You must diligently organize financial records, balance checkbooks, and review all accounts to ensure errors are corrected (bank, credit card, investment accounts, etc.) in order to have a healthy financial life. At all times, good financial stewards know exactly how much money they have at their disposal or they are able to quickly find out from account ledgers. People who don’t organize and immediately record deposits and deduct withdrawals from account balances are usually in poor financial shape. They often write checks and take on debt payments for more than they can afford to spend.
Getting a current account balance from a teller or looking at your checking account online doesn’t show how much you really have to spend because many checks are cashed days or weeks after they're written. The fact that $1,000 was payroll deducted into your account on Friday doesn't mean that $1,000 is available for you to spend on desires until your next paycheck. You cannot know what you truly have available to spend unless you know what's in your account after you subtract all checks written and record monthly bills that still must be paid during the pay period. Also, you need to make sure there is room to save an adequate emergency fund for unexpected bills that will periodically arise. In addition, you need to make sure your account balance will allow you to have enough extra income each pay period to eliminate your debt within a couple of years or sooner if possible and thereafter to invest 10% or more in vehicles that will provide enough annual compound growth to build wealth.
It’s almost impossible to build an emergency fund, eliminate debt, and increase wealth without organizing financial records, balancing checkbooks, and reviewing accounts for errors. These practices help you know the state of your flocks and herds at all times so you can properly budget income, appropriately spend, save emergency funds, eliminate debt, and invest.
If you do not follow an organized accountability plan, financial institutions will rake you over the coals with non-sufficient fund fees, late fees, overdraft fees, and other account charges. In addition, you are likely to find yourself deeply in debt, possibly facing repossession, foreclosure, and/or bankruptcy. Open your eyes right now to see you can undo financial bondage, build wealth, and fulfill your God-given purpose when you properly manage money including organizing financial records, balancing your checkbooks, and reviewing all accounts to ensure errors are corrected.
Please pray for this ministry, email me with any questions, and contact me to speak at your business or ministry conference or workshop. May the LORD bless you richly as you follow His plan!
Proverbs 27:23-24, Isaiah 55:10-11, Luke 14:28-30, 2Corinthians 8:12, 20-21, 9:10
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