Daily budgeting on christian money.

Money management skills and daily budgeting your finance.

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Money Management Part 6

Why have a daily budget ?

A man once wanted to build his own house. So he erected the posts, attached the beams and rafters, started putting on the hollow block walls. Half way, he realized he has very little funds left, so he opted for a thatch roof and bamboo walls for the rest of the house, and that finished his finances. The result was a house with half-cemented, half-bamboo walls, grass roof, openings for windows and tamped-earth for a floor. A house, yes, but hardly.

It is the same when you don’t budget your finances properly. You can probably live with it, but certainly with a lot more headaches than you would wish for. You may find that you are out of funds, at a time when you really need to buy a very important item – a gift perhaps, or a replacement part for your car. Or your credit card payable has gone so high you will need to scrimp on many things just to pay it off. Or, more commonly, you’re overdraft in your checking account. And you can’t for the life of you remember how you spent your money.

In a tight economy such as ours, profligacy has very little room, whereas impulse buying is a cardinal sin. Yet that is what modern advertising takes advantage of, each message subliminally encouraging us to buy items and products we don’t really need. From credit card blurbs to the merits of a refrigerator to how the products are stacked in a supermarket, each urges us to lose control of our hard-earned dollar, so that they may profit. And many fall to the strong and ever-present temptation.

Economists will argue that with the rate of inflation, it is better to spend money now than later, when its value will be less. They say that inflation rates always exceed bank savings interest rates, so you lose a little purchasing power every day your money stays in the bank. Your money in the bank, even with the added-on interest, will not buy the same product or service tomorrow that it can buy now. So make use of your money’s full value today.

That may be correct, but it is missing the point of budgeting. Budgeting is not about spending money or not, but spending money wisely. Your money may have less value tomorrow than it has today if you save it, but at least you still have money to spend. Being a one-day millionaire has its advantages, true, but remember there are other days following. So our point here is that you may want to be a millionaire for a day, but definitely you will not want to be a pauper the rest of the days after.

Therefore, whatever the level of your finances is, budgeting is always recommended. It keeps your head above water, safe even from the wave of misfortune that may engulf others. Budgeting is the bay of safety, and the island of contentment.

It is also the best way of getting rich honestly. Honest.

Money Management Part 7

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