Tip number 10: Take time to assess your financial situation by naming every penny you have, every penny that goes in, and every penny that comes out. Think about it like your paystub…it lists your gross pay, how much is taken out for insurance, individual taxes withheld, and your retirement savings. Just take that further on your own paper or a spreadsheet. Name all the other pennies out of that check.
Start with your bills first then food, gas, etc. Also, name all the pennies you have in the bank and your wallet. Knowing where you are right now will help you as we create budgets, spending plans, and cash flows. Don’t worry, it sounds daunting, cumbersome and restrictive, but it is extremely satisfying when you see the pennies marked “vacation” or something else you are saving towards get big enough for you to enjoy guilt free!
Look at your bank account from last month, receipts, check register, money for school lunches, eating out with friends, even extras like movie rentals, or Rental-Box movies, even money you donated at the check out register of the grocery store. Every penny adds up, and knowing where it’s going right now will help you decide where it should go in the future.
Your daily challenge is to create a spreadsheet (or paper) where you name every penny you’ve spent last month. You’ll need this for our future challenges. Stay tuned for the next financial tip in our top ten series!
She is free… to harness her finances and be an amazing steward for God!
~ Karen
Renee Renner is a former accountant-turned-domestic-engineer, and the Vice President of Team Hope, a local mission supporting the Homeless in our community. She is mom to three boys, and her husband’s biggest supporter. She firmly believes that we should be good stewards, is happy to help those who need more help in this aspect of their spiritual and personal life, and is the epitome of a Proverbs 3:9 woman for God.
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