Cultivating Saving Habits/Spending Money Wisely For Younger Generations
People most likely in our present generation always have the urge or habit of spending money recklessly. They normally spend most of their monthly or daily income on things that are not necessarily needed and people who engage in this act are called SPEND THRIFT or SQUANDERERS. These lifestyle are common in the youths of this generation, they often spend recklessly without planning or setting a master plan for the future. Spending money carelessly can be related as a disease because it turns out to be an addiction that is very difficult to control. Some countries in the world suffers serious and critical hardship today because of lack of wisdom in handling money, it has caused economic breakdowns and also loosing its value in the country and in the world as a whole. You know, we normally use a parable to defend our reckless spending which is: “Enjoy now tomorrow will speak for itself”. Which is very wrong most people get that parable wrong and end up inflicting theirselves in deep debt, they become chronic debtors and beggars. How a man handles money can either make or break him. Here we are going to look at 10 points on how to spend money wisely with good biblical back up to suit:
1. Have a preference table of your needs not wants: We most likely can’t really differentiate between needs and wants. Now relating this key point to economics which we all know, economics teaches us how to manage and economize resources for future use, in it various teachings it also talked about preferences and how to create a preference table. In doing this you make a list of your pressing needs, things that are needed urgently and are very necessary and useful as well and u trash out ur wants because they are not needed for the time being. Doing this now can help a man spend money wisely and with caution why, because you have a list and master plan already for what you really need and how to tackle them without too much spending. Now let’s look at the meaning of needs and wants:
A. Need: This is something needed urgently, almost relating to survival. Something you can’t do without.
B. Want: This is most likely not needed at the moment. It is a wish or desire.
It is adviced to focus and spend your money wisely on what you need and not what you want.
2. Savings/Extra Savings: Savings is very important for the future, in savings you discipline yourself to spending less. There is also something called extra savings this is totally different from your current savings in which you put a particular amount of money in that extra savings for a specific purpose and period of time. Now this extra savings limits the access to the money been saved, it normally last for a couple of months or years with a specific reason backing it up. Extra savings is very good it helps set up your future very well. (Proverbs 21:20: There is treasure to be desired and oil in the dwelling of the wise; but a foolish man spendeth it up).
3. Invest/Investment: This is an act of putting money into financial project in other to get a good profit in return. Investment is the most vital amongst them all. Even the Bible itself approves investment, it teaches us how to invest so we won’t lack in future. Than spending money recklessly it advised to invest the money in a good investment company. It is very good to invest your money in the kingdom of God, his project and so on. (1 Timothy 6:17-19: Charge them that are rich in this world, that they be not highminded, nor trust in uncertain riches, but in the living God, who giveth us richly all things to enjoy; That they do good, that they be rich in good works, ready to distribute, willing to communicate; Laying up in store for themselves a good foundation against the time to come, that they may lay hold on eternal life).
4. Self Control/Self Caution: This is very necessary so as to have a stable and balanced life when it comes to finances. When a man has self control and caution he tends to spend less. He controls what, how, when and what he spends his money on. It is very important that we have control over money and not money over us. Money should not be the root of evil to us, lack of self control can make an individual impatient toward making and spending money. Without self control a man will want to make money illegally and he won’t know the value of it which leads to spending money recklessly. (Proverbs 13:11: Wealth gotten by vanity shall be diminished: but he that gathereth by labour shall increase).
5. Read books that educate on money, savings, and investment: There are various great authors that have written books with life experiences relating to money and how to spend it . It is specially advised that you read books that caution on how to spend money wisely. There are some people that lack self control when it comes to money and with this reading good books can help. These books carry powerful key words that can change a man’s life for good in terms of money spending.
6. The Word of God: This is where you find answers and solution to all your problems in life. Here, in the word of God there are various deep teachings on money, how to spend them and the consequences relating to foolish spending. There are certain scriptures that dwell specifically on spending money and how to tackle them. (Proverbs 13:22: A good man leaveth an inheritance to his children’s children: and the wealth of the sinner is laid up for the just).
7. Therapy/Counseling: Counseling is another key factor to spending wisely because they are there to give you guidelines on how to spend money wisely. These are people who have little or more experience from this situation and they have fought it hard and want to help others that are passing through the same challenges in life. Some may have little or more knowledge and would want to pass it on to people in need of it. With this they are to teach you, guide, test your capacity on how to spend money.( Proverbs 15:22: Without counsel purposes are disappointed: but in the multitude of counsellors they are established).
8. Discipline: When one has self discipline he watches how he spend his or her money and the things he spend it on. When a person is disciplined his ways also are disciplined. It is good that we all discipline ourselves so as to spend money wisely and with caution.
9. Contentment: This is a state of being satisfied with you have. Being contented helps to save money very well, why because you value the future and your satisfied with what you have presently. It helps you accept what you have presently and adapt to it with happiness. We all should be contented with whatever we have so as to have a great and blessed future. Without contentment people get to make lifetime mistakes which affect them dearly.
10. Wisdom: This is the act of being wise and applying knowledge in every area of your life. Our Heavenly Father is the wisest so we his children are expected to be wise as well. God is a giver of wisdom. When one has wisdom his ways are right, they are not the ways of the foolish. He thinks deep and more concerning his future. He places caution in every part of his life. One needs wisdom to spend wisely, once you have wisdom you invest more in your future and plan more presently. A wise person guards his ways. (Proverbs 6:6-8: Go to the ant, thou sluggard; consider her ways, and be wise: Which having no guide, overseer, or ruler, Provideth her meat in the summer, and gathereth her food in the harvest).
With all these key points we all should learn how to spend wisely for a greater tomorrow.
qivvhn