Improve your finances in the next 90 days!

From my own experiences of teaching and leading personal financial management sessions and working with individuals on money matters, I’ve found the following four items to be true: 

• Managing your personal spending for 30 consecutive days will motivate you to continue the practice and empower you to begin other aggressive actions to take control of your personal financial life.

• Your FICO credit score can be improved after only 90 days of a purposefully directed credit repair financial action plan.

• All debt can be paid off in 24 months with aggressive debt reduction lifestyle changes.

• A 1 hour introduction to investing techniques and strategies will serve as motivation to you to reduce your living expenses and increase savings.

Got 90 days to invest in improving your finances?  Here's your to-do list!!

1.  Create a spending plan and stick to it for 30 days.

A spending plan is just that - a plan for how you will spend every penny that is entrusted to you for the next 30 days. The plan should be created before the month begins and should be your accountability for all financial income and expenditures.  

Got a commercial budgeting software package?  Got a spreadsheet?  Got a Big Chief tablet and a Fat #2 pencil?  How you do this isn't important.  Use what you got and get your spending plan started! 

If you'd like a free set of Excel worksheets that I've created for this purpose let me know via email and I'll get it to you.

2.  Pay your bills on time and reduce your debt load.

The two most prevalent factors that influence your FICO credit score are your payment history and the amount of debt that you owe.  If you have a habit of paying your bills late, make the adjustments that are needed to pay those that report to the credit bureaus on time.  Pay more than minimums to lower the amount of debt that you owe at a faster pace.  No matter what your FICO credit score is, you will see it increase after 90 days by addressing these heavily weighted areas.  Making payments on time right now or don't have any debts right now?  You're doing great and your FICO score is most likely reflecting this.  Move on to the next step.

3.  Do some investing in your investment knowledge

Find a low-cost / no-cost class or seminar to introduce or reintroduce you to long-term investment strategies. It is encouraging to learn about a place of financial improvement that you could reach.  Take this information and let it be your motivation to prepare you for this advanced financial management path.  I've found that as I teach stock market basics groups, individuals that are not financially prepared to invest begin making plans to get there by paying down debt and earmarking funds to begin actively investing.  Sit in an investing session and see if this is the case for you also!

Planning to implement one or more of these items in the next 90 days?  Let me know and keep me posted on your progress!

Carolyn

Should you give to the building of God's kingdom or save money? #FinLit

The answer is Yes!   Do both - Give and Save!

And remember the words of the Lord Jesus, how He said, ‘It is more blessed to give than to receive’.                                                                     Acts 20:35 KJV

There is treasure to be desired and oil in the dwelling of the wise; but a foolish man spendeth it up.                                                                    Proverbs 21:20  KJV

You are reading this correctly. Giving and saving is a single best step that we should take in preparation for expanding our financial territory.  This is not an oxymoron - as the biblical scriptures show, we are expected to give and save.

The principle to be gleaned here is that we should purposely take resources that we could use to sustain ourselves and make a conscious effort to give to the building of God’s kingdom, give to the poor and give to take care of family while also setting aside a portion in our house for later.  This is stewardship sacrifice.  

Here's Christian biblical scripture that reference these financial practices.

Giving to the building of God's kingdom...

"Bring all the tithes into the storehouse,
That there may be food in My house,
And try Me now in this,”
Says the Lord of hosts,

“If I will not open for you the windows of heaven

And pour out for you such blessing

That there will not be room enough to receive it."                                                        

                                                                           Malachi 3:10 NKJV

Giving to the poor...

Is it not to share your bread with the hungry,

And that you bring to your house the poor who are cast out;

When you see the naked, that you cover him,

And not hide yourself from your own flesh?

8 

Then your light shall break forth like the morning,

Your healing shall spring forth speedily,

And your righteousness shall go before you;

The glory of the Lord shall be your rear guard.

9 

Then you shall call, and the Lord will answer;

You shall cry, and He will say, ‘Here I am.’

                                                   Isaiah 58:7-9 NKJV

Taking care of your family...

But if anyone does not provide for his own, and especially for those of his household, he has denied the faith and is worse than an unbeliever.

1 Timothy 5:8 NKJV

There is wisdom in saving...

There is treasure to be desired and oil in the dwelling of the wise; but a foolish man spendeth it up.                                                                    Proverbs 21:20  KJV

We’re pleasing to the Lord when we put His financial principles into action.   

How do you do this?  Here’s three practical starting points:

• Tithe (giving 10% of your increase) and give offerings to building of God’s Kingdom

• Give to the poor through an avenue that touches your heart.  This can be though a charity or by helping someone on the street.  God knows your heart and counts every  act of giving even if the IRS does not.

• Save a portion of your increase each month.  Save for those unplanned expenses that we know will surface.  There’s no such thing as saving too little unless you’re not saving at all!  Include this in your spending plan so that you can track it and hold yourself accountable.

Principles for managing financial resources in the Christian Holy Bible are designed for our best interests today, tomorrow and in eternity.  I'm asking you, are you giving and saving?  

I am!! 

Carolyn