Sunday, July 3, 2011

Money Management

As girls, we have a tendency to buy things we don’t need. I know for a fact that sometimes I look at my wardrobe and think “why did I even buy that, I never wear it”. I make myself feel better by saying; maybe I’ll wear it to a wedding knowing full well, I’m PROPER not going to wear it.
We impulse buy, lie that we’re window shopping (even though we fully brought our card out) and we’re tricked into buying things for 20% off not realizing that wisdom will tell you that 100% off is better. DON’T BUY IT ALL! Let’s face it girls, guys are better than us at saving money. As a woman of virtue and honour, a key aspect that you need to develop is how to budget and spend your money wisely.

Do not be conformed to this world but be ye transformed by the renewal of your minds. This bible verse is so well known but do people really know what this means? The mindset of the world will tell you to buy so you can save. But think about it; does that even make sense?

Spending your money wisely doesn’t mean behaving stingy or not buying anything at all; after all money’s there to be spent. But spending money wisely means buying things that you need and not want. It means saving your money for things you want instead of borrowing. It also means learning how to be independent and not rely on others for money.

 So I have 7 quick tips that I feel will help your money go that extra bit further:

1.   1.   I’m at university, so I know how it feels to borrow money for school fees, loan or whatever. In some circumstances borrowing is inevitable.
The bible teaches us how to handle our money wisely. In fact
5. Proverbs 22:7 tells us that
“The rich rule over the poor, and the borrower is servant to the lender”
This is a figurative term meaning that when you borrow money you almost become a slave to the person who lent it to you as you must make efforts to give it back. We all know that feeling and it isn’t nice. Learn to borrow only in extreme circumstances. Even Romans 13:8 tells us “owe man nothing”

2.   2.   Give to God
Don’t expect God to help you if you refuse to bless him with a portion of your income. Whether that’s through the church you attend or through charity. Give to God. Proverbs 3: 9 tells us “Honour the LORD with thy substance, and with the firstfruits of all thine increase.”

3.     3. Be content with what you have. One of the main reasons we over spend or buy things we don’t need is because we don’t appreciate what we have right in front of us. We constantly have that “I want more” attitude. Which leads you into spending money you don’t have, for things you don’t need. Timothy 6:6 tells us But godliness with contentment is great gain. 7 For we brought nothing into the world, and we can take nothing out of it. 8 But if we have food and clothing, we will be content with that”. We’re told to be content and glad with our current situation.

4.    4.  Set priorities. If you have rent to pay, it isn’t wise to go and buy yourself a pair of Kurt Geiger heels instead. Of course, if you have money for both then by all means go ahead. But obviously there are things that are more important than others. This is where wisdom comes into play and plain old common sense. A new pair of heels or behind in rent payments?

5.   5.   Create a savings account. Not only is this a wise way of piling your money up somewhere but is also a secure way of knowing that in case of emergencies you have some money that you can comfortable rely on. Proverbs 30:24 says that “there be four things which are little upon the earth, but they are exceeding wise: 25 The ants are a people not strong, yet they prepare their meat in the summer.” God is saying the ants are wise because they prepare their meat in the summer ready for winter. If you know winter is expensive season for you; i.e a new winter coat, some new boots, or your mum’s birthday then start putting some money aside for it so that when the time comes, you are not suffering.

6.     6. Budget your income. Start shopping in places a little bit cheaper than usual. Markets are a great place to shop where you can look fashionable for half the price. The clothes I’m wearing right now are from a market warehouse where they sell clothes from high street shops, cut out the label and sell them as cheap as chips. Charity shops are cool as well because you can find vintage items as well as new season ‘must haves’. Sometimes as females, we want to look the best and can find ourselves in a competition to impress people who don’t even care about you.

7.   7.   PRAY!! Your financial situation will not sort itself out. Things won’t just fall into place. If you need a job, start applying. If you need to apply for Student Finance, then do it. Too many people pray for ‘financial stability’. I can’t stand it when I hear that. STABILITY means not moving! Pray for financial momentum so that you have the ability to keep generating money. Know what youre praying for. “Dear God, help my financial situation. Amen” NO! Say “Dear God, I know I owe Sara £250 but I ask for you to open a way so that I can her back. Bless me with a job, bless me with the drive and determination to go and find one. When employers see me, let them see your glory shining through me. Amen.”

All these are tips that I’m still learning and putting into practice. It takes a lot of hard work to make sure your finances are in check but as I said, it is the sign of a wise woman. Summer is a time when we have so much free time, use this as an opportunity to draw up a financial plan to keep you in credit!

I pray anyone that was reading this is abundantly blessed.
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