Saturday, August 15, 2009

MoneyWalk 24: Balancing your checkbook

This program will help you undo financial bondage.

You must diligently balance your checkbook in order to have a healthy financial life. Good financial stewards at all times know exactly how much money they have at their disposal or they are able to quickly find out from their account ledger. People who don’t immediately add deposits and deduct withdrawals from their account balance 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 the teller 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 monthly bills you have yet to pay and save 5-10% for emergencies (unexpected bills) that are sure to periodically arise.

It’s almost impossible to reduce your debt and increase your wealth without using processes based on biblical principles such as balancing your checkbook which lead you to budget your income and spending, save for the future and eventually invest, and immediately record account deposits and withdrawals so you know the state of your flocks and herds at all times.

If you do not follow such a plan, banks and financial institutions will rake you over the coals with NSF fees, late fees, overdraft fees, and other account charges. In addition, you are likely to find yourself deeply in debt (possibly facing foreclosure, repossession, and/or bankruptcy) without ever really having to be in that position.

Please pray for this ministry and email any questions. May God bless you richly as you follow His plan!!!
Proverbs 27:23-24, Isaiah 55:10-11, Luke 14:28-30, 2Corinthians 9:10
Please forward these bondage breaking articles to other people who can use helpful insight!!!

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