Proverbs 22:1-11
a good name is more desirable than great riches; to be esteemed is better than silver or gold. Rich and poor have this in common: The Lord is Maker of them all. A prudent man sees danger and takes refuge, but the simple keep going and suffer for it. Humility and fear of the Lord bring wealth and honor and life. In the paths of the wicked lie thorns and snare, but he who guards his soul stays far from them. Train a child in the way he should go, and when he is old he will not turn from it. The rich rule over the poor, and the borrower is servant to the lender. He who sows wickedness reaps trouble, and the rod of his fury will be destroyed. A generous man will himself be blessed, for he shares his food with the poor. Drive out the mocker, and out goes strife; quarrels and insults are ended. He who loves a pure heart and whose speech is gracious will have the king for his friend.
My reason for doing the Finance Blog for Young Adults is to teach you the method: give some, save some, and spend some. A lot of times we don’t use our money wisely. By the time we’re in our middle age we don’t have money around or saved for retirement. Here are some tips I learned from my growing days. I hope it will help you in your life the way it did me.
Tips on How to Use Your Money
1. When you get that first pay check, don’t spend it right away.
Open a checking account. The way to use your checking account is for the bills you have to pay. You can use your checks or debit card to pay bills. Please remember a debit card it not a credit card. What you deposit in your account is how much money you have on your card also. Too many times people use their debt card and spend too much and wonder why their bank account is overdraft. Now you have to owe the bank more money and I know you don’t want that. Let’s use our debt cards wisely.
2. Give some
2 Corinthians 9:6-8
Remember this: Whoever sows sparingly will also reap sparingly, and whoever sows generously will also reap generously. Each man should give what he has decided in his heart to give, not reluctantly or under compulsion, for God loves a cheerful giver. And God is able to make all grace abound to you, so that in all things at all times, having all that you need, you will abound in every good work.
Proverbs 3:9-10
Honor the Lord with your wealth, with the first fruits of all your crops; then your barns will be filled to overflowing, and your vats will brim over with new wine.
It’s good to be a giver, from our hearts. You can give in so many different ways. If you go to church through tithes. An organization that gives 100% of the donations to the mission. Or someone that you know that is in need. You get the idea. Give 10% of the total from your pay check. Read step 3 to fit this in your budget. You may not be able to give 10% right away, for now give what you can. Down the line you will be able to give 10% of your paycheck.
3. Set up a budget for your bills.
Once you know the total of your paycheck you will know what’s coming in each month. Now you need to know what’s going out each month, referring to your bills. One by one write down the company names and the amount you owe them monthly. When you are finished, deduct each bill from your paycheck total. Now you can see how much money you have left over each month. If you have a lot of bills and not that much money left over. Another way is by cutting your bills in half. What I mean by that, instead of paying your bills once a month. You can pay them twice a month, half in the beginning and half in the end of the month. That way you can have more money left over from your paycheck. A lot of companies allow you to pay it like that, just ask them first. Also include your groceries in your budget, that’s also a bill.
4. Saving Account and spend some
Now that you are finished with your budget. It’s time to save and have a little spending money. The money you have left over from your paycheck, divide it in half. With the first half open a saving account, and deposit your first savings. To make sure you are always saving every month, transfer the money from your checking to your saving account monthly. As you keep saving your money every month, you will be surprised how much your money will grow if you don’t touch it. The main point having a saving account is to save your money, not take from it. Now that you have your savings down, you can now start spending your other half of the money. It’s good to have a little spending money on the side. We need to spoil ourselves once in a little while.
Mission Accomplished
Now you are on the right path, knowing how to use your money wisely. I pray that this technique will help you a lot. No matter where you are in life you can still pick up these steps and work on them one by one. I know that it will make a difference in your life.
Word Of Wisdom By Ginny
1 Timothy 6:9-10
People who want to get rich fall into temptation and trap and into many foolish and harmful desires that plunge men into ruin and destruction. For the love of money is a root of all kinds of evil. Some people, eager for money, have wandered from the faith and pierced themselves with many grief’s.
Now that Shanay has given you information to help you start saving and have a nice nest egg for your future, I want to give you all some words of wisdom. No matter how much money you have or don’t have, remember to put God first, family second and everyone else third, then comes money and other material things.
Never let money lead you to mistreat anyone or put it before others. If you see or know of someone in need (food, shelter, clothes, etc) and you have the ability to help them financially, do it. Don’t let your money sit in an account gaining interest, while someone is hungry & hurting. Use wisdom, but also seek God and be a blessing when you can.
Have any questions, just let me know.
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