Proverbs 21:5 NKVJ “The plans of the diligent lead surely to plenty, but those of everyone who is hasty, surely to poverty.”
Solomon who is famed to be the wisest and richest alluded to the importance of budgeting as a major tool to creating lasting wealth. A budget is simply a financial plan for your money. It is you determining where every money that flows into your hands will go before it comes in. Many times i’ve been in situations when I’ve gotten good chunks of cash, and in a few weeks i’m asking myself “where did all that money go?”
Budgeting helps avoid this. With proper planning and budgeting, you are equipped with the tool to eliminate debt, build savings and invest for the future. There are so many debt reduction plans and strategies that you can use to aggressively eliminate debt right where you are. Likewise there are many investment strategies if followed diligently that will make you more money than you ever imagined.
Notice that Solomon also said that the plans of anyone who is “hasty” or in other words cannot practice delayed gratification will surely lead to poverty. For a huge percentage of people, the problem is not a lack of finances, rather it is the inability to practice delayed gratification. “I want it now”, they say, and there is a credit card or a loan that will be extended to them.
Here’s a plan you can work with. 10% of every income you get should be dedicated to God as the tithe/first fruit (Prov.3:9, Mal.3:10), the next 10% into your savings account, the next 10% into your investment account, and the remaining 70% should be used to take care of your personal expense. The priority here should be to pay down your debt. You’re probably saying to yourself that you cannot live on 70% of your income, more so pay down debt first. But you can if you plan differently. You definitely will need to adjust your spending habits. If you remain consistent over time, you’ll realize you will enjoy more of God’s blessings because you tithe, your debt will be eliminated and your investment money will grow. All in all your life will be more fulfilled as you enjoy financial freedom.
Scriptures to Meditate: 1 Cor.4:2, Prov.21:20; 22:3, Luk.14:28-30, 1 Cor.16:2