Thursday, July 29, 2010

Financial Freedom Primers

Another micro blog. Learn to know your priorities when it comes to your financial freedom. More often than not, unwanted or unmanaged expenses takes precedence to our budget.

Identify Priorities
Identify your priorities. These includes your regular or basic expenses such as food, house rental or mortgage, utility bills, etc. These should be taken care of when the payday comes as these are essential to living. Be careful as sometimes we categorize those expenditures as priorities where those are really not. 

Income - Savings = Expenses
Income minus savings equals expenses. They say this is the formula of the rich and guess what? It's true, for every payroll, find a comfortable percentage of your income that you are willing to save on each payroll and allot the remaining for your expenses. By doing this you save a considerable amount of money without you knowing it and at the same time you've also restricted the amount you will expend (but of course relatively enough to your basic needs).

Bring your tithe to God
This should be the first thing we should do by the time we receive our income. God gave his children abundant blessings and this is our part to show our faithfulness by giving part of it back to Him. God gave His promise to those faithful tithe giver

Bring the whole tithe into the storehouse, that there may be food in my house. Test me in this," says the LORD Almighty, "and see if I will not throw open the floodgates of heaven and pour out so much blessing that you will not have room enough for it.
Malachi 3:10

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