How can we stretch our hard-earned money so that our needs are met sufficiently?
Let me share a few tips using the acrostic M-O-N-E-Y.
Monitor your spending. Stop wondering about where your money went. Our money does not have a mind of its own. We do. So we better command our money where it should go. Monitoring our spending need not be complicated. Write down your expenses at the end of the day or collect all the receipts from your spending and tally them at the end of the week.
Organize a budget. A budget is necessary for effective financial stewardship as a gas meter is to ensure that we reach our destination. If you haven't done it yet, start making a monthly and yearly budget for you and your family. This way, you'd be able to determine what drains your financial resources and come up with adjustments and solutions.
Needs and wants have to be distinguished. As we learn to live within a budget, we also need to distinguish between needs and wants. Many times, we spend first on our wants. That's why we feel that our money is not always enough for our needs.
Exercise self-control. Fight the urge to spend right away. Wait for the item that you want to be offered at a discounted price. Impulsive buying almost always leads to regret and waste. Exercise self-control to see your money grow. It's not your money that you need to get rid off. It's the urge to buy that we need to say bye-bye too.
Yearn for financial freedom and Yield to God. Involve God in your finances. Follow His principles about handling money. Never make money your god because it will lead to discontentment and destruction. Yield to God. Surrender your desires to accumulate material possessions that you can't bring with you to eternity. Instead, delight yourself in God who blesses us sufficiently and abundantly.
Remember this, money can buy:
a bed, but not sleep,
books but not brains,
food, but not appetite,
a house, but not a home,
medicine, but not health,
luxuries, but not culture,
amusement, but not happiness,
companions, but not friends,
flattery, but not respect.
by: Maloi Salumbides (I think)
