Money Management Systems (Offline)

Ladies, one of the first things we all need to do if not in place already is determine the best money management system that works for your household. Remember you will want to include your spouse in what is happening with the finances and not keep them in the dark. It is all about INCLUSION instead of Secret.

Let’s talk about the best ways to manage your money if you do not want to utilize the computer:

(1)  Checkbook – What you would do is make sure your checkbook is in balance with the bank statements, then pay your tithes and offering(If applies), pay yourself and them pay your bills. Be very disciplined when managing your money and knowing what fees are automatic deductions from all accounts. Otherwise, this will throw off your money management system.

(2) Envelope System – I remember when I first met my husband he told me that he used the envelope system. He was tracking his income and expenses via a ledger and then would place the money in an envelope for the appropriate bills which would also have a date on them when the bill was due to be paid.

Tips:

Establish a budget if you have not already.

Set goals that you can achieve. I am not saying make them so easy that it does not even present a challenge. However, it is important to not set yourself up to fail.

Track, track, track your financial pattern.

Do not be in the position in 2010 of not knowing where your money went. New Year better choices and better decisions.