Starting to Plan
Planning is biblical. In Proverbs God says that someone who plans well will foresee dangers and avoid them, but the foolish person (a non-planner) will rush ahead, do whatever’s convenient, and end up paying the penalty.
Just as we can’t build a home without blueprints, we can’t have solid financial structure without plans. Being a good and faithful steward. Means being able to live on a budget – a short-term plan. And then we are to look forward to see eventual needs and try to meet them – a long-term plan.
Eight Financial Principles
Spend Less Than You Earn
It’s easy to get into the habit of spending – to let expectations and wants exceed income, regardless of how much money we make. Studies show when people earn more, they tend to spend more. If your hard-earned dollars are spent before they even reach your bank account, it’s time to take a closer look at your finances.
Be Wise With Debt
Debt can accumulate when credit is readily available. But acquiring debt does carry financial risk and that’s why it should be managed wisely – even for things considered to be “good debts” like your home mortgage, a child’s education or a business investment.
Protect Against Setbacks
We all think it won’t happen to us – until it does. Knowing your insurance options is a good first step toward financial protection for you and your family. Preparing for life’s unknowns is part of a solid financial plan.
Give Generously
When you plan ahead, there is money left to give generously.
Today we often feel we can’t give because we have not been faithful stewards in planning, working or spending.Yet, we know that Jesus’ words – that “It is more blessed to give than to receive.”
Good stewards work as unto the Lord.
Good stewards analyze the budget to make sure the needs of the family are covered. They look ahead to anticipate future expenses. Things like new tires, car repairs, appliance replacements, insurance costs for teen drivers, and diapers should be accounted for.
Good stewards decide what to buy every month based on yearly sale trends. They plan ahead for those purchases to get the best deals in order to spend wisely.
Good stewards save and invest by researching and seeking wise counsel.
And, after all that planning, good stewards are able to give generously.
Planning takes time, but it’s a necessary ingredient to successful living. We plan our grocery lists, our vacations, and our kids’ sports schedules….so why not our finances too?
And, I have good news!! There is a guide that can help you accomplish there is a simple and easy-to-use guide that can help you set and reach financial goals that line up with Scripture. And it doesn’t matter where you’re starting. We can help you build an emergency savings plan or retirement account.
Have a Short & Long-Term Plan
Reaching your financial goals requires a short and long-term plan. Short-term planning looks at being prepared for unexpected events that could happen tomorrow, such as a job loss. Long-term planning is about creating a plan to achieve other significant financial objectives throughout life – like, funding for your children’s education and saving for retirement.
Give Back
Being wise with money isn’t a new concept. But when we view generosity as part of wise money management, it introduces a new conversation about how we can be more intentional about giving – by planning ahead to give back.
Teach Your Children
One of the important things you will leave a legacy to your children is teaching them financial literacy, stewardship, an entrepreneurship. Study shows that majority of children are addicted to social media. Parents have no time to teach them maybe due to busyness. Make an extra effort to have quality teachable moments with your children.
Estate Planning
A well-planned and regularly updated Estate Plan is one of the most straight-forward ways to protect your assets and help secure your loved ones’ future. Life Insurance can be an investment or tool for transferring wealth to your love ones, charitable institution, businesses and faith community.
Passing an inheritance to family, friends or a beloved charity can financially position them to accomplish goals even when you’re gone. Protecting partners in a business arrangement can add significant solace to the company and fund succession plans in case of the demise of a partner.
For domestic planning survivorship, life insurance is ideal, especially if both policy insured’s are healthy, but even when they’re not, the leverage of this opportunity generally remains the economic way to go. With new and improved mortality, survivorship life insurance can also create legacies not just for the succeeding generation, but also for two additional generations. This new trend is already emerging in estate planning where children, grandchildren and great-grandchildren represent multi-generational recipients. It’s creating a family legacy that extends beyond 100 years, in some cases funding two centuries of progeny.
The bible says in Proverbs 13:22
A good man leaves an inheritance to his children’s children, but the sinner’s wealth is laid up for the righteous.