10 tips to get your financial affairs in order
Are your financial affairs in order? Many think that this is a daunting task, but those who set up a plan and review their financial affairs at regular intervals are much more likely to produce positive results.
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PRACTICAL WEALTH PRINCIPLES:
Today I want to share 10 tips to help you get your financial affairs in order…
1.) Set up a good filing system…
We accumulate so much paperwork each year. Why not re-organize your financial filing system. You can get rid of the unnecessary documents and create a simple system either in physical files or on your computer.
You could even breakdown your files into sections: bank statements, salary slip, savings and investments, tax documents, healthcare information, insurance and group benefits, your Will, goals and plans, and for your bills and budget.
Your filing system will help you gain control over your finances and ensure that your loved ones know where to find your important documents in the event of an emergency or unforeseen event.
2.) Review your Will…
Is your Will up to date? Do you know where it is?
Read your Will and make sure that it is still relevant. Remember that your Will is going to speak for you when you are not there to speak for yourself. You can even include a Living Will.
3.) Review your budget…
Take a look at where you are spending your money. Review your bank statements. Have a look where you can reduce unnecessary expenses.
You may be able to free up some cash flow and plug some spending leaks that are stealing your money. So, review your spending. Your budget will help you to see a clear picture of your money and help you to live within your means.
4.) Set up an emergency strategy…
Often, we don’t like facing the problems of life.
At present you may find yourself under financial pressure. If you are battling financially and are unable to make your debt repayments, make sure that you speak to your bank. Also make sure that you try free up some cashflow to get you through this tough period.
5.) Set some goals for your future…
It is good to dream and set up plans for your future.
Maybe you can even take your spouse on a date night to discuss your ambitions and plans. Go rekindle a common vision for the future.
Maybe you can even plan a future dream holiday. I did this many years ago and set up a savings plan to build up the money to cover this. The memories are priceless.
It is so crucial to set goals. If you haven’t set goals and you would like to set some goals the way God intends us to, click here to see our post about this topic.
6.) Stay positive…
The last year has been crazy. It is easy to say, “what’s the point” and just give up on your dreams. It is also easy to allow the chaos of the past season to stress you out. But, I want to encourage you to rise up. Take a deep breath. Be patient. Hold on.
And remember you do not have to face life alone. God wants to walk the journey with you.
You can look beyond the storm! Click here to see our blog post on this matter.
7.) Build up a reserve for your short term needs and build up investments for your long term dreams …
It is important to take a portion of each paycheck and set this aside in savings and investments for the future.
Things break down. We sometimes we face a winter season with our finances. When these storms hit, it is important to have emergency funds readily accessible.
Setting up a separate savings reserve is like creating your own overdraft facility where you have funds available to cover those unexpected costs that can derail you and mess up your cash flow. Your reserve will also ensure you have funds available for opportunities that arise from time to time. So plan ahead!
Its also important to build up your long term investments to fund your retirement and your future goals and dreams. So set part of your income aside and invest. You can turn your income into assets. Over time growth investments can generate explosive growth.
“The wise man saves for the future, but the foolish man spends whatever he gets.” (Proverbs 21:20)
8.) Be generous…
Using your resources to bless others and expecting nothing in return has been proven to be good for your health. People who are generous are usually happier and more productive, and often seem more peaceful and fulfilled.
Be generous with your time, your talents, and your treasure.
“The generous will prosper; those who refresh others will themselves be refreshed.” (Proverbs 11:25)
9.) Learn some lessons out of this past season…
Are there certain things that you have managed to do without during the pandemic? Are there any things you have done for years, that you possibly don’t even enjoy, that have just been costing you money that you could do without?
Review this last season. What have you learnt? What new lessons can you take forward? You may even end up saving some money.
10.) Get your eternal affairs in order…
If you had to die, will your family be provided for? Make sure that you have all your financial affairs in order. Get advice. Put the right protections in place.
However, many plan only for the life here and now. What about the afterlife? Life does not end at the grave. You will continue to live forever, either with God in his Kingdom or separated from Him. Where will you spend your eternity?
If you are not in a relationship with God, please invite Jesus Christ into your life to be your Lord and Savior. We were cut off from God due to our sin, but Jesus paid the full price on the cross so that we can be reconnected to God. God loves you so much that He made a way for you to become part of his family. He wants to share forever with you.
If you want to start or restart your walk with God, click here to pray a simple prayer we have set up for you.
“Yet to all who did receive him, to those who believed in his name (Jesus), he gave the right to become children of God” (John 1:12)
If you want to see positive financial results, then get your financial affairs in order. And, don’t lose sight of the big picture. Get your eternal affairs in order too!
INTERESTING FACT:
The 50/30/20 rule of thumb:
Experts suggest a quick and easy rule of thumb on how one should budget their money:
- 50% should be used to cover your necessities,
- 30% should be used to cover you discretionary expenses, and
- 20% should go into your savings and investments.
POWER QUOTES OF THE WEEK:
“We make a living by what we get, but we make a life by what we give.” (Winston Churchill)
There are so many people who are hurting and battling through life at present. Is there someone you can help out?
WHAT DOES GOD HAVE TO SAY:
“Keep your lives free from the love of money and be content with what you have, because God has said, “Never will I leave you; never will I forsake you.” (Hebrews 13:5)
Don’t live in fear and worry. Put your hope and trust in Jesus. You do not need to face any situation alone. Invite Him to be your Saviour. He has promised that He will never leave you nor forsake you.
“Draw near to God, and He will draw near to you.” (James 4:8)
If you do not know Jesus as your Savior, why not give him your life, along with your burdens and concerns. He wants to walk the journey with you.
If you want to start or restart your walk with God, click here to pray a simple prayer we have set up for you.
LET’S PRAY:
Father, today I put my life in your hands and thank you Jesus for making a way for me. Thank you that you are with me and that you will see me through. I put my hope in you and ask for your help. I ask these things in Jesus’ name, amen.
CONCLUSION:
With God at your side you can rise up even when everything is down. I want to challenge you to get your financial affairs in order. And, above all, remember that God is with you through it all.
Which of these seven principles helped you the most? Let us know in the comments below!
God bless you.
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