According to the latest statistics, over one-half of
families in America are experiencing financial difficulties.
This includes single parent homes. Most people have
financial problems, but don’t know why! In order to be aware of the financial difficulties one
and know what causes them, a person must educate himself
to the reasons for the difficulties. The following are a list of
reasons that most people find themselves in financial difficulty.
people give God a tenth...
TO FOLLOW SCRIPTURAL PRINCIPLES.
The Bible is full of guidelines regarding financial principles. In
fact, one-half of all parables and one out of six verses in the
New Testament deal with stewardship. Get your Bible out and
start studying. Ask your pastor for more information. See a
Christian Financial Counselor for assistance. You will find great
guidelines and principles in the Word of God.
TO IDENTIFY YOUR PRIORITIES.
Just exactly what do you want? More things or better financial stability?
Prioritize your desires and needs and stick to it.
That one horrible word causes us more problems than anything
else in the world. We need to exercise discipline in every phase
of our life, especially when it comes to discipline! Discipline
yourself to limit unnecessary purchases and wasting money. Discipline yourself to set down once per month to analyze your
finances. Discipline will be the greatest thing you can establish
in your life. Work diligently with disciplining yourself.
TO ESTABLISH GOALS.
A person who has no goal is a person without direction. A
person without direction is going…nowhere! To solve your
financial difficulties, you have to establish a clear goal.
Where do you want to be one year from now; five years from
now, etc.? Write your goal down and work toward it.
This compares to discipline, however, it means to have written
controls over your spending. Write down what your limits are. Review them frequently.
TO ESTABLISH A BUDGET.
A budget is not a nervous breakdown on paper. It is a clear
cut guideline of where your money comes from and how it is to
be spent. It only takes about 1 hour per month to maintain a
budget so that you can control the process of knowing where
your money is and how it is spent. Don’t negate the importance
of a written budget…it will be the greatest factor in helping you
get your finances under control.
TO CONTROL IMPLUSIVE SPENDING.
If you don’t follow the direction of your budget and discipline
yourself, you will be unable to stop spending when you see that
item that you just must have. Don’t spend any unnecessary
money until you discuss it with someone. You must control your
spending if you ever hope to get ahead financially.
TO IDENTIFY NEEDS AND WANTS.
We all have desires. When we go shopping sometimes our
desires override our needs. We need to identify what is really
necessary to purchase and what can be put off until the
finances are in better order. Again, it doesn’t hurt to write
down the necessary items that you must purchase so that you
will constantly be aware of how you can spend your money.
TO ADJUST YOUR LIFESTYLE.
We live in a society that promotes “keeping up with the Jones’”. Too often that process gets us in trouble because we over
extend ourselves in order to gain and accumulate in order to
impress others. We must learn to adjust our lifestyle so we
can live within the means of our income.
10. FAILURE TO RESIST CREDIT BUYING.
It is so easy to get credit cards today. In fact, many people get
pre-approved applications in the mail each month. The reason
credit card companies promote their credit card is because it is
much easier to spend if you have credit cards, and they know it. The facts are a person will spend over 30% more if they have a
credit card. Establish limits to your spending and stay within that
boundary so you don’t get caught in the horrible trap.
11. FAILURE TO RECOGNIZE WRONG COUNSEL.
You can get any type advice you want from anyone you talk to. But the facts are when you need financial help you should talk
to people who are in that business. There are many financial
advisors, accountants, bankers, etc., who are willing to assist
anyone who seeks help. Talk to the right people and you will
get the right advice.
12. FAILURE TO BE ACCOUNTABLE TO GOD.
We are guilty of thinking that God is not concerned about our
finances. But remember, God has made you a manager of your possessions.
You are responsible for managing them in the
correct and proper manner and if you don’t then God may not
can trust your with more. Pray about your financial decisions. Read the Bible…there are hundreds of scriptures that give sound principles for
financial help. You are accountable to God for
everything you have, and that includes your finances.
13. FAILURE TO SAVE.
Those gifts you received at the wedding shower won’t last a
lifetime! You are always going to have “a rainy day”. There
will be emergencies when you least expect them. Because of
that, you must plan and prepare by saving. Not only will you
have to replace items, but there are many reasons to save. You will have medical emergencies; kids will need braces;
may want to take a vacation; the kids will need college funds;
retirement will not be an option one day. These are only a few
reasons you must save. Establish a consistent plan of saving
and stick with it.
14. FAILURE TO EXECUTE A WILL.
Everyone needs a will, but very few have executed one. It is
so important to have a will that clearly establish wishes and
desire of the parties executing one. If you don’t have a will,
then you allow the State to make your plans for you. It can
also cost your heirs additional legal fees and estate taxes. At
your earliest convenience, contact your attorney to draw us a
will. You will have a peace of mind and will help your heirs
15. FAILURE TO BALANCE INVESTMENTS.
There is an old saying that goes like this: “Don’t put all your eggs
into one basket.” There is a need to diversify your investment
portfolio. Discuss various type investments with those who know
about them and invest accordingly.
16. INVESTING IN SPECULATIVE INTERESTS.
There are many “quick, get rich schemes available to the investor. In addition there are high risk ventures that may pay high interest
rates, but are risky. Most people can’t afford to lose their
investment, so don’t fall for these type investments.
17. FAILURE TO COMMUNICATE WITH YOUR SPOUSE.
This can cause great difficulty, not only in the area of financial
means, but also in the marriage. Discuss your investments and
financial decisions with your spouse. Let him/her know what
you have done and who can be contacted if necessary.
18. FAILURE TO MAINTAIN PROPER RECORDS.
One of the saddest stories I have every heard was with the lady
who came to my office after the death and burial of her husband. He had left her well off financially, but had failed to inform her
where important documents were. He had kept it all to himself,
and several years later, she has still not been able to find all the
papers she needed for financial decisions.
19. FAILURE TO ‘STICK WITH IT’.
Too often we become lax and fail to keep up with what it
necessary to stay out of financial difficulty. Don’t quit! Don’t
get weary in well doing! Stay with your plan until you see the
20. FAILURE TO MAINTAIN THE DESIRE.
You must be able to see the end result of your plan and without
that desire your dream will fade away. You can be financially
secure and free from debt and worries. Don’t lose sight of the
anticipation of being free of financial worries. Let your desires
remain high and work together to see the results.
It is not God’s desire that people continually struggle and battle
with financial worries. You and I can see relief if we will only do
what is necessary and trust the Lord.
2004 Rev. AUBREY JAYROE
a tenth of what they ought to give.