๐Ÿ”’ Control Your Spending

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Freedom Hub
๐Ÿ”’ Control Your Spending

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1.0 Introduction

Learning early about handling money helps you from many problems. Poor management of finances leads to troubles in life. We have two scriptural references for our topic, which are as follows:

According to Proverbs 21:20, “Precious treasures and oil are found where the wise live, but a foolish man devours them.” (ISV). The other one is found in 2 Corinthians 9:8, which says, “And God is able to give you more than you need, so that you will always have all you need for yourselves and more than enough for every good cause.” (GNB).

So, today we shall look at how we can control our spending. So, ways of doing so shall be discussed. Let us go for it now.

ย 2.0 Ways to control our spending

The following are some of the ways that can help better control our spending:

1) Understanding why you spend

There must be reasons for spending your money. Do not spend just because there is something presented before you through adverts on TV or social media.

ย Do not spend to impress people. Some people see others owning certain things, then they also buy those items.

ย โ€œSpending money to show people how much money you have is the fastest way to have less money.โ€ (Morgan Housel, The Psychology of Money).

ย โ€œSurvival is based on spending money on things that you need, not things you donโ€™t need because some things can wait until a season of prosperity.โ€ (Brenda Diann Johnson).

ย 2) Prepare a budget that works for you

ย A budget is a spending plan. This helps you spend on what you intended and ensures accountability for all your money.

ย โ€œA budget is telling your money where to go instead of wondering where it went.โ€ (Dave Ramsey).

ย โ€œA budget tells us what we canโ€™t afford, but it doesnโ€™t keep us from buying it.โ€ (William Feather).

ย 3) Manage your debt

ย There is good and bad debt. Good debt is debt that helps you. But bad debts is the one that brings you trouble.

ย “Bad debt is debt that makes you poorer. I count the mortgage on my home as bad debt, because I'm the one paying on it. Other forms of bad debt are car payments, credit card balances, or other consumer loans.” (Robert Kiyosaki).

ย 3.0 Conclusion

Controlling your spending is very important if you want to experience a peaceful life. I have highlighted three ways of controlling your spending. There may be other ways. Understanding why you spend is very important. Prepare a budget that works for you. That will be your guiding tool. Finally, I said managing your debt is also key in your life. Otherwise, your life can be in trouble.

I believe that the three ways shall go a long way in stabilizing your life. So, put these three ways into practice.ย 

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