for emergencies.
10. Entertainment (including eating at restaurants).
If we are living by faith, donations/tithes/offerings come even before the mortgage. However, that’s not a point of law… it’s a point of grace. There is no point in giving if you do not have faith to give.
Now, managing finances is simple. If you don’t have enough money to cover your budget, then one of three things must happen: reduce expenses, increase income, or both. But, you can’t be successful if you spend money you don’t have.
Oh, what do I know about financial management? I work in customer service for a bank. Every day I try to help people who don’t know how to manage their finances. And I’ve owned three businesses.
One more thing… not paying your priorities is very expensive… falling behind on payments costs late fees. Having phones and utilities disconnected costs reconnection fees. Stop being a victim and PAY ON TIME. Get rid of the toys and take care of the needs of your family.