“The clearer your goal, the greater your faith.” –Mike Murdock
“In all your ways acknowledge him, and he will make straight your paths.” –Proverbs 3:6
Have you ever heard of the six “Ps”? Three of them are proper, prior, and planning, which are required to ensure a future income. One must plan for the future. You have to plan for certain investments or provisions that will ensure safety for you and your family for many years. This will show that, when the time arrives, you had wisely anticipated your future.
Burying or hiding your money in the mattress is one way that you could plan for your future. I do not recommend it because if your house should have a fire, your money will go up in smoke. A wise man or woman will invest in his or her future. Purchasing a home, as previously covered, is a profitable investment. It enables you to have a stable life as you grow older.
Saving your money in a bank is not bad. It is a pretty good idea because the discipline of saving is very important. You must teach your children that while they are young. You must teach them, as well as yourself, that this money is for a specific purpose. For example, I have a friend who has two grandsons. They do banking monthly. They each have their own savings accounts. It is called the educational account. They are not allowed to go to the bank and take that money out for any purpose but education. So, once a year, at the beginning of the school year, they are allowed to go to the bank and withdraw $50 from the educational account to purchase their school supplies. This money is not for school trips or instruments. This money is strictly for their education. This teaches them discipline.
When they are given gifts from family members and friends, there is a box of cards and envelopes on the table. For any gift received, they must first say, “Thank you.” If they receive monetary gifts, they must deposit at least half of the monies into their bank account. They must go to the bank at least once per month to make a deposit.
There are books about savings. I purchased some from the AME Church bookstore. The ABCs equal tithing, saving and spending.
Tithing is biblical. My friend’s boys understand that all they have is because of God. They understand that 10% goes to God and 50% to their account. Teach the children while they are young!
It’s as easy as 1, 2, 3! Step 1 is to set reasonable goals for yourself. You must plan for your immediate future first. Write down your goals for the next six months and you can start planning from there. You need to have a clear view of where you wish to be in 10, 20, and 30 years. Next, you start developing your financial plan. The saying goes, “If you fail to plan, you plan to fail!”
Step 2 is to look at your current expenses. Ask yourself, “How can I cut out some of those unnecessary expenses?” Look at paying down any outstanding debt. Please know that credit card debt can eat you alive in interest. All of your money is gone because you’re paying interest. Try to use cash to pay for everything. If you don’t have the cash to pay for it, you don’t need it. If it’s a large priced item that you want to purchase, save your money and pay for it all at once.
Step 3 is to always have a savings plan. This means you may have to live a frugal life until your account gives you security, not to mention a peace of mind that. Start with your job.
Once you have worked an entire year you need to start saving your money. How do you do that? When you get a promotion or raise, that’s where you get your savings money. You already learned how to live off one salary for a year. Rather than going to the next bracket, keep living off that salary for the next year. Take all the money that you received from your raise or promotion and start saving it. It is just that simple.
Health issues may arise so make sure that you take care of all of your health issues. Eat healthily and live healthily. Exercise. Take preventive measures in health. You have to take control of your life.
