Manage Your Money God's Way

Buying a home can be one of the best or worst things you’ll do financially. Plan ahead to make it your very best decision! In addition to the mortgage, home ownership comes with many related costs, such as the down payment, closing costs, upkeep and maintenance. You also need to think about what you’ll need when you move in. Going from an apartment to a home may mean you’ll have to buy a lawnmower, tools, furniture, window coverings and other items that you never needed in an apartment. One mistake we have seen people make is buying too much house. Do you really need the five bedroom house and all the related costs that come with it? The other mistake is not getting a home inspection done by a licensed professional.  Any home (even a new one) has a potential for problems. An inspection is one way to mitigate huge issues that can’t be seen with the naked eye. Take your time and make a wise, practical financial decision and home ownership will provide many blessings. The...

A sinking fund is a way to put money aside for planned expenses.  This is different than an emergency fund which is for UNplanned expenses. A sinking fund is putting money aside each time you get paid to fund upcoming expenses. For example, a sinking fund could be used for Christmas. Based on Christmas 2018, how much did you spend? Take that amount and divide it by the number of months till Christmas and that’s how much you need to save each month for a sinking fund which will pay for Christmas 2019. Sinking funds can be used for vacation, home upgrades, tax bills, back to school shopping or any other planned expense. Sinking funds are a great way to get ahead of the spending curve and avoid that debt monster! Check out our  blog  for more on this topic.

Vacations are great—they allow us to unplug from daily chores, work and responsibilities.  We can spend time with family in a relaxed and unhurried way. We can explore places we haven’t been and just chill out. The best way to plan for your vacation is to figure out a way to pay cash. That may mean your vacation is less than glamourous, but paying cash means no stack of vacation bills when you get back home. Taking a vacation in 2019 and paying for it in 2022 may not be in your best financial interest. Set your financial goals for vacation and get the family involved. Teach your children how be set goals and work to achieve them. That will allow you to return home stress and stay stress free with no looming mountain of debt. Keep that vacation feeling long after you get home! Check out our  blog  for more on vacation planning

Once we establish a spending habit, it’s hard to break. But stepping back and analyzing these five areas may put more money into your bank account each time you get paid. Are you loaning the government money each month? Maybe it’s time to review that W4 form. Have you had the same car insurance company for ages? Maybe it’s time to do some comparison shopping. Is your credit report accurate? Maybe you should review your credit report to ensure there are no errors so you get the lowest rates possible on loans. Are you using life insurance as a saving vehicle? Maybe it’s time to look at how much insurance you really need and get it the least expensive way. Is money you need now mixed in with money you don’t need until months from now? Maybe it’s time to think about a separate bank account for longer term spending. Check out out  blog  for more on this topic.