It's Time to be About our Bread
Earlier this month, I attended a financial seminar hosted by Higher Dimension Church in Houston, TX. The seminar was the culminating event following a month long sermon series, entitled How to Get Your Money Straight, by Pastor Terrence H. Johnson. It was revitalizing yet convicting to listen to Pastor Johnson and guest speakers disseminate knowledge on such a practical matter as money management reinforced with Biblical principles. Our communities are perishing due to the lack of knowledge. We are accepting and repeating generational curses related to impoverished mindsets simply because we refuse to have these uncomfortable discussions about our unfortunate yet preventable circumstances. This sermon series and seminar were a HUGE wake up call for me, my family and the legacy that we want to leave for our children and future generations. One thing said during one of the sermons struck me to my core. “A large percent of women (can’t recall exactly) will be the financial head of their household at some point; due to the fact that they never marry, they divorce or their spouse dies.” This is true tea because I know of so many women that this applies to. Even if these particular circumstances don’t apply to you, can you guarantee that you or your spouse won’t lose your job? So instead of being financially oblivious, we need to recognize that our realities can change within the blink of an eye. Proverbs 6:6-8 says, “Go to the ant, O sluggard; consider her ways, and be wise. Without having any chief, officer, or ruler, she prepares her bread in summer and gathers her food in harvest.” Let’s be wise like the ant so that we can eat all year long regardless of the uncertainties each season may bring.
For all of my Suburban Chic Moms, we typically have an affinity for the nicer and finer things, but we have to evaluate what we’re teaching our children about money, spending habits and saving. Are we equipping them with the tools to be financially responsible adults? Until recently, I was the mom that practically said yes to my daughter whenever she asked for something during our shopping trips. A couple of months ago, she asked for a fairly expensive toy and I told her no/not right now. My answer was more so based on principle and her reaction let me know that it was the right decision as I watched tears well up in her eyes. I realize that the tears were partly the manipulation tactics of a four year old, but I also recognize that I was unintentionally setting her up for the same type of irresponsible spending habits that I had developed over years of giving in to the majority of my wants regardless of whether it was the most responsible financial decision, at that time.
I no longer want to be that woman that’s spending frivolously with nothing but a pair of shoes and credit card debt to show for it in the end. Inconsistent saving and spending habits will never propel you to the next level in your finances for you, your family and your future. I learned some valuable tips from the series/seminar on the topic of budgeting, resolving debt, saving/investing, life insurance and entrepreneurship that I want to share.
1. Budgeting – It is imperative to create a written plan that determines where your money needs to go instead of being left wondering where it all went. Personally, creating a budget helped me realize that I have more money that I thought. However, I was misappropriating my own funds, which made me think I was broke or didn’t make enough. The devil is a lie.
Budgeting doesn’t have to be overwhelming either. Print your monthly bank statement, review and categorize every transaction and determine areas that can be cut/reduced. More than likely, you will see that you actually have the money to tithe, save and invest in your future.
2. Debt and Credit – Pay your bills and pay them on time, Sis. That’s basically the essence of it all. Creditors need to know that you have the capacity to pay them back if they loan you the money. Reneging on set payment terms will only hinder your ability to get approval for loans for your home, vehicles or other living necessities, in the future. And if you manage to get approval, your payment will be substantially greater due to higher interest rates as a result of your poor to average credit rating.
An efficient way to pay off your credit card debt is to use the Snowball Method, which provides a personalized guide for paying off debt by factoring in balances owed, interest rates and repayment timelines.
BONUS TIP: There are practically unlimited investment opportunities for those that pay their bills on time and keep low balances. You can use other people’s money to make you money (legally) if you keep your credit straight, girl.
3. Saving and Investing – Aside from God (tithes and offering), pay yourself first. Financial expert, Robert Kiyosaki, also believes in this principle. Regardless of who you else you owe, you should be willing to pay yourself first by putting some money aside for saving and investing.
Why go to work daily if YOU don’t get paid? This simply goes back to budgeting. You need to review your spending and determine if Macy’s, Mac or Nordstrom deserves more of your money than you.
If you truly cannot afford to pay yourself by saving or investing, then you may need to look at some other alternatives to earn some additional income for this dedicated purpose.
4. Life Insurance – Mark 8:36 What good is it for someone to gain the whole world, yet forfeit their soul? With that being said, what good is it for you to have a state-of-the-art vehicle, the latest designer purse or the biggest house, but you leave your kids with nothing but a gofundme account when you die. We’re spending our life working to buy things to impress people who couldn’t care any less about us or the things that we have.
When it is all said and done, we are all going to die. So why not set your spouse and your children up for an opportunity to acquire an education and the propensity to build wealth for themselves and future generations? A common myth about life insurance is that it is not affordable. When in actuality, you could have a substantial life insurance policy for less than you spend eating out, monthly.
Life insurance should be considered a necessity just as your auto and home insurance is considered. Your life is your most precious and valuable asset.
5. Entrepreneurship – Entrepreneurship isn’t for the faint of heart. However, if you are going to pursue it would be advantageous to have a sound financial foundation.
Many of these tips appear to be common sense, but as my grandmother would say “common ain’t so common.” If it were, there wouldn’t be so many Americans living deep in debt and living paycheck to paycheck. Effective budgeting, intentionally resolving debt and saving/investing requires daily commitment and dedication.
When properly applied, these principles work. I know because I am personally working to grow in all of these areas. I’m cooking more and recognizing other areas that I am paying other people to do what I can actually do for myself. Message me for specifics on the Snowball Method or the things I am doing to get my money straight. I’d be more than happy to share my additional tools and help any other Suburban Chic Moms (or anyone!) get their money straight, too!