The Basics Of Money Management

A lot of people have wrong perceptions about money. They make reference to the adage, “Money is the root of all evil” which they mistakenly ascribe to the Bible. The correct scripture states: “The love of money is the root of all evil.” (1Timothy 6:10).

Money is a tool that can be used for many purposes-good or bad. It becomes evil if it is dishonestly acquired and used for the wrong purposes.

Everyone should be encouraged to work and earn clean money. We need it to solve our numerous problems and Bible attests to this fact. Ecclesiastes 10:19 says, “A feast is made for laughter, and wine maketh merry: but money answereth all things.”

In today’s world, so many families are on the brink of disintegration because of financial challenges. Money is needed to pay rent, utility bills, education and medical expenses among others. In view of this we should learn and apply the principles of wise money management. Parents should teach their children to manage money.

Save
The apostle Paul advised the people in his time to save and use part of their savings to help the poor and the needy. In 1Corinthians 16:1-2 he wrote: “Now concerning the collection for the saints, as I have given order to the churches of Galatia, even so do ye. Upon the first day of the week let every one of you lay by him in store, as God hath prospered him, that there be no gatherings when I come.” This sound advice on the importance of saving which Paul gave the people of his generation is equally relevant to us today.

Financial experts always advise us on the need to save for a better tomorrow. Be a wise person and do not spend all you earn. If it is your salary, deposit any amount you wish to save in a bank or some other location for safekeeping.

Pay tithes
The scriptures recommend the payment of tithes. There is a promise of abundant blessings to those who are faithful in paying their tithes. In Malachi 3:10 the Lord says, “Bring ye all the tithes into the storehouse, that there may be meat in mine house, and prove me now herewith, saith the Lord of hosts, if I will not open you the windows of heaven, and pour you out a blessing, that there shall not be room enough to receive it.” Note that the blessing from the Lord also includes financial blessings.

Budget
A great way to spend money wisely is to have a budget. A budget will indicate your income and the items you spend your money on. This will prevent you from spending your hard earned cash on unnecessary things. Your budget should also make provision for savings. It will also prevent you from getting into unnecessary debt as you live within your income.

Plan
Most financial planners advise us to plan and spend carefully. This is consistent with what the Bible teaches: “For which of you, intending to build a tower, sitteth not down first, and counteth the cost, whether he have sufficient to finish it?” (Luke 14:28). This scripture teaches us to plan before spending our funds. A lot of people have gotten into financial trouble because they failed to plan how to spend their money. Family members should plan together how to spend their income. They should set priorities and spend money on only what is crucial for the family. They should learn the difference between needs and wants. Unlike needs, wants can be put on hold until such time that there is money available to take care of it.

Take care of your health
You need to invest by acquiring skills and taking care of your physical and emotional health. Eat nourishing food and exercise regularly to keep you physically and emotionally great. This will help reduce what you spend on health.

Work
Work is God’s gift to man. It is a blessing through which we provide for the needs of our family. By working steadily and honestly, we can attain financial security. We should do work that can best use our talent. We should do work that we love and do it wholeheartedly and the Lord will clothe us with mighty financial blessings.

As you work, improve upon your skills. Learn more about your work and become an expert in it. This will pay you back in the long term.

Become an investor
Your salary is a seed. Learn to invest part of it in a project that could earn you more money. The parable of the talent as recorded in the Bible is a classic example that teaches us the importance of investment. The parable of the talent is found in Matthew 25:14-30. Even if you don’t know where to invest, it makes sense to save your money in the bank where it can yield some interest for you.

Be content with what you have
Learn to be content with what you have. 1Timothy 6:6-8 says, “But godliness with contentment is great gain. For we brought nothing into this world, and it is certain we can carry nothing out. And having food and rainment let us be therewith content.” The attitude of being content with the little you have is far better than developing the love of money and all the problems that come along with it.

Conclusion
Money is important. We need it to meet the needs of our families. If we shirk this responsibility God will hold us accountable. We should care for our families by practicing the principles of wise money management above.

Yours in inspiration,
Abundant Robert K. AWOLUGUTU
Correction Officer, Priest & Author
Email: [email protected]
Cell: 0208 455 296
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