I thought I would share some tips that I use when I work on our family finances. I'll admit right up front that I am a numbers girl. I love to set up budgets, write new goals, and balance my checkbook! I look forward to playing with the numbers and seeing what we can do and how are savings are coming along. But, I do believe it is possible for non-number people, even those of you who are allergic to a budget, to know what your money is doing and create a plan.
I will break these tips down into several entries to give you time to think about the information and not get overwhelmed. I want you to come back and pick up a few more tips the next day. :)
I believe that no matter where you are in the month, or in your budget, or in your life, get together with your spouse,if you have one, and pray about what God would have you do with His money. That's right, it is ALL God's money anyway, entrusted to us. God wants us to be a good steward of His money. Once you have prayed together and are in aggreement, let the numbers person, or less budget phobic person, hold the pencil and you can begin.
If you have any debt, your first list needs to be these. Include the monthly minimum payment required, interest rates, due date, and the name of the debt. You need to know all the information inside and out. Hiding from the hard truth will NOT make the debt go away or even make you feel better. In our home, we followed the Dave Ramsey principles of paying on the smallest debt you have, no matter the interest rate. It truly bolsters your confidence to say good bye to one whole debt. Here is another version of debt repayment that Trent at the Simple Dollar uses.
Make your list and then set it aside. This would be a good time to cut up your credit cards or freeze them in a block of ice!
You do not want to put any more money on credit cards. It may sound really basic but you need to pay for all of your expenses in a month with the money that comes in that month. I would even go so far as saying that you need to pull cash, you know, paper money, out for some of your monthly expenses.
You will succeed in being financially free if you have a basic plan that you can stick to.
Project Organize Your Finances:
1. Collect all the information about your debts and write the details down
I'll post the rest of Project Organize Your Finances next.
I will break these tips down into several entries to give you time to think about the information and not get overwhelmed. I want you to come back and pick up a few more tips the next day. :)
I believe that no matter where you are in the month, or in your budget, or in your life, get together with your spouse,if you have one, and pray about what God would have you do with His money. That's right, it is ALL God's money anyway, entrusted to us. God wants us to be a good steward of His money. Once you have prayed together and are in aggreement, let the numbers person, or less budget phobic person, hold the pencil and you can begin.
If you have any debt, your first list needs to be these. Include the monthly minimum payment required, interest rates, due date, and the name of the debt. You need to know all the information inside and out. Hiding from the hard truth will NOT make the debt go away or even make you feel better. In our home, we followed the Dave Ramsey principles of paying on the smallest debt you have, no matter the interest rate. It truly bolsters your confidence to say good bye to one whole debt. Here is another version of debt repayment that Trent at the Simple Dollar uses.
Make your list and then set it aside. This would be a good time to cut up your credit cards or freeze them in a block of ice!
You do not want to put any more money on credit cards. It may sound really basic but you need to pay for all of your expenses in a month with the money that comes in that month. I would even go so far as saying that you need to pull cash, you know, paper money, out for some of your monthly expenses.
You will succeed in being financially free if you have a basic plan that you can stick to.
Project Organize Your Finances:
1. Collect all the information about your debts and write the details down
I'll post the rest of Project Organize Your Finances next.
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