Getting a Godly View of Money
1. Remember that all of your possessions belong to God. Psalm 24:1, Psalm 8:4-6
2. Establish giving if you haven’t already. 2 Corinthians 9:6
3. Stop buying on credit right now. Proverbs 22:7
4. Be on guard against materialism. Luke 12:15, Matthew 13:18-23, Ecclesiastes 5:10
5. Borrow money cautiously and modestly or not at all. Proverbs 22:7
6. Practice saving, even if it is a small amount. Save your spare change every day. Proverbs 13:11
7. Remember, you are accountable to God for the stewardship of the resources that He’s entrusted to you.
8. Learn to live on what God provides and not fall prey to what the world tells you that you need.
9. Evaluate how you prioritize your work life. Proverbs 23:4-5, Matthew 6:33
10. Think before you purchase everything. Proverbs 24:3, Ephesians 5:15-17
Practical Planning Tips
11. Look at your monthly expenses and evaluate which items are needs and which are wants.
12. Create and follow a written financial plan (budget). Start by praying about it. Proverbs 16:9
13. Document your cash flow in and out for 3 months in order to see where you’re spending.
14. Monitor progress toward your goals by setting weekly/monthly checkpoints and evaluating the changes you’ve made. Set a monthly meeting with your spouse to review your finances.
15. Take advantage of free retirement matching from your employer.
16. Evaluate your outstanding debt and form a plan of attack to pay it off.
Establish Frugal Habits
18. Recycle and reuse.
19. Re-evaluate your entertainment choices. Visit the library for free entertainment. Use Red Box movies at Walmart or visit the Dollar Theater. Consider reducing or eliminating attendance at sporting events (Friday night football, college football).
20. Visit garage sales.
21. Shop off brands or discount retailers.
22. Do your own yard work.
23. Stop going out to eat. Bring your lunch to work/school.
24. Pay bills online to avoid postage expense and the cost of checks.
25. Drink only water at restaurants.
26. Bunch your travel or errands in order to save gas.
27. Form a supper club instead of going out to eat. Share money saving ideas with the group.
28. Buy kids’ clothes on clearance in the off season for the next year.
30. Buy generic food brands, buy what’s on sale, buy a less expensive version (i.e. hamburger instead of steak), buy store brand items.
Cut Back Your Expenses
31. Consider changing your home phone or cell phone plan. Do you need a land line? Do you need a long distance plan? Are you paying for more minutes than you use?
32. Save on energy bills – programmable thermostat, higher during summer, lower in winter, use ceiling fans, wash clothes in cold water
33. Drive your current vehicle instead of buying a new one. A new vehicle always costs more than repairing your existing vehicle.
34. Consider carpooling.
35. Stop buying bottled water.
36. Only run the dishwasher when it’s full. Only run the washing machine with a full load.
37. Limit your extracurricular activities to a level comfortably within your budget (i.e. children’s sports activities)
38. Review every utility/household expense you currently have to ensure you are paying only for what you need (internet, cable, phone, insurance). Get help from a professional that you trust if needed.
39. Plant a garden.
40. Eliminating or reduce dry cleaning expense. Iron your own clothes.
41. Reduce your Christmas/birthday/gift spending. Do not buy gifts on credit. Proverbs 22:7
Managing Your Cash Flow
42. Use guidelines for what percentage of your income you should be spending on certain categories (housing, food, automobiles)
43. Auto deposit your paychecks to a separate account and only move the amount necessary to pay bills to a separate bill-paying account. This is especially useful for the self-employed or other with variable income. Proverbs 27:12; Proverbs 6:6-8
44. Have your savings automatically withdrawn from your paycheck and directed to a separate savings account so you are not tempted to spend it.
45. Have your paycheck direct deposited to avoid the temptation of cashing it and spending it.
46. Evaluate the cost of your hobbies and consider reducing or eliminating.
47. Never overdraft your account. Keep a cushion in your account in order to avoid overdrafts or service charges.
RADICAL GIVING IDEAS
48. Consider selling assets (big and small…houses, cars, investments, and so on…) that you do not use or do not need. Store your treasures in Heaven! Matthew 6:19-20
49. Give your savings to Christ’s church during The Kingdom Challenge.
50. Consider not borrowing any additional money during the The KIngdom Challenge.