5 New Year Steps to Steward Your Money Well
Finances
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By Michelle S. Lazurek, Crosswalk.com
Every year, Christmas comes, and we spend time buying the perfect gift for everyone. This includes putting our gifts on credit cards and making several payments throughout the year. By the time it is paid off, it is time to start again!
But this year, wouldn’t you like to get ahead and handle your finances? What if you could be ready for next Christmas armed with enough cash to get everyone that perfect gift—and have some left over! If this is your goal, it begins with year-round good stewardship. Here are some ways to be a good steward of your finances all year round:
Spend Less
Although this seems obvious, there is always room to save money in our budgets by spending less. Much like cutting into a big steak, it is difficult to enjoy the meat until after you cut off the excess fat. You must take stock of every area where you spend. Start with your basic expenses and work from there. Figure out the percentages of your spending by simply doing the math. What percentage of your monthly income are you spending on food, your mortgage, gas, and your household? Anything with a large percentage needs to be changed.
Money might already be a point of argument in your marriage. Making significant cuts might be an additional issue. Pray together as a couple and make the cuts together, rather than coming up with your own ideas. What you think is essential for you to complete may not be the same as what he thinks is important.
Save in a High-Yield Account
Another great way to save is to put aside money each month in a high-yield account. Please conduct some research to determine which accounts offer the most attractive interest rates for keeping your money with them. Some accounts offer incentives for signing up with them. Others offer incentives for the money you keep in each account. Figure out not only which account would be best for you, but also ensure that you can withdraw your money easily when needed.
Not only is using a high-yield savings account a good financial investment, but it's also good stewardship of what God has given you. In the parable of the 10 talents, the person who put the coins to the best use was the one who was rewarded. But the person who was hit with it and had no way to use or multiply the money received the least reward. God entrusts you with cash, and you should do what he would want you to do with it.
Give More
Another great way to be a good steward of your money is to give it away. Scripture says, “Too much is given, much is expected.” That means God wants you to give money to those in need so they can escape poverty, have their needs met, and go out to preach the gospel.
Brainstorm some ways you want to give your money away. You can invest in a nonprofit organization in your community or consider giving back overseas. Ensure you research their financial statements and tax returns. An organization that is not transparent about how it spends its money or refuses to disclose its taxes may not be appealing if you want to invest your money. Any organization that chooses to rob the government of the money it is owed is not a wise investment of your money.
Giving not only helps you financially, but also spiritually. This is a great way to keep your mind focused on Christ and less on yourself. By donating to this organization, you will help address a real need, whether in your community or around the world. It's a great way to be a good steward of your finances.
Scripture calls us to give ten percent of our income away; giving to an organization can be an additional act of generosity. Seek to be a family that offers more than just the tithe. Having said this, you must be a cheerful giver. Please do not give away your money grudgingly because you feel you must, but do it because you want to.
The more you give, the more joy and contentment you will find in life. Being a good steward means you give away your money freely. This naturally gives you the joy and happiness you desperately need. So, what is the state of your finances? Through your finances, you are also setting an example of Christ.
Jesus decided to give his life away, and he asked us to do the same. Because many of these lessons revolve around money, this is obviously an area he wanted to address in his people’s lives. Following the example of grace, we can be good stewards of what God has given us and make a difference in the world.
Save Early
Not only is it essential to save your money, but it's also crucial to start saving early. While it is impossible to foresee all circumstances that may come your way in the coming year, it is good to set aside a little bit of money for car repairs, vacations, home repairs, etc. These are all expenses that come up at a moment’s notice, and you may feel unprepared.
That big bill that comes your way, if you're unprepared for it, can wipe you out financially. Start a rainy-day fund and put money aside when you can. Even if it simply means $50 a week from your paycheck, put an envelope in your dresser drawer and save money accordingly.
Use that money for any extra expenses that may come your way, as they would wipe out your savings otherwise. This money can also be allocated to regular car maintenance and other issues you may not have considered. By saving ahead of time, even if you don't know what those expenses will be for, you'll find you have more peace, and those things come your way if you are better prepared than if you are unprepared. Anticipate expenses and take a first step toward being prepared for those tumultuous times.
Take a Break
Finances can be used for many things. However, it can also contribute to better health. This includes the concept of rest. We all need physical rest, but we also need social, emotional, and mental rest. Because expenses add up, sometimes that rest is not feasible. Whatever money is set aside, take frequent breaks to rest your body and mind. The more you rest, the better you'll be. Because you are treating yourself to the rest your body needs, you may find you have less anxiety, less depression, more peace, more joy, and more freedom to be able to do as you need to.
Our bodies were not made to work all the time, yet in this economy, we have no choice. If you need it, consider getting a second job and saving all that money. At the end of the year, you may have a significant bump in your savings. This may allow you to do what you need to achieve the emotional, financial, and spiritual rest you seek.
Finances can be a complex subject for every family. However, after having conversations with those you love and applying the suggestions above, you may be better prepared and have a more financially successful year than you've ever had.
Photo credit: ©GettyImages/fizkes
Michelle S. Lazurek is a multi-genre award-winning author, speaker, pastor's wife, and mother. She is a literary agent for Wordwise Media Services and host of The Spritual Reset Podcast. Her new children’s book Hall of Faith encourages kids to understand God can be trusted. When not working, she enjoys sipping a Starbucks latte, collecting 80s memorabilia, and spending time with her family and her crazy dog. For more info, please visit her website www.michellelazurek.
