Changing Your Finances In 2019
Each year you make resolutions, but continue to fail. But why? It may be summarized in a simple scripture found in Proverbs 23 and verse 7: “For as he thinketh in his heart, so is he.”
Therefore, before you commence making financial resolutions and figuring out what to do, explore the question what is your attitude towards finances, being broke, spending, and saving, among other things.
If you decide to take the financial journey with us this year, it must begin with a commitment to behavioral and spiritual change. I must warn you that financial resolutions are the most difficult to keep. Consequently, if you are serious about becoming wealthy and wise, spirituality must be integrated into your solution.
Let us assure you if are currently experiencing financial difficulty near the point of being broke. What should you do to begin digging yourself out of that hole with limited or no resources? Here are a few suggestions:
Face the Music
Many people facing financial challenges, refuse to open their mail and ignore bills, bank statements and notices. The reality is that your financial situation cannot improve by wishing or hoping it goes away. Get a hold of your faith and your God and move forward. It’s not going to fix itself.
Set Small Financial Goals
It may have taken you a long time to get into this hole, so don’t expect miracles overnight. One reason why people fail in honoring their financial resolutions is because the results are not immediate. Financial improvement takes a few months. If I can be honest with you, getting out of debt is painful and takes an awfully long time.
Credit Card Payments
If you have credit card debt and bills, pay only the minimum while you are strapped for cash and working on improving your financial condition. Yes, I know you want to pay off that bill immediately, but if you pay more than the minimum on one card, but cannot afford to pay all the others, you further ruin your credit. If paying the minimum allows you to pay on time and preserve your credit, do it!
Gift Giving
I could never understand it! People who are struggling with their finances seem to purchase gifts for birthdays and holidays which they cannot afford. What’s even worse is that they will purchase an outfit to wear to an event that can only be worn once.
Change Financial Behavior
This point is very simple. You cannot afford cable television so cut the cord. You can vew the show you missed one or two days later, or you can purchase services from a streaming company. You don’t need the hot chocolate or coffee every morning. That money actually represents the interest you are paying on the debt you have incurred. Pay down your debt interest. You can drink later.
In our next article we will begin to explore one of the major tasks required to bring about real changes in your finances and that is the dreaded budget.
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RUTHVEN R. PHILLIP, Esq., is a tax attorney, Stewardship and Philanthropy Ministry Advisor, and CEO of Give2Getrich, LLC.
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