Three Do’s and Don’ts with Your Money

Three DO’S AND DON’TS

with Your Money

By Evangelist Lynne Shivers MONEY MATTERS

od is concerned about every area of our lives, including money. However, we must be taught what is right, then use that wisdom to perform accordingly in each situation, Proverbs 4:7. So, let’s dive into G some ways to help you save and grow your money.

1. DECLUTTER YOUR PHONE WITH UNUSED APPS

THAT COST YOU MONEY.

DON’T forget to remove unnecessary apps on your phone that are charging you every month. Remember that weight loss app that you just knew you were going to follow this time? The $9.99 price tag may have seemed reasonable, but now that charge can run you $120+ a year. Many people have more than one purchased app, which means hundreds of dollars a year. Ecclesiastes 3:6 says, “a time to seek, and a time to lose; a time to keep, and a time to cast away,” …yeah, I’d put unused apps in that category too.

DO an annual removal of unused apps. If you haven’t visited an app in more than six months, it probably means your interests have moved on. As a reminder use your birthday or the start of the new year to declutter and save yourself some money! But wait, what to do with that extra found money? Put it towards an emergency fund or add an additional payment toward an investment.

2. HAVING TOO MUCH MONEY IN YOUR SAVINGS

ACCOUNT CAN COST YOU MONEY

DON’T leave too much money in your bank’s savings account. As uncertainty in the economy continues, more and more people want to keep their cash close to hand rather than invest it. Yes, it’s wise to have money set aside for emergencies such as job loss or reduced work hours, dedicated savers should be aware that there is such a thing as having too much money saved. Hoarding your cash and letting your savings balance get too high can cause you to lose out on money. When you keep your cash in a savings account — even if your bank offers a high-yield account, over time you’ll miss out on earning a better return on your money and really growing it like you would if you invested.

DO keep what is a general rule of three to six months’ worth of living expenses (mortgage/rent, utilities, food, car payments, etc.) saved for emergencies, such as unexpected medical bills or immediate home or car repairs. While the guidelines fluctuate depending on your personal situation, even with all the uncertainty happening, the example the Bible tells us in Proverbs 6:6-8 should be considered. In this example, the ant is shown as a small insect but has the wisdom to prepare for the unforeseen. Investing your money in the market can better help you reach your longer-term goals more quickly. Although, it may carry more risk than keeping cash in your savings account, investing has the potential to offer a much greater reward. Moreover, there are investments that allow you to write a check or have the money deposited into your bank’s checking account within 2-3 days.

3. PLUG THE LEAKS THAT ARE WASTING YOUR

MONEY

DON’T call it a budget if for some reason that causes you to think of something tedious and boring to maintain. Most people have an Achilles heel – that one area where they literally leak money. It could be entertainment, shopping online/in stores, fast food restaurants, the list is endless. But if you don’t know where you’re leaking those $5’s and $10’s, it can break your financial goals.

DO as Matthew 26:41 says, “Watch and Pray, that ye enter not into temptation: the spirit indeed is willing, but the flesh is weak.” If you’re not watching your money and asking God for direction, you can be overspending unknowingly. Consider ways to keep you on track with your cash. For example, for such things outside the must pay (mortgage/rent, car note and utilities), earmark envelopes for the other stuff: groceries, gas, eating out and recreation. However, when that envelope is depleted develop the discipline to not dig into another envelope. You’ll find that waiting on something you just have to have isn’t really worth having once you’ve separated your emotion from getting that thing now.

Evangelist Lynne Shivers is a Regional Vice Evangelist Lynne Shivers is a Regional Vice President with a Fortune 500 financial services President with a Fortune 500 financial services company. She is the General Secretary of company. She is the General Secretary of the the Northern District Council and an Author.Northern District Council and an Author.