June Wise Stewards Finance Tip

Wise Steward Newsletter Series 2, Article 3

“Learn to Manage Money Before it Manages You.  Financial peace of mind is not determined by how much we make, but is dependent on how much we spend.”                                                                                                                                                                                                                               

–from Elder Marvin J. Ashton’s One for the Money Guide to Family Finance 

This is some of the soundest advice about money that money can buy…and it’s free!  We live in a time and culture where nothing is out of reach.  You don’t have to have money to buy what you want . . . or do you?   Is your approach to money management Proactive, or Reactive?  Living within one’s means can be challenging on a modest income, but as long as you spend less than you earn you can be in control of your money.  Make it a habit to save up cash before you buy something, not using credit.  Also watch out for situations that require a long term contract.  Cable and cell phone companies may give you a low rate if you agree to pay for years and often charge a big cancellation fee.  Consider pay as you go cell phone service, or a higher rate that you can cancel any time.  If your idea of managing the budget is making sure all the credit card payments are made, you’ve moved into a reactive situation and your money is managing you.  If this is the case, somewhere along the line you’ve spent more money than you’ve earned.  Correct this as soon as possible.  It may mean taking on extra work, selling some things, or cutting back on unnecessary expenditures.  The goal is to be in charge of where your money goes.