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Learn To Be Content

03.19.2012 by Matt Jabs //

Getting your financial life in order starts and ends with you.

It’s not about how much money you make, it’s about how you manage the money you have.

Today I want to inspire you in responsible, happy living.

Learn to be content

“But godliness with contentment is great gain.” 1 Timothy 6:6

If you are unhappy or stressed out, chances are you’re not content.

The bible teaches us to be happy whether we have a little or a lot. It’s not about the amount, and it’s not about the race for gain, it’s about the journey.

Paul also addresses the topic of righteous contentment in Philippians:

“Not that I speak in respect of want: for I have learned, in whatsoever state I am, therewith to be content. I know both how to be abased, and I know how to abound: every where and in all things I am instructed both to be full and to be hungry, both to abound and to suffer need. I can do all things through Christ which strengtheneth me.” Philippians 11-13

He understands that it’s not about how much he has, it’s about learning to be content with what he has!

Learn to be content

Manage what you have better

We’re instructed not to chase gain for the sake of wealth, but to manage what we have wisely.

The best way to manage what you have is to keep record of it. Do you keep records of the resources God trusts you to manage? If not, it’s time to develop a budget (a.k.a. spending plan).

The solutions that helped me transition into a successful budgeteer were free spreadsheets, Mint.com (also free), and YNAB (You Need A Budget) software.

Start with one of the free solutions and purchase YNAB if you like what it has to offer.

Give in faith

God promises to bless our giving, and I have yet to prove Him wrong.

It’s not about having enough to give, it’s about giving because He commanded us to.

By the way, giving is a gift God gave us! Nothing will increase your contentment like giving.

“I have shewed you all things, how that so labouring ye ought to support the weak, and to remember the words of the Lord Jesus, how he said, It is more blessed to give than to receive.” Acts 20:35

Trust me – giving is a gift to the giver!

Making more money

It’s worth repeating, the goal is contentment, not gain.

That said, there is nothing wrong with making more money – IF – you’re a wise steward of what you already have and are ready for the extra responsibility of added wealth.

“And he said unto him, Well, thou good servant: because thou hast been faithful in a very little, have thou authority over ten cities.” Luke 19:17

If God can trust you to manage the little you have now, He may bless you with more.

This is one bible truth that drives me to be a better steward of my resources. If I make $100,000 but can live on $50,000, that means I can use the other $50,000 for God’s glory.

If I prove myself faithful, the scripture teaches God may bless with greater abundance.

And my contentment should come from how I’m using that wealth for His glory, not from the wealth itself.

Start now

If you’re not content where you are, your first step is to start seeking contentment – not gain.

Once you understand that truth, you can move on:

  1. Start a budget so you can see exactly where your money is going.
  2. Lower your standard of living to fit your budget.
  3. Give in faith and trust God to bless.
  4. Honor God with the increase.

Remember to find joy in obedience to God’s principles, after all, He gave them to help lead us to contentment!

“For this is the love of God, that we keep his commandments: and his commandments are not grievous.” 1 John 5:3

God’s commandments are the recipes for finding joy and contentment. Trust Him and seek Him with all your heart and watch the blessings flow.

*******

photo credit

Categories // Money Management, Spirituality Tags // contentment, Giving, Money Management

Start Living on One Income!

02.03.2012 by Matt Jabs //

I strongly urge you to do everything in your power to start living on one income, however and whenever possible.  If you are single, concentrate on living well below your means, paying off any debt you have, saving money, and giving generously.  If you are a two income family, please read on with a hopeful and open mind.  🙂

Why live on one income?

Living on one income does not necessarily mean you’re only earning one income.  Whether both spouses work, or only one works and the other stays home… there are many benefits to living on one income only.

When both spouses work

As it sits right now, me and Betsy have no children and are self-employed, but it wasn’t long ago that we were both working full-time jobs. There are benefits to having both spouses work, but if you do I still encourage you to live on only one income while you save the other.

Here are a few noteworthy benefits of a two income family living on one income:

  • A hedge against job loss. If both spouses work, yet they only require one income for their living expenses, then the other spouses job can be lost without an enormous family crisis taking place.
  • Pay off debt faster. Use the second income to get you out of debt in record time.
  • Save more money. Once you are out of debt, start packing away boatloads of cash.
  • Give more. Because you can, because it will make you happy, and because “…God loveth a cheerful giver.”  II Cor 9:7
  • Retire earlier. Once your emergency fund is established, begin fully funding your IRAs, 401(k)s, and other investments so you can retire earlier and spend more time doing what you love.

When only one spouse works

If you have been blessed with children then most of you will likely be forced to decide between having one spouse stay home and putting the children in some sort of day care.  Let’s take a look at some of the benefits of being able to skip the day care and enable mom or dad to stay home with the children while the other spouse brings home the bacon.

  • No day care. You raise your own kids… full-time.  You do not have to pay for day care, and no longer have to worry about whether or not your children are being properly raised 8-10 hours of the day.
  • Less stress and more quality time. When the working spouse comes home, many of the household duties, cares, and concerns can already be taken care of by the homemaker.  This affords the couple much more quality time with much less stress.
  • Enable one spouse to take care of the home, and everything in it. One spouse goes to work for pay, while the other stays home and works as the support system.  A homemaker taking seriously the job of caring for home and family may just be the most honorable and rewarding position there is – and I think we, as a society, are in dire need of more of this type of thing.

I hold to the belief that a woman will feel more fulfilled in the role of staying home and caring for the home and family while the man goes outside the home to earn.  I am not a chauvinist, and I do not think “stay-at-home-moms/wives” have it “easy,” that couldn’t be farther from the truth.  What I do believe in are the gender differences ordained and given us by God Almighty.  Don’t get me wrong… either spouse can provide, and either can stay home… but we are most interested in how intrinsically fulfilled each of us feel in either given role.

In conclusion…

Living on one income while both spouses earn gives you increased security, speedier debt repayment, more capability to save, give, and retire early.  Living on one income and raising a family will afford you less costs and outsourcing in regard to raising children, lowered levels of household stress, and more time together as a family!

Whichever route suits your family best… don’t the benefits of living on one income sound appealing?  So what are we waiting for?  Let’s start tweaking our budget so we can live on one income and start reaping some of these benefits!

Do you (or can you) live on one income?

We want to be there as soon as possible… so we’re working to get rid of all our debt (and a lot of our possessions.)  We cut costs drastically, are living far below our means, and would probably be fine if we were forced to trim down and live on one income only.

What about you?  🙂

Categories // Earn Money, Money Management Tags // career, Children, home, income, Money Management

How Much Interest Are You Paying?

01.18.2012 by Matt Jabs //

How Much Interest Are You PayingHow much interest are you paying on your debt?  Most people never stop to think about it… yet the answer drastically affects their financial lives.

I’m talking specifically about how much money you pay to finance your debt.  If you have a mortgage, student loans, auto loans, and/or credit cards you are likely paying interest on all of that debt.  How much interest are you paying per year?  How much per month?  How much per day?

If you know the answer to this question you will know how many hours/day you have to work each day just to cover the interest on your debt, and I guarantee it will motivate you to get out of debt faster.

Use the spreadsheet I use to figure it all out…

How Much Interest spreadsheet

Use this spreadsheet to determine exactly how much interest you are paying each month and to track your progress.

The spreadsheet includes:

  • The Data Sheet – This is the main sheet where you input the data and see all the calculations take place.
  • The Chart Sheet – (on Google Docs version only) This a cool chart that graphs out your monthly progress over the course of the year.
  • The Print Sheet – This sheet pulls your monthly interest amounts, puts them in bold red font for you to print off and stick on your fridge.  This will help motivate you and your family to continue to destroy your debt!

How Much Interest – Google Docs Template

How Much Interest – Microsoft Excel Template

  • Download template for Excel

How Much Interest – OpenOffice Template

  • Download template for OpenOffice

How much interest are you paying?

Let us know how much you’re paying by leaving a comment… and if you have feedback on ways to improve the spreadsheet, please let me know.

Categories // Debt, Money Management, Tips Tags // Debt, How Much Interest?, interest, Money Management

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