HAVING A FINANCIAL PLAN

Folks I must apologies for my slow start into the new year I can only attribute it to the need to retreat to re-fire if you know what I mean!

Anyway, I stated in my last write up that you  need to have a financial plan for your self this year. many of us just allow things to catch up with us without deliberately planning for our finances. the need to plan for your finances cannot be overemphasized.

in the first place you are not in absolutely in control of all the factors that will affect your life this year so it makes sense to reduce the unforeseen to the barest minimum via planning. Furthermore, planning you finances helps you to allocate resources well ahead of time preventing waste and impulsive spending.

The first step to financial planing is to have a year's budget broken down into monthly budgets. In the past I have spoken on what ought to constitute a monthly budget but suffice it to say that a repetition will not be out of place here.

In your monthly budget there are certain keys issues that must be provided for. They include but not restricted to the following:-

1. Food
2. Rent.
3. Bills (Electricity, water etc)
4. Transportation or fuel
5. Consumables - soap, sanitary items etc.
6. School fees
7. Clothing items - especially for those living in cold regions.

Every other thing will be an addendum depending on availability of funds.

Now the sum total of all the monthly budgets over 12 years constitutes your year's budget. Now the total will be the minimum amount you need to earn to cater for the needs of your family for the year. Next you need to ask yourself if your present income can match or surpass the year's budget. If it can then all well and good otherwise, you will need to find out how to augment your income by taking a second job if possible or doing what is called side hustle.

In any case your year's budget tells you immediately if the present state of your family income pooled together can meet the basic needs of the family.

If you want to embark on some project this year, then you will need to plan on how to raise the funds through savings or securing a loan. I will advise that it will be better to save up for a project than to take a loan that will further deplete the amount of money available for you to spend when ypou start repaying the loan plus interest except you and your family have decided that in other to do the project you will scale down on some essentials.

Next time will look at how to fund projects without borrowing!

God bless you.

Femiimevbore@gmail.com
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www.lifebuilder.ecwid.com 
www.elshaddaicovenantchurch.org 

HAPPY NEW YEAR

Welcome to 2016 a year that portends greater things than 2015. Obviously for many economies, 2015 was a year of recession and slow business growth but 2016 seem to be looking like a year of recovery. My prayer is that you will recover all that you lost in the year 2015 a hundred fold.

Having said this, it is pertinent to remind you that this is the time to begin to plan for the year if you have not already done so. In fact for those of us who have not yet planned for the year we are behind schedule but it is not too late to sit down and plan for the year.

On the family level what are the things we need to plan for?

1. Our spiritual life
2. Our finances
3. Our health
4. Our children's education
5. Our recreation (holidays etc)
6. Kingdom investment.

The Bible admonishes that the starting point for all serious planning is to put God first. (Matthew 6:33). God must be on top of every plan we will conceive this year.

Spiritual Planning:
"And you shall serve the Lord your God and He shall bless your bread and your water, and I will take sickness away from your midst." Exodus 23:25.

1. Your first plan or goal if you like is to serve God better this year. Serving God better may involve greater sacrifice on your part in terms of your time and resources but you must do better this year. Such a plan must involve the whole family.
2. Personal development through prayers and reading of the Bible as well as other Christian materials that will help you become a better Christian. If you were spending say 1 hour in prayers last year, you can plan to spend 2 hours this year. Also plan to read the Bible through this year. There are many yearly Bible Reading Plans you can adopt as you do not need to reinvent the wheel as it were. |Also make sure you carry the family along and encourage them to read the Bible.
3. Sharing your faith: This is one area many of us fail as disciples of Christ. You can plan to share your faith with at least one person per month which will give you a target of 12 people throughout the year.

More next time!

Once again Happy New Year

Femiimevbore@gmail.com
www.facebook.com/officialecc?ref=hl
www.lifebuilder.ecwid.com 
www.elshaddaicovenantchurch.org