money talk

last Sunday my topic for the young women class was all about money management. i forgot to study my lesson until Amy sent me a message and reminded me that i'd be teaching that day. i had no idea what the topic was all about but i still had an hour to prepare. fortunately when i searched the internet for my topic i was relieved. it was all about money management. its something im good at. if there's one thing my mom taught me well it was all about that. she's an accountant and she knows how to manage her finances well. its something i admire about her. she basically sent us to college alone. i don't know how she did it but she did and im so grateful for that.


anyway, i just wanted to share some points in the lesson. it talks about 6 areas for a sound financial management.


1. church contributions (tithing) - leave a comment if you wanna know more.


2. debt - avoid it. live within your income. Anyone who lives beyond his income is inviting disaster. Borrowed money is not income. … Borrowing to live on is unsound, whether it be an outright loan or installment buying. 


 just a few weeks ago i wanted to get myself a new phone because there's this wonderful offer at some store. i really like the phone and you can pay it in installment with load included. it was just 350/month for 2 years. it was really good  but then when i think about it for a few more days. i decided its not for me. i might not be here for another 2 years. im planning to move back home when i finish my 2-year contract w/ the hospital. and that's october 2012. And back home the network that's offering this one is not so good coz i live in a small town and the network signal aint that good.  and besides my phone is working out well for me. i got 2 mobile phones and im not using the other one anymore. maybe when i sold them to someone then i can purchase a new one. 


3. savings - i always try to save 20% of my income even though its just a small amount.  "How blessed is he who learns to spend less than he earns and puts something away for a rainy day” you can never really tell when you needed the money.


4. self-discipline - whether early in life or late, we must all eventually learn to to discipline ourselves, our appetites, and our economic desires. “If you cannot obtain all you wish for today, learn to do without that which you cannot purchase and pay for; and bring your minds into subjection that you must and will live within your means” the key to spending less is simple - it is called discipline.


5. budgeting - No matter how much or how little we have to live on each week or month, it needs to be used wisely. We need to decide on a budget and live within it. Some claim living within a budget takes the fun out of life and is too restrictive. But those who avoid the inconvenience of a budget must suffer the pains of living outside of it. 


when i was still in college my mom would just send me an allowance for the whole month and its up to me how im gonna budget it. she said she's not gonna send me more if i ran out of cash. she's strict. and so i learned how to budget. i was wondering how my friends use their money. they receive twice the amount i get from my mom and they still needed more. sometimes they even borrow from me. what else could they be spending on? we go to the same school. we eat at the same place. and im really wondering where their money is going. i even pay my tithes even if i don't have an income. i just want to discipline myself so that by the time im earning it wouldn't be such a big deal.


6. honesty - be honest in all your financial affairs. something my father would repeat to me over and over again. he said that i should be honest in all my dealings with my fellowmen all the time.


im glad my mom taught me well regarding money management coz i don't think i'd be living independently right now if she didn't raised me to use my money wisely. most of my workmates still live with their parents. i don't. and they always ask me how i live on with such a small salary and i even get to go to places i wanted to go. i just tell 'em its all about using your resources wisely plus i was taught well with this one. ;)