Are We Really Talking About Money?
As women of faith, we constantly hear about the importance of tithing and giving back to our church and community. However, as good stewards of God’s blessings, we must also remember to take care of ourselves and our finances. Don’t get me wrong, I’m not saying it’s all about the money; but, being in a good place financially can bring peace and stability to not just yourself, but also to the people around you. It’s all about balance and being intentional in how we manage what we have. So, without further ado, let’s dive into some practical advice on stewardship of your money.
Automate Saving
First things first, give your tithe to God and then pay yourself. It might sound a little selfish, but hear me out. By paying yourself first, I mean setting aside a portion of your income for savings. When you do this, you’re setting yourself up for financial security in the future. You can start by automating the process so you won’t miss the money or accidentally spend it on impulse buys.
- Let a pre-tax deduction go automaticity into a retirement account.
- Deposit a portion of your paycheck into your short term savings account.
Avoid Debt
Debt can be a real burden, taking a toll on not just our finances but also our mental and emotional well-being. So, the best thing is to avoid it altogether, if possible. If you do have to take out a loan, make sure you can pay it off as soon as possible. Remember, the longer you hold onto debt, the more it grows, thanks to interest rates.
If you use credit cards, make sure it’s a rewards card that offers cashback. Also, make sure to pay off the balance on time and in full every month, so you don’t accrue interest charges. That way, you can use your everyday purchases to earn cash to can use later.
Avoid Trends
Our society is always pushing us to keep up with the latest gadgets, styles, and trends. Instead of getting caught up in that cycle, focus on taking care of what you already have. Instead of replacing things when they break or become outdated, consider repairing or refurbishing them. Not only will this save you money, but it’s also better for the environment. Plus, when you learn how to fix something yourself, that’s a new skill gained!
Add Additional Income Streams
Find ways to diversify and increase your income, even if it means freelancing or taking on a side hustle. By doing this, you’re not just increasing your earning potential, but you’re also increasing your ability to give. (II Corinthians 9:7) Check out this revenue stream from a patented stem cell therapy. It’s not what you think!