Is your money controlling you?

These past eight months have shown us how dependent we, as Americans, are on other countries. They have the products we want and can control their rates. And because we are materialistic, we pay for it. Literally! With inflation comes financial burdens; credit card debt, bankruptcy, loss of a house or vehicle. In order to control our future, we have to make better decisions and decide to live within our means. Therefore, we need to take control of our money and stop allowing the world to con us into thinking we need all their stuff.

How might we do this? Most financial advisors recommend budgeting. Before you start groaning, hear me out. I too wasn’t a fan of budgeting, but it changed my life. I no longer feel the stress of our monthly bills and I get to feel the peace and enjoy life. I still get to go out to dinner with friends, buy cute outfits and have fun getaways. The only difference now is that I control my money instead of it controlling me.

Let’s go to God’s Word

1 Timothy 6:10 For the love of money is the root of all kinds of evil. And some people, craving money, have wandered from the true faith and pierced themselves with many sorrows.

This verse gets misinterpreted. Money isn’t the root of all evil, it's the love of money that is the root of all evil. Timothy warns us that if we put the love of money before God, it’s wrong. God wants us to use the money to take care of our needs and to help others. He doesn’t want us to be so wrapped up in it that we don’t see Him or anyone else for that matter.

15 minutes

Create a budget. First, make a list all your monthly bills, by their importance, total amount due, and their due dates. Figure out your monthly income and how you’ll need to divide up your bills. Here’s a good gauge for expenses; 25% house (mortgage and house insurance), 20% savings, 10% offering / helping others, and 45% for all other expenses (food, needed clothes, utilities, and transportation). If your expenses are higher than these percentages, I would recommend looking at what you can get rid of.

Techniques

• Look at the last 6 months - where did you spend your money? Where can you cut back?

• If there's something you don’t use - an unused subscription - cancel it

• List categories that you want to continue. Dave Ramsey calls it your envelope system; groceries, gas, dining out, clothes etc

Example Budget

Bills in November

Income: $5000

Savings 100

Giving 200

House 1250 \

Electric 150 \

Water 50

Car Payment 400 4 walls; house, food,

Gasoline 200 utilities, transportation

Food 600

Health Insurance 400 /

Car insurance 400 /

Credit cards 250

Memberships 150

Restaurants 400

Clothing 100

Retirement 200

Misc 150

Looking at this you see you still can have a life. You just have to be more aware of your spending.

If you owe more than you make work on getting rid of the bills you have, starting with the lowest amount to the highest. You will also need to find ways to make some extra money; garage sales, a 2nd job, and odd jobs for neighbors or friends are a few examples.

Spending wisely

• Set limits on things; $100 on dining out so instead of eating out twice a week you eat out only once.

• Have a list when shopping and stick to it

• Find things to do that don’t cost money

• If you love going to certain places like the movies or golf, see if there’s a membership

• Look for ways to simplify your life without costing too much. Example My son made his own corn hole. My husband made our coffee table and end tables out of old wire spools.

• Pack lunches instead of buying

• Plan out your adventures so you're able to find deals Groupons is great for this

Remember to always stay in control of your money.