November 15, 2011

Handling Your Finances Wisely

Handling your finances, for what I've known from my parents and other relatives, is one of the most hard thing to learn. This requires full responsibility and practicality. I would sometimes talk to my aunts' horror stories about budgeting. Most of them are really having shortage on cash (although they wouldn't include in the list the mothers ring they bought haha), especially in our time that almost all things are increasing in price. Their expenses for this payday almost exceeded their allotted budget.

I just hope these tips would get them right back on track.

Start making a list. Set aside a notebook for this. Jot down all your assets(what you own), your revenue(what you earn) and your liabilities(what you owe). I believe keeping receipts would be helpful, so that you can examine and evaluate your spending.

Control your money. Stick to your budget plan. Do not be manipulated by your money. Instead, take control of it.

Give back to God. Tithing is important. For me, this is the most important thing to consider. We can worship God even in our financial life. Having in mind that everything came from Him, we are giving Glory to Him, our Ultimate Provider. Also, this is an act of gratitude when we give our tithe.

Save. You can try the 10/10/80 principle. You can tithe the 10%, save another 10% and live off 80% of your income. Many people who have grown wealthy followed this pattern.

Practice sharing your blessings. This will surely  keep the blessing on you flowing. We must be flowing rivers of blessings instead of being stagnant.


crumpylicious blog said...

very nice insights! I believe in the save principle too

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