Every year when Christmas comes, we spend time buying the perfect presents for everyone. This includes paying for gifts by credit card or making several payments throughout the year. Once the repayments are complete, we can start again!
But this year, why not try to be proactive with your money? What if you have enough cash to send everyone the perfect presents and still have some left over? What if you’re ready for next Christmas? If this is your goal, it starts with proper management throughout the year. Here are some ways to better manage your finances throughout the year.
reduce spending
It may seem obvious, but there’s always room to save money in your budget by spending less. Just like cutting a large steak, it’s difficult to enjoy the meat until you trim off the excess fat. You need to take inventory of every area you spend your time on. Start with your basic expenses and work your way from there. Calculate your spending percentage by simply doing the math. What percentage of your monthly income do you spend on food, mortgage, gas, and household expenses?The larger percentages should be changed.
Money may already be a point of contention in your marriage. Significant reductions can be an additional problem. Instead of coming up with your own ideas, pray together as a couple and manage together. What you think is essential for you to complete may not be the same as what he thinks is important.
save in a high-yield account
Another great way to save money is to put money away each month in a high-yield account. Do your research to identify the account that offers the most attractive interest rates for storing your money. Some accounts offer incentives when you sign up. Some offer incentives for the money you keep in each account. Not only do you want to understand which account is best for you, but also make sure you can easily withdraw your money when you need it.
Using a high-yield savings account is not only a good financial investment, but also good stewardship of what God has given you. In the parable of the ten talents, the person who made the most of the coin was rewarded. However, those who suffered from it and were unable to spend or increase their money received the least compensation. God is entrusting you with cash, so you should use it to do what God wants you to do.
give more
Another great way to manage your money better is to donate it. The Bible says, “Too much is given, too much is expected.” That means God wants you to give money to people in need so that they can lift themselves out of poverty, meet their needs, and go out to preach the gospel.
Brainstorm some ways to donate money. You can invest in nonprofits in your area or consider donating abroad. Be sure to examine your financial statements and tax returns. Organizations that are not transparent about how they spend their money or refuse to disclose their taxes may not be attractive if you want to invest your money. Any organization that chooses to extort money owed by the government is not a wise investment of your money.
Donations help not only financially, but also emotionally. This is a great way to keep your mind focused on Christ and less on yourself. By donating to this organization, you can help meet a real need in your community and around the world. It’s a great way to manage your finances well.
The Bible asks us to give 10 percent of our income. Donating to an organization can be an additional act of generosity. Strive to be a family that gives more than just tithes. That being said, you must be a cheerful donor. Do it because you want to, rather than reluctantly handing over money because you feel you have to.
The more you give, the more joy and satisfaction you will have in your life. Being a good steward means giving away your money freely. Doing so will naturally give you the joy and happiness you so desperately need. So, how is your financial situation? You are setting an example of Christ through your finances.
Jesus decided to lay down His life and asked us to do the same. This is clearly an area he wanted to address in the lives of his people, as many of these lessons revolve around money. Following the example of grace, we can be good stewards of what God has given us and make a difference in the world.
Save early
It’s not just important to save money, it’s also important to start saving early. It’s impossible to predict everything that will happen next year, but it’s good to have some money set aside for things like car repairs, travel, and home improvements. These are all sudden expenses that you may feel unprepared for.
If you’re not prepared, high bills can hit you and ruin you financially. Create a rainy day fund and save money when you can. Even if it just means $50 a week from your paycheck, keep an envelope in your dresser drawer and save money accordingly.
Use that money to cover any additional costs you may incur in the future. Otherwise, all your savings will be gone. This money can also be allocated to regular car maintenance and other issues you may not have considered. Saving ahead of time will give you more peace of mind, even if you don’t know what the expense will be used for. They are more likely to come if you are well prepared than if you are not prepared. Take the first step to predict your spending and prepare for turbulent times.
take a break
Finances can be used for many different things. However, it can also contribute to improving your health. This also includes the concept of rest. We all need physical rest, but we also need social, emotional, and mental rest. If your expenses pile up, you may not be able to take time off. No matter how much money you have, take frequent breaks to rest your body and mind. The more you rest, the better you will be. Because you’re giving yourself the rest your body needs, you may experience less anxiety and depression, more peace, more joy, and more freedom to do what you need to do.
Our bodies aren’t designed to function all the time, but in this economy we don’t have a choice. If you have to, consider rehiring and saving all that money. Your savings can increase significantly at the end of the year. By doing so, you may be able to do what you need to do to get the emotional, financial, and mental break you’re looking for.
Finances can be a complex issue for any family. However, if you talk to your loved ones and apply the suggestions above, you may be better prepared and have a more financially successful year than ever before.
Photo credit: ©GettyImages/fizkes
Michelle S. Lazurek is an award-winning multi-genre author, speaker, pastor’s wife, and mother. She is a literary agent with Wordwise Media Services and host of The Spiritual Reset podcast. Her new children’s book, Hall of Faith, encourages children to understand that God can be trusted. When I’m not working, I enjoy drinking Starbucks lattes, collecting 80’s memorabilia, and spending time with my family and dog. For more information, please visit her website www.michellelazurek.com.
