Manly Money Management

Manly Money ManagementRecently I listened to a sermon and the topic was, “what are men supposed to be like?

How are men supposed to act? That subject alone could be the subject of many sermons!

The preacher used the following scripture passage to address the question:

13 Be on the alert, stand firm in the faith, act like men, be strong.
14 Let all that you do be done in love.
I Corinthians 16:13-14 (NASB

So this post is dedicated to my fellow men whether you are single or married.

I want to talk about how men are supposed to act with money.

I want us to discuss the subject of manly money management.

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If you are married, you are in the leadership role already by God’s design

If you are single, you need to learn to take control of your finances now so you can be prepared to lead your family.

So let’s unpack this verse and see how it could be applied to help us achieve manly money management:

1. Be on the Alert

Some other translations indicate to “be on guard” or “to be watchful“. When it comes to your money, how well are you keeping track of it?

Do you balance your checkbook every month? Do you keep track of your expenses?

Do you plan how the money will be spent ahead of time? Do you have a good understanding of your investments?

You need to pay attention to your finances. (Proverbs 27:23)

2. Stand Firm in the Faith

The idea here is stand firm in what you believe, in the Word of God, the sure foundation of life.

The Bible has a lot to say about money and possessions.

In His Word, God has laid out the best way to manage the money He has entrusted to us.

You and I would be foolish to ignore His advice. (I Chronicles 29:11, 14-16)

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3. Act like Men, be Strong

Men are supposed to take the leadership role at home. This means you lead the discussion on money as well.

Where is your family going? What are your goals?

You can’t abandon your wife financially by leaving her alone with the burden of managing your finances.

You have to be actively involved in money matters. And guess what: if there is a need to work extra hours or take a second job, you are up.

You take the lead in making the necessary sacrifices.

It is your job to make sure your family is well taken care of financially (I Timothy 5:8).

4. Let all that you do be done in Love

Even though you are in the leadership role that does not make you a dictator. Your wife has an equal vote.

You need to work together on your money, make decisions together. Love your family well by saving for emergencies, retirement, and college.

Finally, love your family well by taking care of what happens after you are gone. Make sure you have the proper level of life insurance and that you complete a will.

Love them well to the end. (I Cor 13:4-7)

So What?

What do you think? We men can get worked up about a lot of things in life that have no bearing on the destiny of our family.

We can get really excited about our toys (cars, electronics, and man caves) and watching our sports.

But what if we were at least half as passionate about what happens with our finances and our families?

Imagine that for a moment. Are you ready to man-up with your finances?

Are you ready for manly money management? If so, let me know, I can I help.

“There are no easy answers, but there are simple answers. We must have the courage to do what we know is morally right.”
Ronald Reagan, 40th U.S. President

First Quarter Report: You, Inc.

This week, the month of March ends and with that we also have the end of the first quarter of 2012. Whether you are in business for yourself or you work for someone else, this is the time of month where you hear phrases such as: “we have to finish the quarter strong” or “let’s make sure that gets in before the quarter closes”. In essence, the end of a quarter is good time to take stock and report on how the business did against a set of goals.

Regardless of your particular employment situation, you do have responsibility for a particular company: You, Inc. You are responsible for the direction of the company and its success. You get to decide on goals and strategies. You get to report back to the most critical of stakeholders: yourself. So in terms of financial management, what will your scorecard say for the 1Q of 2012?

  • Did you prepare a budget each month (Jan, Feb, Mar) before each month began?
  • Did you track your expenses for the month, each month?
  • Did you manage to stay on budget?
  • Did you have any savings goals for the quarter? If so, how did you do?
  • Did you plan to eliminate any of your credit cards? How did it go?

You see, the key with achieving success with your finances is very simple: you need a plan (goals plus specific tasks) and you need to execute on that plan. Only you can run You, Inc. No one else cares as much and no one else can do a better job. Not your parents, your friends, or the government. It’s all on you.

Regardless of how you did in 1Q, the time to do better is now. No more excuses, no more passing of the buck (we have enough of that in our country already). So let me give you some ideas for a set of goals for the 2Q of 2012:

  • Prepare a budget for each month of the quarter before each month begins (April/May/June).
  • Track all spending during each month.
  • Finish you beginner’s emergency fund ($1,000).
  • Pay off your 2 smallest consumer debts.
  • Start giving.
  • Start saving for Christmas.
  • Prepare a will.

You can win with money but you have to get in the game. You need take action. It will not be easy at times but it will always be worth it. Set some time this weekend to set your goals for the next 3 months. If you need help, call me. I would love to coach you through this process. There is help and hope for your finances.

 “Discipline, not desire, determines destination.”
Charles Stanley

Presione aquí para la versión de este articulo en Español.

5 Habits of People That Win With Money

Would you like to get control of your money? Would you like to finally win with your finances? I am sure the answer to those questions would be a resounding “Yes!!!”. Then you might ask: “Where do I start?” or “How do I start?” The good news is that the principle for winning with your finances is a simple one: You have to pay attention to what’s happening with your money. That’s it.

Now the bad news is that this involves some work on your part. But then again, there is no one else that will do the work for you so you have no choice. The person is you and the time is now. So let me give you 5 habits of people that win with their money:

  1. Track all of your expenses. You can use the old fashioned (but reliable) approach of tracking expenses with your checkbook registry. Or you can try software on your computer (e.g., like Quicken) or on-line. Whether you took $20 out of the ATM or just spent $150 at the hardware store, make sure you have a permanent record of where your money went.
  2. Balance your checkbook. Speaking of that old checkbook register, it is a good idea to reconcile your checking account once a month. You will receive a statement from your bank or credit union so take advantage of it.
  3. Monitor your bank accounts. You don’t need to do this every day, but you should keep an eye on your bank account on a regular basis to spot incorrect charges or charges due to identity theft. You don’t want to be surprised by an overdraft.
  4. Pay your bills on time. This seems like a basic one but it can get you in trouble. Suppose the payment you sent by mail did not get there. Suppose you paid it on-line but just missed the deadline by 30 minutes. You might be risking late fees when they could have easily been avoided.
  5. Live on a Monthly Budget. Lay out all monthly income. Then spend the money “on paper” before the month begins. If you have developed the first 2 habits, getting a handle on your expenses becomes much easier. Click here for a sample budget template: Budget Template.

So there you have it: simple but it requires work. Just like with anything in life that is worth doing, you have to pay a price to win. Will you start today?

Be diligent to know the state of your flocks, And attend to your herds;
Proverbs 27:23 (NKJV)

 Presione aquí para leer la version de este artículo en Español.