Not being a good steward of your money can lead one to a lot of trouble. Being in control of your
money will relieve you of any stresses and enable you to progress. Budgeting is vital if you want to keep your money in check. Kyle Winkfield talks extensively about financial stewardship in families. Here are just a few that can help you become a good steward.
Know the amount you make
The first step to managing your funds is to know your income. It is the starting point to know how to budget. Before you start making your budget, you need to know the amount that you make. It will not be possible to have discipline when you do not know how much you are getting. If you know the amount of money coming every month, it will be easier to build a budget. You should know where each dollar you make goes to.
Keep track of the expenses
One of the things that you need to do to become a good steward is to track your expenses. You should have your expenses down on a piece of paper and have a good spending plan before the month starts. Tracking your expenses helps you stay within your guidelines. If you do not know the amount that you have spent, then it will be difficult to know the amount left to spend. It is advisable that you keep a record of the money you have spent. It will prevent you from spending more money than you make.
Pay your debts
You will only be in slavery if you are in debt. You will be the slave to your creditors. If you want to be free, then you need to pay off the debt as fast as you can. It will give you the financial freedom. Having massive debts with high-interest rates and late fees can spell mismanagement of funds from far. Mismanagement will happen when you are in huge debts.
Being debt free will allow you to save more and even have an emergency fund. You will also pay your mortgage early. If you do not have any debt, you will be able to have control of your finances. You will be able to accomplish your goals. You will remove a burden and also be relieved of the stress. When you are debt free, more doors for opportunities will open. You will be amazed at how being debt free will help.