The extra work involved in tracking and monitoring spending can seem overwhelming but every time we miss an opportunity to ask additional questions or verify an expense we run the risk of losing more money.An example is a friend of mine who watches her Internet and cable bill with an eagle eye. She notices when the “Miscellaneous Fees” or the cable package fees suddenly increase and she calls and ask questions. Later her bill is reduced because the expense was an error. But ,if no one calls this expense is added on each month.
We don’t have to stress over expenses just be aware of what’s driving your spending. My Mastering Your Money Plan course educates others on how to make your budget work for you. Budgets should not be restrictive but used as a tool to enlighten individuals on spending and saving.
Savings help to build a cushion for the future.
1/5 or 5% to 10% of income will go a long way during years of recession or slow months in business or work seasons. While working for a community college, I learned a technique to save money when income is high to prepare for the slow seasons. Seasonal employees, mainly teachers, have the school pay them a certain amount of money for 10 months. The teachers can elect to have the college to reserve a portion of their salaries for the other 2 months of the year for when they are not working. A little out of each check. This is preparation for the future.
I decided to expand on this theory by researching biblical principles. God told Joseph to save 1/5 for the dry seasons. God’s plan is to have us prepare for the future.
The accounting profession for business call it Retained Earnings. Money reserved for future business purchases or operations.
Where are you with planning and prepping? This begins with a budget or money plan. Creative spending or spending by feeling usually leads to an empty bank account.
Get more assistance or Get more information on the new “Mastering My Money Plan” Course to be released on August 28th. We will create a course to help you get a plan that works for you. Get your course now!
Bible Verses for Savings:
https://www.biblegateway.com/passage/?search=Proverbs+13%3A11&version=ESV
https://www.biblegateway.com/passage/?search=Genesis+41%3A47-49&version=ESV
Bible Verse on Diligence
https://www.biblegateway.com/passage/?search=Proverbs+10%3A4-5&version=ESV
Accounting Firm handling Bookkeeping, Cash Management, Profit Strategies, Payroll, and Tax Services based in Fuquay Varina, NC serving local areas and nationwide.
Y. Michelle Coard, BA
President/Accountant/Profit Strategist
B&P Accounting Solutions, Corp.
Phone: 919-249-5156 ; Fax: 919-249-5156
Website: www.bpaccountingsolutions.com
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