Steve Repak's Blog - Posts Tagged "finances"
The Honeymoon is Over… What To Do With All of the Money?
Through my many years of working with them I have learned that couples will resist taking advice from their better half but they will take advice from a total stranger. It is not an insult to you or your better half, it is just the truth. With that said I don’t come bearing gifts of money but instead I want to share with you four things to do with the wedding money your friends and family have given you.
Proverbs 11:24 (NIV)
“One person gives freely, yet gains even more; another withholds unduly, but comes to poverty.”
(1.) Give God His due
If you really want to start your marriage on the right track, learn to give at the beginning. If you have your priorities in order now it will make life so much easier later. How can it help you financially? When you give, you have no choice but to live on less which is not just biblical but also the cornerstone of personal finance. Show God what your true priorities are by giving to Him a part of your financial treasures.
1 Corinthians 16:2 (NIV)
“On the first day of every week, each one of you should set aside a sum of money in keeping with your income, saving it up, so that when I come no collections will have to be made.
(2.) Fund your “life happens” account
Nobody plans on bad things happening such as your car’s transmission going out or needing to replace your refrigerator, but you need to have some cash in safe, short term savings to cover these types of emergencies, because it isn’t a matter of if they will happen, it is only a matter of when.
If you don’t have anything in savings and an unplanned expense does come up, you won’t have any choice but to use a credit card. Your ultimate goal is to have at least 3-6 months of your monthly non-discretionary spending in an account separate from your checking account. If you are not starting out with this, consider setting aside a portion of your wedding money to start or add to your “life happens” account.
Proverbs 15:22 (NIV)
“Plans fail for lack of counsel, but with many advisors they succeed.”
(3.) Talk to a counselor
You are probably thinking to yourself that you just got married so why would you need to talk to a counselor. You may not need a marriage counselor, but you would be wise to talk to a financial counselor. A Certified Financial Planner ™ (CFP®) can help both of you plan a road map to your golden years and help you decide where to put some of your wedding cash for your longer term financial goals. You can find a local CFP® by going to www.cfp.net.
1 Timothy 5:8 (NIV)
“Anyone who does not provide for their relatives, and especially for their own household, has denied the faith and is worse than an unbeliever.”
(4.) Blow some of your cash
I know I will get some negative comments and 1 Timothy 5:8 is speaking more towards the area of balance at work, family, etc. but I believe there should be balance also when it comes to money. Give God His due, but find balance with the rest of your money. Extremes seldom work and I have found that couples who have balance in their lives are happier. Spend, spend, spend will lead to poverty while save, save, save can lead to resentment. Be responsible with most of your wedding cash, but do set aside a small portion to spend on things you both like or things you both like to do!
http://www.bethanyjett.com/2014/03/05...
Bethany Jett
Proverbs 11:24 (NIV)
“One person gives freely, yet gains even more; another withholds unduly, but comes to poverty.”
(1.) Give God His due
If you really want to start your marriage on the right track, learn to give at the beginning. If you have your priorities in order now it will make life so much easier later. How can it help you financially? When you give, you have no choice but to live on less which is not just biblical but also the cornerstone of personal finance. Show God what your true priorities are by giving to Him a part of your financial treasures.
1 Corinthians 16:2 (NIV)
“On the first day of every week, each one of you should set aside a sum of money in keeping with your income, saving it up, so that when I come no collections will have to be made.
(2.) Fund your “life happens” account
Nobody plans on bad things happening such as your car’s transmission going out or needing to replace your refrigerator, but you need to have some cash in safe, short term savings to cover these types of emergencies, because it isn’t a matter of if they will happen, it is only a matter of when.
If you don’t have anything in savings and an unplanned expense does come up, you won’t have any choice but to use a credit card. Your ultimate goal is to have at least 3-6 months of your monthly non-discretionary spending in an account separate from your checking account. If you are not starting out with this, consider setting aside a portion of your wedding money to start or add to your “life happens” account.
Proverbs 15:22 (NIV)
“Plans fail for lack of counsel, but with many advisors they succeed.”
(3.) Talk to a counselor
You are probably thinking to yourself that you just got married so why would you need to talk to a counselor. You may not need a marriage counselor, but you would be wise to talk to a financial counselor. A Certified Financial Planner ™ (CFP®) can help both of you plan a road map to your golden years and help you decide where to put some of your wedding cash for your longer term financial goals. You can find a local CFP® by going to www.cfp.net.
1 Timothy 5:8 (NIV)
“Anyone who does not provide for their relatives, and especially for their own household, has denied the faith and is worse than an unbeliever.”
(4.) Blow some of your cash
I know I will get some negative comments and 1 Timothy 5:8 is speaking more towards the area of balance at work, family, etc. but I believe there should be balance also when it comes to money. Give God His due, but find balance with the rest of your money. Extremes seldom work and I have found that couples who have balance in their lives are happier. Spend, spend, spend will lead to poverty while save, save, save can lead to resentment. Be responsible with most of your wedding cash, but do set aside a small portion to spend on things you both like or things you both like to do!
http://www.bethanyjett.com/2014/03/05...
Bethany Jett
Different Decision for Different Results
Who couldn’t use some extra money? I know I could. Something else I know is that people who have money earn interest on theirs, instead of paying interest to someone else. If you are ready for some different results and want to start earning interest on some of your money, try applying these tips so you can spend less and save more.
1.Eliminate cable or at least reduce the number of channels to which you subscribe
2.Sell items you no longer use on Craigslist, EBay, or at a yard sale
3.Only drink water at lunch and dinner and never order dessert
4.If you have a cell phone, get rid of your home phone
5.Pack your lunches and snacks instead of eating out or using the vending machine
6.Turn the thermostat down in the winter and up in the summer
7.Exchange your smart phone for a TracFone
8.Bargain shop for clothes, food and household items
9.Sell your plasma
10.Make a list and make sure you eat before going grocery shopping
11.Pay yourself before paying anyone else (if you bank online set it up as an automatic bill
)
12.Check out movies from the library instead of renting or ordering on-demand
13.Sell your jewelry that you seldom or never wear
14.Choose generic/store brand over brand name
15.Spend time helping others instead of spending money on things that can’t love you back
Insanity is doing the same thing over and over again and expecting different results. There are many ways that you can spend less and save more but the most important lesson is that you have to start making different decisions when it comes to your money. If you do that, you will start getting different results.
via http://thelifeofasinglemom.com/differ...
1.Eliminate cable or at least reduce the number of channels to which you subscribe
2.Sell items you no longer use on Craigslist, EBay, or at a yard sale
3.Only drink water at lunch and dinner and never order dessert
4.If you have a cell phone, get rid of your home phone
5.Pack your lunches and snacks instead of eating out or using the vending machine
6.Turn the thermostat down in the winter and up in the summer
7.Exchange your smart phone for a TracFone
8.Bargain shop for clothes, food and household items
9.Sell your plasma
10.Make a list and make sure you eat before going grocery shopping
11.Pay yourself before paying anyone else (if you bank online set it up as an automatic bill
)
12.Check out movies from the library instead of renting or ordering on-demand
13.Sell your jewelry that you seldom or never wear
14.Choose generic/store brand over brand name
15.Spend time helping others instead of spending money on things that can’t love you back
Insanity is doing the same thing over and over again and expecting different results. There are many ways that you can spend less and save more but the most important lesson is that you have to start making different decisions when it comes to your money. If you do that, you will start getting different results.
via http://thelifeofasinglemom.com/differ...
Don’t Believe Everything you Read when it comes to Financial Advice
2 Timothy 3:13(NLT) “But evil people and impostors will flourish. They will deceive others and will themselves be deceived.”
Most people are extremely trusting and that can get them into a heap of trouble. There is an old saying that goes: don’t believe everything you hear and only ½ what you see. For some reason if people read something on the Internet or their favorite social media site, they trust that information and act on it as prudent advice. When it comes to financial information, the Internet can be a great resource but it should not be your only resource. Here are a few things to consider before taking financial, or any other type of advice for that matter, from the internet or your favorite social media site.
1. Most people can spell
If you can spell “Christian” or “Finance Expert” you can call yourself one. Just because someone has a blog, website, Facebook page, etc., don’t assume they are truly an expert or that they have your best interests at heart. Take the time to verify the information and keep in mind that all credentials (the little letters at the end of their name) are not created equal.
2. If it sounds too good to be true…. RUN
There are no secrets or short cuts to being financially secure. If someone promises overnight riches or the next sure thing, RUN! People tend to make decisions with their emotions, especially when it comes to money. Two strong emotions are fear and greed. Many times financial decisions are based on those two emotions and you can find yourself making short-term decisions that might make you feel good now only to regret them further down the road.
3. Your BFF on Facebook
We usually trust our family and friends the most. That is not a bad thing but the problem is when we trust the advice they may post. It could be a stock tip they overheard from their dentist or something they read while they were searching the internet. Don’t assume information that comes from a family member or friend is good, reliable or relevant. There is nothing wrong with trusting the people you love, just make sure you take time to verify the information before you take any action.
4. One size does not fit all
A great example is when you read about how much you should save for retirement. The general rule is you need to save enough to replace 75% of your pre-retirement income adjusted for inflation. But that amount can change for each person based on their age now, their age when they retire, how long they might need the money to last, how much debt they have, pensions, security, etc. You can use information as a guide, and hopefully it can provide you with a little direction, but it might make better sense to sit down with a professional than can provide you with information and guidance that will be more specific to your situation.
Always remember the following truths about financial advice: there are no free rides, everybody wants your money and don’t believe everything you read unless of course you are reading your Bible. The internet and social media can be entertaining and there is a ton of information out there, but just because it glitters doesn’t mean it’s gold. It is ok to trust, but always verify the organization, the information, the person, etc. before making any decisions when it comes to your finances or anything else that might be important in your life!
via @ http://nicoleodell.com/2014/07/dont-b...
Most people are extremely trusting and that can get them into a heap of trouble. There is an old saying that goes: don’t believe everything you hear and only ½ what you see. For some reason if people read something on the Internet or their favorite social media site, they trust that information and act on it as prudent advice. When it comes to financial information, the Internet can be a great resource but it should not be your only resource. Here are a few things to consider before taking financial, or any other type of advice for that matter, from the internet or your favorite social media site.
1. Most people can spell
If you can spell “Christian” or “Finance Expert” you can call yourself one. Just because someone has a blog, website, Facebook page, etc., don’t assume they are truly an expert or that they have your best interests at heart. Take the time to verify the information and keep in mind that all credentials (the little letters at the end of their name) are not created equal.
2. If it sounds too good to be true…. RUN
There are no secrets or short cuts to being financially secure. If someone promises overnight riches or the next sure thing, RUN! People tend to make decisions with their emotions, especially when it comes to money. Two strong emotions are fear and greed. Many times financial decisions are based on those two emotions and you can find yourself making short-term decisions that might make you feel good now only to regret them further down the road.
3. Your BFF on Facebook
We usually trust our family and friends the most. That is not a bad thing but the problem is when we trust the advice they may post. It could be a stock tip they overheard from their dentist or something they read while they were searching the internet. Don’t assume information that comes from a family member or friend is good, reliable or relevant. There is nothing wrong with trusting the people you love, just make sure you take time to verify the information before you take any action.
4. One size does not fit all
A great example is when you read about how much you should save for retirement. The general rule is you need to save enough to replace 75% of your pre-retirement income adjusted for inflation. But that amount can change for each person based on their age now, their age when they retire, how long they might need the money to last, how much debt they have, pensions, security, etc. You can use information as a guide, and hopefully it can provide you with a little direction, but it might make better sense to sit down with a professional than can provide you with information and guidance that will be more specific to your situation.
Always remember the following truths about financial advice: there are no free rides, everybody wants your money and don’t believe everything you read unless of course you are reading your Bible. The internet and social media can be entertaining and there is a ton of information out there, but just because it glitters doesn’t mean it’s gold. It is ok to trust, but always verify the organization, the information, the person, etc. before making any decisions when it comes to your finances or anything else that might be important in your life!
via @ http://nicoleodell.com/2014/07/dont-b...
Death & Taxes
Romans 13:7 (NIV) Give to everyone what you owe them: If you owe taxes, pay taxes; if revenue, then revenue; if respect, then respect; if honor, then honor.
With the tax season upon us, I am reminded of an old saying that goes “you can plan on two things in life and they are death and taxes.” That said, this year I had the privilege to participate in the Military Saves campaign at Rose Barracks in Grafenwoehr, Germany. Military Saves takes place during the last week of February throughout all branches of service on installations all over the U.S. and overseas. The campaign encourages military families to build wealth, not debt. The Service members and their families have the opportunity to take classes throughout the week to help them learn how to be better prepared financially. Mission readiness equals financial readiness. This year’s message was “set a goal, make a plan, and automate your savings”. I really love the concept of automating your savings because it doesn’t take much time or effort and it gets you saving consistently.
Romans 13:7 says that we are to give to everyone what we owe them, whether that be taxes, respect, or honor. As I was thinking to myself, I wondered how can you pay taxes and respect or honor others if you are not doing those things for yourself.
For example, respecting and honoring yourself. If you don’t respect or honor yourself, you will not respect or honor others.
Keep in mind that honoring yourself is very different depending if it is worldly honor or Godly honor. When our culture honors themselves or others, they heap worldly praise and admiration on people such as celebrities, politicians, or the super-wealthy because of status. Biblical honor comes from God and His Son and our commitment and devotion to be a Christian which translates to Christ like or being like Christ. If we are to honor ourselves the way the Bible intends we would demonstrate that with obedience to God not just by sharing the fruits of our labor but also through taking care of ourselves, physically, spiritually, and financially.
I have always shared with others the 10-10-80 rule where you give the first 10% of what you make, you save the next 10%, and then you can spend the rest. One of the easiest ways to accomplish the rule is by automating it. For example, instead of putting cash in the collection basket at church, consider setting up an automatic bill pay so you are always paying God first. If you miss a week or two at church, you won’t be missing the joy of giving. As for saving 10%, you should automate that too. If you follow the 10-10-80 rule and automate your giving and your saving you won’t escape death or taxes, but you are honoring God.
article courtesy of http://nicoleodell.com/2015/03/death-...
With the tax season upon us, I am reminded of an old saying that goes “you can plan on two things in life and they are death and taxes.” That said, this year I had the privilege to participate in the Military Saves campaign at Rose Barracks in Grafenwoehr, Germany. Military Saves takes place during the last week of February throughout all branches of service on installations all over the U.S. and overseas. The campaign encourages military families to build wealth, not debt. The Service members and their families have the opportunity to take classes throughout the week to help them learn how to be better prepared financially. Mission readiness equals financial readiness. This year’s message was “set a goal, make a plan, and automate your savings”. I really love the concept of automating your savings because it doesn’t take much time or effort and it gets you saving consistently.
Romans 13:7 says that we are to give to everyone what we owe them, whether that be taxes, respect, or honor. As I was thinking to myself, I wondered how can you pay taxes and respect or honor others if you are not doing those things for yourself.
For example, respecting and honoring yourself. If you don’t respect or honor yourself, you will not respect or honor others.
Keep in mind that honoring yourself is very different depending if it is worldly honor or Godly honor. When our culture honors themselves or others, they heap worldly praise and admiration on people such as celebrities, politicians, or the super-wealthy because of status. Biblical honor comes from God and His Son and our commitment and devotion to be a Christian which translates to Christ like or being like Christ. If we are to honor ourselves the way the Bible intends we would demonstrate that with obedience to God not just by sharing the fruits of our labor but also through taking care of ourselves, physically, spiritually, and financially.
I have always shared with others the 10-10-80 rule where you give the first 10% of what you make, you save the next 10%, and then you can spend the rest. One of the easiest ways to accomplish the rule is by automating it. For example, instead of putting cash in the collection basket at church, consider setting up an automatic bill pay so you are always paying God first. If you miss a week or two at church, you won’t be missing the joy of giving. As for saving 10%, you should automate that too. If you follow the 10-10-80 rule and automate your giving and your saving you won’t escape death or taxes, but you are honoring God.
article courtesy of http://nicoleodell.com/2015/03/death-...
3 Money Saving Tips for Thanksgiving
Exodus 23:16 (NIV) “Celebrate the Festival of Harvest with the firstfruits of the crops you sow in your field. “Celebrate the Festival of Ingathering at the end of the year, when you gather in your crops from the field.
As we are getting closer to the end of the year, many of us know that it can be challenging especially with our finances. Many people will soon be celebrating Thanksgiving so I want to share some tips to help you save a little money while still being able to celebrate with your family and friends.
Tip #1. Celebrate by serving others
To be reminded of how truly blessed your life is, consider showing how thankful you are by serving others. There are many organizations, soup kitchens, and shelters that are desperate for people who not only can volunteer food but also volunteer their time to help out others in need. It is a great way to celebrate your many blessings with your family and friends and remember Galatians 5:13 (NIV) says “You, my brothers and sisters, were called to be free. But do not use your freedom to indulge the flesh; rather, serve one another humbly in love.” Keep in mind that if you are spending more time serving others, you will have less time spending money!
Tip #2. Be wiser when shopping
Maybe you have always served both turkey and ham. Try sticking with one protein this year because we all know that good meat ain’t cheap! There was a scare early in the year of a turkey shortage because of the bird flu but actually turkeys are less expensive compared to last year and great deals can be found at many grocery stores especially the week before Thanksgiving. Try also to keep things simple. For example, preparing a pot of mashed potatoes is much less expensive than a scalloped potato casserole. Don’t be like most people and wait for the last second to go shopping. It seems like a no-brainer but many people wait until the last minute to find out the items or food that they need have sold out, or yes, grocery stores are indeed closed on Thanksgiving. If there are items that you can freeze ahead of time, get them now so you can experience less stress with last minute grocery shopping and possibly at the same time, save a little money.
Tip #3. Ask others for help
Don’t be afraid to ask your family and friends to bring food and drinks. Not only does this help the person hosting the event because they won’t be spending the entire day slaving over a hot stove, but it can also reduce the large financial burden of having to buy everything yourself. Ask someone to bring a side dish such as a vegetable or maybe you know someone who loves to bake that can bring a dessert. For those guest who are challenged in the kitchen, you can ask them to bring drinks, napkins, disposable storage containers or other supplies. Sharing the joy of cooking has many benefits beyond the financial and most guests are happy to contribute.
article courtesy: http://steverepak.com/2015/11/20/than...
As we are getting closer to the end of the year, many of us know that it can be challenging especially with our finances. Many people will soon be celebrating Thanksgiving so I want to share some tips to help you save a little money while still being able to celebrate with your family and friends.
Tip #1. Celebrate by serving others
To be reminded of how truly blessed your life is, consider showing how thankful you are by serving others. There are many organizations, soup kitchens, and shelters that are desperate for people who not only can volunteer food but also volunteer their time to help out others in need. It is a great way to celebrate your many blessings with your family and friends and remember Galatians 5:13 (NIV) says “You, my brothers and sisters, were called to be free. But do not use your freedom to indulge the flesh; rather, serve one another humbly in love.” Keep in mind that if you are spending more time serving others, you will have less time spending money!
Tip #2. Be wiser when shopping
Maybe you have always served both turkey and ham. Try sticking with one protein this year because we all know that good meat ain’t cheap! There was a scare early in the year of a turkey shortage because of the bird flu but actually turkeys are less expensive compared to last year and great deals can be found at many grocery stores especially the week before Thanksgiving. Try also to keep things simple. For example, preparing a pot of mashed potatoes is much less expensive than a scalloped potato casserole. Don’t be like most people and wait for the last second to go shopping. It seems like a no-brainer but many people wait until the last minute to find out the items or food that they need have sold out, or yes, grocery stores are indeed closed on Thanksgiving. If there are items that you can freeze ahead of time, get them now so you can experience less stress with last minute grocery shopping and possibly at the same time, save a little money.
Tip #3. Ask others for help
Don’t be afraid to ask your family and friends to bring food and drinks. Not only does this help the person hosting the event because they won’t be spending the entire day slaving over a hot stove, but it can also reduce the large financial burden of having to buy everything yourself. Ask someone to bring a side dish such as a vegetable or maybe you know someone who loves to bake that can bring a dessert. For those guest who are challenged in the kitchen, you can ask them to bring drinks, napkins, disposable storage containers or other supplies. Sharing the joy of cooking has many benefits beyond the financial and most guests are happy to contribute.
article courtesy: http://steverepak.com/2015/11/20/than...
Five Bible Verses to Teach Your Kids Practical Money Skills
Proverbs 22:6 (NIV) Start children off on the way they should go, and even when they are old they will not turn from it.
The longer you wait to start teaching your children to be good stewards of their financial resources the harder it is to instill good habits. Most kids in America know their way around the local shopping mall and can run circles around their parents when it comes to the latest app on their favorite gadget but when it comes to practical money skills most of them are in the dark. If your child can add and subtract then most likely they have the intellectual skills to master personal finance but many do not have the emotional maturity to make good financial decisions. By the way many adults also have that same issue. So what can we as parents do in order to start our children off on the right way to go when it comes to money? These five Bible verses can help get them on the right track:
1# Philippians 4:19 And my God will supply every need of yours according to his riches in glory in Christ Jesus.
God is the true provider for all of our needs but nowhere in the Bible does it say that God will give us everything we want. That doesn’t mean we can’t give our children things they want but we must teach them the difference between wants and true needs. For example, we NEED to eat, but we do not NEED to go out to dinner every night. We NEED clothes so people won’t look as us funny, but we do not NEED to be wearing the latest fashion craze.
#2 1 Corinthians 4:2 Moreover, it is required of stewards that they be found trustworthy.
If we are unable to be good stewards financially, how then we can expect God to trust us spiritually? So we need to keep in mind that every financial decision is also a spiritual decision. We can all be better stewards by being grateful and content with what we have and understand that everything comes from God, belongs to God, and is distributed by God.
#3 2 Thessalonians 3:10 For even when we were with you, we gave you this command: “Those unwilling to work will not get to eat.”
That doesn’t mean I believe your child needs to work before you provide them food, shelter and clothing but by paying your child an allowance for doing work/chores around the house does teach your children the value of work. If you want to teach your child about saving, giving and spending money, they first have to learn a lesson on earning it!
#4 Hebrews 13:16 Do not neglect to do good and to share what you have, for such sacrifices are pleasing to God.
The most joyous people are not always the ones who have the most but they are usually the ones who give the most. Teaching your children about giving their time and money develops discipline because an awareness of others’ misfortune will serve them well in any aspect of their lives.
#5 Proverbs 6:6-8 Take a lesson from the ants, you lazybones. Learn from their ways and become wise! Thought they have no prince or governor or ruler to make them work, they labor hard all summer, gathering food for the winter.
Does saving mean that we are not relying on God? No, saving is being a good steward of your financial resources. Nobody likes to plan on things going wrong, but invariably they do. An easy rule to teach your child is the 10-10-80 rule where they give the first 10%, save 10% and can spend the rest!
Article first posted via: http://brendayoder.com/steve-repak-fi...
The longer you wait to start teaching your children to be good stewards of their financial resources the harder it is to instill good habits. Most kids in America know their way around the local shopping mall and can run circles around their parents when it comes to the latest app on their favorite gadget but when it comes to practical money skills most of them are in the dark. If your child can add and subtract then most likely they have the intellectual skills to master personal finance but many do not have the emotional maturity to make good financial decisions. By the way many adults also have that same issue. So what can we as parents do in order to start our children off on the right way to go when it comes to money? These five Bible verses can help get them on the right track:
1# Philippians 4:19 And my God will supply every need of yours according to his riches in glory in Christ Jesus.
God is the true provider for all of our needs but nowhere in the Bible does it say that God will give us everything we want. That doesn’t mean we can’t give our children things they want but we must teach them the difference between wants and true needs. For example, we NEED to eat, but we do not NEED to go out to dinner every night. We NEED clothes so people won’t look as us funny, but we do not NEED to be wearing the latest fashion craze.
#2 1 Corinthians 4:2 Moreover, it is required of stewards that they be found trustworthy.
If we are unable to be good stewards financially, how then we can expect God to trust us spiritually? So we need to keep in mind that every financial decision is also a spiritual decision. We can all be better stewards by being grateful and content with what we have and understand that everything comes from God, belongs to God, and is distributed by God.
#3 2 Thessalonians 3:10 For even when we were with you, we gave you this command: “Those unwilling to work will not get to eat.”
That doesn’t mean I believe your child needs to work before you provide them food, shelter and clothing but by paying your child an allowance for doing work/chores around the house does teach your children the value of work. If you want to teach your child about saving, giving and spending money, they first have to learn a lesson on earning it!
#4 Hebrews 13:16 Do not neglect to do good and to share what you have, for such sacrifices are pleasing to God.
The most joyous people are not always the ones who have the most but they are usually the ones who give the most. Teaching your children about giving their time and money develops discipline because an awareness of others’ misfortune will serve them well in any aspect of their lives.
#5 Proverbs 6:6-8 Take a lesson from the ants, you lazybones. Learn from their ways and become wise! Thought they have no prince or governor or ruler to make them work, they labor hard all summer, gathering food for the winter.
Does saving mean that we are not relying on God? No, saving is being a good steward of your financial resources. Nobody likes to plan on things going wrong, but invariably they do. An easy rule to teach your child is the 10-10-80 rule where they give the first 10%, save 10% and can spend the rest!
Article first posted via: http://brendayoder.com/steve-repak-fi...
4 Simple Ways to Jumpstart Your Finances
If you feel that your finances are on life support and you have little hope of the situation improving, I want to you to provide you with a little ray of sunshine by showing you 4 easy ways to jumpstart your finances.
1. Start Giving More
I know what you are thinking, how can you jumpstart your finances if you are giving your money away! Truth be told, getting onto a healthier path with your finances has less to do with knowing what to do and more with doing what you know. If you truly believe that God is able to provide for your needs, then you acknowledge that by giving back to God. If you truly believe it is better to give than to receive, once again, you demonstrate that by giving to others that are less fortunate. Your money attitudes are crucial so by learning to give first, you will have no choice but to learn to live on less and that is the cornerstone of personal finance!
2. Start Tracking Your Spending
There is no secret that people who don’t run out of money at the end of the month are the ones who spend less than they make. Keeping a spending journal for two weeks can really make a big difference in your spending patterns. I think most of us know how much we make; the problem is that many of us have no idea exactly what we are spending each week. If you want to spend less so you can save more and pay off debt, you must know what you are spending your money on and then decide what expenditures you can eliminate or reduce. Consider using cash for two weeks instead of using your credit cards or debit card. I have heard that it hurts to break a $20, so maybe using cash can help you to start spending less of your hard earned money.
3. Start Knocking Out Your Debt
Don’t be one of those people who justify their debt by thinking that as long as you can afford to make the minimum payments on your credit card you are ok. You must start paying more toward your debt which will reduce the amount of interest you will pay over the life of that debt. Also by paying more towards your debt, you will be able to pay that debt off faster so you can start putting that money towards your savings and start earning interest instead of paying interest. Finally, do not be afraid to call your credit card company to negotiate a lower interest rate. The worse that can happen is that they say no!
4. Start Saving, Start Saving, Start Saving
Between making excuses, having good intentions, or just breaking the promises we make to ourselves, it’s easy to understand how we oftentimes fall short of achieving our goals, but we have to start saving money now! For our short term savings, consider opening a savings account at a financial institution different from where your checking account is (to make it a little harder to get to) and set up a bill pay or draft where you pay yourself each month before you pay any other bills. In addition, start putting money away towards retirement because retirement isn’t a question of if, it is a question of when. If your company offers a match where they will contribute a certain percentage of pay if you are setting aside some of you earnings into a company plan, you are leaving money on the table by not taking full advantage of this benefit. For example, if your company will match $.50 of every dollar you set aside into your 401k up to 5% of your salary, by putting anything less than 5%, you are basically saying no to free money. The last simple tip when it comes to saving is this: saving something is better than saving nothing and whatever you have been saving, start saving more!
article courtesy of : http://www.crosswalk.com/family/finan...
1. Start Giving More
I know what you are thinking, how can you jumpstart your finances if you are giving your money away! Truth be told, getting onto a healthier path with your finances has less to do with knowing what to do and more with doing what you know. If you truly believe that God is able to provide for your needs, then you acknowledge that by giving back to God. If you truly believe it is better to give than to receive, once again, you demonstrate that by giving to others that are less fortunate. Your money attitudes are crucial so by learning to give first, you will have no choice but to learn to live on less and that is the cornerstone of personal finance!
2. Start Tracking Your Spending
There is no secret that people who don’t run out of money at the end of the month are the ones who spend less than they make. Keeping a spending journal for two weeks can really make a big difference in your spending patterns. I think most of us know how much we make; the problem is that many of us have no idea exactly what we are spending each week. If you want to spend less so you can save more and pay off debt, you must know what you are spending your money on and then decide what expenditures you can eliminate or reduce. Consider using cash for two weeks instead of using your credit cards or debit card. I have heard that it hurts to break a $20, so maybe using cash can help you to start spending less of your hard earned money.
3. Start Knocking Out Your Debt
Don’t be one of those people who justify their debt by thinking that as long as you can afford to make the minimum payments on your credit card you are ok. You must start paying more toward your debt which will reduce the amount of interest you will pay over the life of that debt. Also by paying more towards your debt, you will be able to pay that debt off faster so you can start putting that money towards your savings and start earning interest instead of paying interest. Finally, do not be afraid to call your credit card company to negotiate a lower interest rate. The worse that can happen is that they say no!
4. Start Saving, Start Saving, Start Saving
Between making excuses, having good intentions, or just breaking the promises we make to ourselves, it’s easy to understand how we oftentimes fall short of achieving our goals, but we have to start saving money now! For our short term savings, consider opening a savings account at a financial institution different from where your checking account is (to make it a little harder to get to) and set up a bill pay or draft where you pay yourself each month before you pay any other bills. In addition, start putting money away towards retirement because retirement isn’t a question of if, it is a question of when. If your company offers a match where they will contribute a certain percentage of pay if you are setting aside some of you earnings into a company plan, you are leaving money on the table by not taking full advantage of this benefit. For example, if your company will match $.50 of every dollar you set aside into your 401k up to 5% of your salary, by putting anything less than 5%, you are basically saying no to free money. The last simple tip when it comes to saving is this: saving something is better than saving nothing and whatever you have been saving, start saving more!
article courtesy of : http://www.crosswalk.com/family/finan...
Stop Living Paycheck to Paycheck
A 2015 study by SunTrust Bank found that it’s not just those in a lower-income tax bracket that are living paycheck to paycheck. According to the online study, which was conducted by Harris Poll, nearly one-third of households earning $75,000 annually found themselves with more month than money. Perhaps even more worrisome, according to the study, a whopping 71 percent of millennials making $75,000 also had difficulties with their monthly spending.
One of the biggest factors to which these survey respondents attributed their spending problems wasn’t related to transportation or housing—or even medical expenses. More than two-thirds of retiree households earning $75,000 or more blamed their issues on dining out, and the same went for 70 percent of millennials making more than $75,000. Money spent on clothing, entertainment, and hobbies also made up a large portion of the drain on monthly cash flow.
If you’re finding that you don’t have as much left at the end of the month as you want, here are a few ideas to consider that may stretch your paycheck dollars further:
Stop dining out as much
You don’t have to be a financial expert to figure out that this approach can help put your spending on a diet, but the key phrase here is “as much.” You can still dine out, but instead of eating out every night, consider cutting back to once or twice a week. The same goes for weekends. Don’t go out on both Saturday and Sunday; instead, pick one day. The key is to go out less than you are now because a restaurant meal usually costs significantly more when compared to going to the grocery store and then fixing a meal at home.
Spend less when eating out
If you enjoy adult beverages consider switching to water. Not only will you leave the restaurant with more money in your wallet but also your body will likely appreciate it because you will be ingesting fewer calories. You can also consider ordering lower-cost lunch or appetizer portions instead of the larger dinner portions or splitting a meal with your friend or significant other. Finally, consider order desserts for special occasions only.
Be smarter when clothes shopping
Even though you may have been out of school for many years, you can still take advantage of a tax-free weekend in the dog days of summer. Depending on your state, sales tax is usually not collected on selected items, such as clothing, typically the weekend or a few days just before school starts. You may also want to consider other clothing options such as consignment stores, which often offer budget-friendly options.
Find alternatives for entertainment and travel
Instead of paying the big bucks watching professional sports at an overpriced stadium, consider visiting a local minor league, college, or high school football or basketball game. Tickets can be substantially cheaper or even free, as are the items at the concession stand. If you like traveling and consider yourself a little adventurous, take a train trip. Trains can be comfortable, you can see the sights, and the trips usually won’t be too hard on your pocketbook. If you like reading or watching movies, check out your local library. Find your nearest beauty school for a discounted haircut, manicure, or perhaps even a massage.
Make hobbies pay
If you’re retired and you have more time than money, consider turning a hobby into a fun side job. For example, if you enjoy home renovations, woodworking, painting, or do-it-yourself activities, you might be able to turn those hobbies into some extra money from your friends and neighbors. If you have a talent in stained glass, jewelry making, sewing, or knitting, you may be able to sell your unique goods to local craft stores or online using marketplaces like Etsy.
If you enjoy an expensive hobby like golf, you might consider exploring a cheaper alternative, such as biking, swimming, or tennis. You could take up chess or cards and join a local group, or you may want to try bird watching and nature walks, which usually don’t cost a thing. Whether you are retired or are just starting out your career, living on a budget doesn’t mean you can’t have fun!
article courtesy of: https://blog.equifax.com/credit/stop-...
One of the biggest factors to which these survey respondents attributed their spending problems wasn’t related to transportation or housing—or even medical expenses. More than two-thirds of retiree households earning $75,000 or more blamed their issues on dining out, and the same went for 70 percent of millennials making more than $75,000. Money spent on clothing, entertainment, and hobbies also made up a large portion of the drain on monthly cash flow.
If you’re finding that you don’t have as much left at the end of the month as you want, here are a few ideas to consider that may stretch your paycheck dollars further:
Stop dining out as much
You don’t have to be a financial expert to figure out that this approach can help put your spending on a diet, but the key phrase here is “as much.” You can still dine out, but instead of eating out every night, consider cutting back to once or twice a week. The same goes for weekends. Don’t go out on both Saturday and Sunday; instead, pick one day. The key is to go out less than you are now because a restaurant meal usually costs significantly more when compared to going to the grocery store and then fixing a meal at home.
Spend less when eating out
If you enjoy adult beverages consider switching to water. Not only will you leave the restaurant with more money in your wallet but also your body will likely appreciate it because you will be ingesting fewer calories. You can also consider ordering lower-cost lunch or appetizer portions instead of the larger dinner portions or splitting a meal with your friend or significant other. Finally, consider order desserts for special occasions only.
Be smarter when clothes shopping
Even though you may have been out of school for many years, you can still take advantage of a tax-free weekend in the dog days of summer. Depending on your state, sales tax is usually not collected on selected items, such as clothing, typically the weekend or a few days just before school starts. You may also want to consider other clothing options such as consignment stores, which often offer budget-friendly options.
Find alternatives for entertainment and travel
Instead of paying the big bucks watching professional sports at an overpriced stadium, consider visiting a local minor league, college, or high school football or basketball game. Tickets can be substantially cheaper or even free, as are the items at the concession stand. If you like traveling and consider yourself a little adventurous, take a train trip. Trains can be comfortable, you can see the sights, and the trips usually won’t be too hard on your pocketbook. If you like reading or watching movies, check out your local library. Find your nearest beauty school for a discounted haircut, manicure, or perhaps even a massage.
Make hobbies pay
If you’re retired and you have more time than money, consider turning a hobby into a fun side job. For example, if you enjoy home renovations, woodworking, painting, or do-it-yourself activities, you might be able to turn those hobbies into some extra money from your friends and neighbors. If you have a talent in stained glass, jewelry making, sewing, or knitting, you may be able to sell your unique goods to local craft stores or online using marketplaces like Etsy.
If you enjoy an expensive hobby like golf, you might consider exploring a cheaper alternative, such as biking, swimming, or tennis. You could take up chess or cards and join a local group, or you may want to try bird watching and nature walks, which usually don’t cost a thing. Whether you are retired or are just starting out your career, living on a budget doesn’t mean you can’t have fun!
article courtesy of: https://blog.equifax.com/credit/stop-...
