Money has long been recognized as the medium of exchange for goods, and services that are necessary for our survival. However, there are the haves and the have nots? What causes this great disparity between these two groups? It all starts with knowing the art of money, appreciating its value, and learning how to manage it. Money management starts with creating a simple budget where you write all your income and expenses for a fixed period such as weekly or monthly. It is often said; it is not the amount of money you make but what you save. Some people live from paycheck to paycheck every week and despite the amount they earn they never seem to have money. This is tantamount to selfish and reckless living. God expects us to use wisdom in the handling of our finances so that we do not become a burden to anyone. Everyone can learn the art of managing their money and it starts with what is in your wallet now.
However, those who have mastered the art of managing their money are experiencing great successes in their lives and, to them, money is a powerful tool.
Money answereth everything. Ecclesiastes 10:19. It means that we need money for everything; food, housing, transportation, education, medical expenses, etc. Without money, these services would be off-limits to us. Money is not the root of all evil because it is important to the functioning of societies around the world.
Those who understand how money works put their money to good use by investing, giving to charity and carving out a good life for themselves and their families. However, money is deemed evil when we get to where we covet it and will do anything to get it which amounts to greed. Those who are struggling with managing their money can become ensnared by it and this can lead them to commit deadly crimes to satisfy their obsession. Some gain their riches illegally and have used them as weapons against the poor. Oftentimes they are engaged in human trafficking, money laundering, sex trade, especially against children, and other illicit activities. These heinous crimes result in gross physical and psychological damage to their victims and also result in exorbitant costs to economies around the world that funnel billions of dollars each year into fighting these money crimes and bringing their perpetrators to justice.
Everyone can learn how to manage their money. It doesn’t matter how small or large your income is. The first step is learning to live within your means. This means if one earns a hundred dollars weekly, that is what one should expect to live on. Avoid spending it all at once. Instead, make a budget and determine an amount for savings weekly, however small, and stick to it. Money appreciates over time, and with compound interest on saving accounts, the amount saved will soon add up. One can save for short-term or long-term goals. For example, buying a piece of equipment, appliance, cars, houses or college education for your children.
The summary below is a prime example of good financial management.
Dr Ben Carson’s mother only had a third-grade education and worked as domestic help. Yet she successfully raised two boys on a minimum wage; one of whom became one of the world’s prominent neurosurgeons. How did she get to become such a financial wizard?
God multiplied it and all their needs were met. Ben shared a story in his book, “Gifted Hands” – of when he became a teenager and started noticing that his peers were all wearing the latest fashions. He demanded that his mother got them for him, too. In her wisdom, she handed him her paycheck and asked him to pay the bills and then buy what he needed with the rest. To his astonishment, her wages barely paid the bills. At that moment, he recognized her struggles and a deep love and appreciation filled his heart for the woman who loved him so much. He also had a new admiration and respect for her and from that day forward, he labelled her a financial genius.
Sonya Carson had learned the art of living within her means; hence, it was easy for her to prioritize when it came to her family. This is a lesson that some of us need to learn and practice daily. It requires the discipline of budgeting and committing to it. If something is not in the budget, you simply cannot have it. You must be willing to sacrifice the fleeting pleasure now for the substantial things later on in life. Set financial goals and stick to them. Life’s emergencies will occur therefore it is necessary to put aside set amount of money to cover periods of unemployment, sickness or even death.
We are to owe no man nothing but to love them, Romans 13:8. Unfortunately, many of us are saddled with unnecessary debts because we fall victim to the “eye see, I get mentality”. We covet others for their discipline with money, while we are bent on living the high-maintenance life. That’s the sacrifice you have made for yourself and you must be willing to accept the consequences of your actions, which is just several depreciated items, whether, high-end fashion, cars, gadgets, or entertainment at the end of the day. When the debt collector knocks, we become stressed and depressed, which can lead to other chronic illnesses later in life. The antidote to this is to develop a healthy mindset about money and you will have money. Think about money as a friend or foe. When you learn to appreciate money, it becomes your friend because you will spend it wisely.
On the flip side, money becomes an enemy when we spend it foolishly.
For those of us who have fallen through the net and are way over our heads in debt, there is hope for you. You can begin to tackle your debt on your own or with the help of financial advisors. First, you need to know the total amount of debt owed and to whom you owe them. Secondly, contact your creditors and work out a payment arrangement. Determine how long it will take you to pay off your debt and make a commitment to pay them off and stay out of debt. Sometimes this might mean taking on another job or a side hustle that will bring in the extra money you need to put yourself in a favourable financial position.
Everything we own comes from God, the greater giver: our money, time and talents. He expects us to use them for the greater good of humanity. Are your investing your money time and talents wisely or do you squander it on this world’s goods? I am sure that many of us have blown an entire paycheck on a shopping spree and then regret it later. I too have done some spontaneous spending, and I suffered from making those rash decisions. Think carefully before you open your wallet.
What a wise friend taught me about money?
I remember when I left college I got my first job early. I ended up at the same company where a friend of mine in management worked. My hiring was not influenced in any way by him because he didn’t know I had applied for a job there. I rented a furnished apartment that was very pricey and I paid about 65% of my salary at the time on rent. I was always in a bind each month. One month I asked my friend for a loan. He started by asking me a series of questions. How long have you been working with the company? What are your expenses? How much have you saved? My response to the latter was nothing. He said I should have been saving at least 10% of my income every month. He politely said goodbye and hung up. I was left fuming! I couldn’t understand what he was trying to tell me although I had graduated with a degree in Business Administration with an emphasis in accounting. It bothered me he didn’t help and for a while; I was mad at him. After a while, I gave our conversation some thought, and I finally understood the principle behind his decision. He would not enable me to continue to squander my hard-earned money because he wanted me to become financially independent. A friend will always tell you the truth. I not only learned a valuable lesson, but I put it into action and when I was ready to purchase the first car I had saved up 50% and only needed financing for the rest. I have made many mistakes, but; I am now at a place where I strive to live within my means because I feel that when I manage my money; I am honoring my creator, God!
Heart Plus Hands is a devotional and mental health blog that’s free and open for everyone. Since our founding, we have already published numerous stories that have inspired and helped many readers worldwide.
