This week we look at the topic of Money Management. For most, the question always comes up – “If I don’t have much money – why do I need to learn how to manage it?”. That’s exactly the problem!
Money – you never have enough. Where did it all go?
We started with a few discussion questions:
- Do you have any money?
- Do you have too little money?
- Do you have to much money?
- What did your grandparents teach you about money?
- What is the biggest investment that you will ever have? (job)
Steps to Get in Control of your money!
- Record where your money goes.
- Organize your bills
- Create a realistic budget including giving and saving
- Find an accountability partner
Proverbs 22:7 (New International Version)
7 The rich rule over the poor,
and the borrower is servant to the lender.
Every Money Management plan should include:
- Pray – ask for guidance and direction
- Plan – It’s not “if” you’ll have an emergency, it’s “when it happens what will you do.” Plan for emergencies. Plan for rainy days.
- Save – A top priority should be to save a portion of everything that you make. How will you ever buy a car or pay for your first apartment – unless you save? (See Step 2)
- Give – Giving back to God is an act of worship. He doesn’t need your money. You need to give back to the one who provides for you everyday. Remember the poor widow in the Bible who gave her only penny?
- Spend Wisely – You have to spend money. Spend it where you get the most bang for the buck. Example: $5 at 7-11 will last 20 minutes. $5 at Walmart might feed you for a day or two.
- Keep – Some people need real help. Help those who need help – but know when to tell people “no”. Don’t let people take advantage of you and don’t enable their lack of money management.