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Wise Money Management 101
By Chloe Banks
September 3, 2001
“For
the love of money is the root of all evil: which while some coveted after, they
have erred from the faith, and pierced themselves through with many sorrows”
(1 Timothy 6:10).
Everyone
needs money to survive, so working for money in order to survive is in order and
commendable. As long as you give a
percentage of your wages to the Kingdom of God and know how to manage your
money, everything works out fine. However,
mismanaged money creates trouble!
No
one can think just because you pay tithes or at one time managed your money well
that you won’t ever run into financial hardship. Not knowing how to manage your money properly can, as the
verse says, bring sorrow and much unnecessary stress.
Here
are some ethical and practical ways to keep you in financial bliss and
scripturally sound:
·
Always balance your checkbook with each pay period (and
I’m not talking about your mental checkbook). If you don’t know how to
balance a checkbook, check out this
site. Think of a balance you always want to maintain in your
account, and then make sure you don’t go under that balance.
When you get your bank statement, always compare it to what you’ve
written in your checkbook. At
times you may find mistakes. Calculators,
computer programs, your bank and even your mental calculator are all capable
of making mistakes. Make sure you
double-check every number; one mistake can really mess you up.
Also, don’t try to beat the bank.
This may sometimes work, but it is not ethical and it causes more
stress.
·
If you have credit cards and can’t control your
spending habits, get rid of them or give them to a spouse who can hold them
until you have a financial emergency or when, in many cases, you can only pay
or hold things via a credit card. If
you like the idea of paying with a plastic card, get a debit card or checking
card, which is a card with credit. When
you run out of money, your card won’t work, so you can’t spend what you
don’t have! Most major credit
cards and banks offer these cards. Learn
more about debit cards here.
·
Make a list of your bills for a month. (Learn how here)
Don’t forget to include tithes and offerings, groceries, and gas
money. Then take the amount of
money that you are going to be receiving that month and divide up your bills
so you can pay them regularly and on time.
This will allow you to know how much money you will be able to spend on
“wants.” If you only have
money for your needs, “Abstain from
all appearance of evil” (I Thessalonians 5:22) and don’t purchase your
wants!
·
Always pay your bills on time.
If you pay a bill late, you will just have to pay more money for the
late fee and/or interest. Never write a check or use a credit card when you know you
don’t have the money. In many
cases, cash is better than checks and credit cards.
There are many other ways to manage your money and build
your money (i.e. stocks, bonds, CDs, savings accounts, etc.¾see
your bank for more info), but if you start by applying these simple tips to your
spending behavior, you will stay successful.
If
you are well off and have a friend who is having financial problems, help
her/him out by inviting him/her to your house for dinner and explain some
financial basics. Being a friend
like this is a wise gesture because you never know if/when you are going to have
hardships come your way.
Managing
money properly is an obstacle for many people, but if you ask the Lord to help
you, He will. As Paul wrote, “But thou,
O man of God, flee these things [financial problems]; and follow after
righteousness, godliness, faith, love, patience, meekness” (1 Timothy
6:11).
ninetyandnine.com
©
2001, Chloe Banks
---------
Chloe
Banks lives in an imaginary world. She
has an anomalous sense of humor that cracks her up, if no one else.
She spends her time daydreaming, spending time with her favorite mom and
critiquing her infamous comebacks and snide remarks.
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