Many people actually fail to save money because they are afraid to spend it. Some businessmen even become bankrupt because they keep so much money. Why are these events happening? Those people who are worried of cash outlay are the ones who don’t pay their dues and obligations on time, such as monthly bills and loan amortizations. This practice causes them additional fees, surcharges and penalties. The results are additional liabilities beyond their original payables. Those business owners who keep too much money out of greed are the ones who escape paying their actual income taxes and other financial obligations. This behavior results to audit investigations which cause big loss to the business not only in monetary terms, but also in terms of integrity.

To really save cash, not only in the short run but also in the long run, we need to spend money wisely. We should consider the permanent things rather than the temporary. Thus, we need to settle our financial obligations so that it may not bring us additional expenses that will dwindle our savings in the future. Who wants to be penalized, and who wants to pay money in excess of what is originally liable? Of course no one wants it.

We can also save more cash in the future if we will avoid becoming too frugal. This means we should avoid buying cheaper goods just to have instant and temporary savings today. Purchasing cheaper stuff can be meant acquiring low quality goods. The disadvantage of buying cheap and low-quality merchandises is that they don’t really serve us in the long run. Yes, we can save money by paying less, but we can become losers when it comes to their usability. Just think of buying an expensive brand-new car versus buying a cheap and secondhand car. Of course we can save money by acquiring the used vehicle because we will be paying a cheaper price. But will this help us save our money in the coming days? I don’t think so. The repairs and maintenance can be an expensive recurring expense if we will be riding in a secondhand car. On the other hand, buying a brand-new vehicle will require us to spend a larger amount of money now. However, it will save us more pennies by avoiding the hassle of continuous repairs expense. What it makes feel better is that we will be driving a new and a more comfortable car.

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1 Corinthians 16:2
On the first day of every week each one of you is to put aside and save, as he may prosper, so that no collections be made when I come.

Proverbs 6:6-8
Go to the ant, sluggard; consider her ways and be wise; who having no guide, overseer, or ruler, provides her food in the summer and gathers her food in the harvest.

Proverbs 19:2
Also it is not good for a person to be without knowledge, and he who hurries his footsteps errs.

Proverbs 21:5
The plans of the diligent lead surely to advantage, but everyone who is hasty comes surely to poverty.

Proverbs 21:20
The wise man saves for the future but the foolish man spends whatever he gets

Proverbs 27:12
A prudent man sees evil and hides himself, the naive proceed and pay the penalty

Proverbs 30:24-25
Four things are small on the earth, but they are exceedingly wise: The ants are not a strong people, but they prepare their food in the summer;

Ecclesiastes 11:2
Divide your portion to seven, or even to eight, for you do not know what misfortune may occur on the earth.

Conclusion:
The Holy Bible which is full of wisdom clearly is a reference of purpose. Every acts and teachings we can find in the Holy Books are under a great purpose. Therefore, we can say that the righteousness of saving and setting aside money depends on its purpose. Yes, investing can be better than saving, but saving under a good purpose can be better than a risky investment. Saving money for an emergency fund is recommended for this uncertain world. Saving money for the future of your children (educational fund) is also wise. But saving money without a clear purpose is dull. Saving money can also teach us self-discipline – a virtue that gives us great results in our lives. It also orients us to patience and prudence – two virtues that keep us away from financial troubles. Hence, let us be disciplined, patient and prudent persons. Let us save money with a great purpose. If you love your family, you won’t give them a gloomy future. Finally, if you honor God, you should always see to it that you always bear fruits for your people to be picked.

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1. Money Bible Verses: On Budgeting
2. Money Bible Verses: On Investing
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Planning
To achieve our financial goals, we need first to plan strategically. A plan is a set of objectives and procedures which aims to achieve an objective by executing the necessary procedures to achieve it. In the personal finance world, planning may include creating a financial plan. This financial plan may include budgeting and setting an emergency fund. We need to exercise reasonable calculations and estimations to get ahead of time. We can manage our finances in advance through planning. Advance planning reduces the risks of cramming. An example of planning is calculating your next month’s revenues and expenses and then putting and plotting them in papers or spreadsheets. With this, we can have a comprehensible picture of our financial status for the succeeding month. If we foresee a problem, we can find solutions for that problem in an early period of time. Planning can also help us compare our planned financial figures against actual results. This way, we can analyze our strong points and rooms for improvements.

Organizing
Organizing is arranging our things in the proper order. This practice includes the classification of resources, obligations and expenditures for a more efficient financial flow. We can classify our finances according to time (short-term or long-term), size (amounts of money) or priority (according to importance). By proper organization of our finances, we can efficiently carry out our financial plans. An organized person has the better chance of achieving financial success than a disorganized person. This function of management prevents us from chaotic situation that brings failure in any endeavor. Hence, it is always best to organize our financial elements and put them all in harmony instead of in turmoil.

Assigning
One important technique in managing our finances is the proper allocation of our resources (which may come from our earnings and saving) to our usage or expenditures. A good example of this is the allocation of our emergency fund. Emergency fund should be exclusively used for emergency purposes and not for regular usage.  We can also assign allowances for particular purposes. Examples of these allowances are our household allowance which is allocated for our regular home expenses, educational allowance which is allocated for our educational expenses. The essence of financial assigning is to strengthen our financial condition and flexibility.

Directing
Directing, also called leading, is known as the heart of management. In managing our personal finances, directing involves motivating ourselves to achieve our financial goals. This requires the possession of effective human attributes and attitudes. Any strategic plan will become useless if a person is not motivated. Furthermore, organized and effectively assigned tasks and tools will not work if we don’t have the right interest to execute them. In attaining our financial goals (e.g., financial stability, getting out of debt, high investment returns, etc.,), our principles and attitudes play very important roles. We need to assess our current principles and attitudes which are the roots of what we are, as well as what our financial statuses are.

Controlling
Finally, we need to see to it that our plans are running well, and that any deviations from our original targets are handled well. Thus, monitoring must always be done regularly. We need to monitor and track down the flow of our execution – is it doing well or it is the other way around? Are we meeting our financial budgets or are we not? Do our actual expenditures exceed what we are expecting? These questions must be answered and they must be addressed. With the help of a strategic plan, which is well-organized and properly backed-up with effective tools, plus our will power to achieve our goals, we can assure that we can be able to find solutions whenever financial troubles come.

Again, we must keep in mind that in managing our personal finances, our personal attributes play a very important role. We need to become diligent, patient and wise to execute our procedures to achieve our goals. Planning, organizing, assigning, directing and controlling, these five functions must work together in full force and in powerful harmony.

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Many people perceive that budgeting just give us financial restrictions. They thought that these financial limits are things that need to be broken to achieve financial freedom. However, as we will discover the Words of God, we will realize that financial limitations are God’s ways to keep us in the right financial position. As the Bible teaches as self-control and discipline, it also shapes us to persons who are not slaves of debt but persons who are free. When it comes to budgeting, the following verses are written in the Bible:

Proverbs 3:9-10
Honor the Lord with your wealth and with the first fruits of all your produce; then your barns will be filled with plenty, and your vats will be bursting with wine.

Proverbs 6:6-8
Go to the ant, sluggard; consider her ways and be wise; who, having no guide, overseer, or ruler, provides her food in the summer and gathers her food in the harvest.

Proverbs 22:3
A prudent one foresees the evil and hides himself, but the simple pass on and are punished.

Proverbs 21:5
The thoughts of the diligent tend only to plenty; but the thoughts of everyone who is hasty only to poverty.

Proverbs 21:17
Whoever loves pleasure will be a poor man; he who loves wine and oil will not be rich.

Proverbs 24:3-4
Through wisdom a house is built, and by understanding it is established; and by knowledge the rooms shall be filled with all precious and pleasant riches.

Proverbs 25:28
He who has no rule over his own spirit is like a broken down city without a wall.

Proverbs 27:12
A sensible man watches for problems ahead and prepares to meet them. The simpleton never looks, and suffers the consequences.

Proverbs 27:23
Know well the face of your flocks; set your heart on your herds.

Proverbs 27:26
The lambs are for your clothing, and the goats are the price of the field.

1 Corinthians 16:2
On the first day of every week each one of you is to put aside and save, as he may prosper, so that no collections be made when I come.

Luke 14:28-30
For which of you, intending to build a tower, does not sit down first and count the cost, whether he may have enough to finish it; lest perhaps, after he has laid the foundation and is not able to finish, all those seeing begin to mock him, saying, This man began to build and was not able to finish.

The passages listed above may not represent all of the verses in the Bible that discuss budgeting. If you have other Bible verses in mind that are related to budgeting, feel free to share them by making a comment below.

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1. Spend your time
Having no money doesn’t mean having no resources. Time can be equivalent to money, and vice versa. Some people are rich with money but are poor in time. Some people are rich with time but poor when it comes to money. Now that you don’t have any money to spend, it’s time to spend your time. Maybe during the time that you have money, you found yourself traveling in many places. Now that your have no money left with you, this maybe the chance to spend your time with you home. Try to spend time cleaning your room, spending time with your lovely pets, or with your families. It can also be the opportunity to spend time with you books, your garden, your body (doing exercises), and many other things you can spend with your time at home or even at your nearby neighbors.

2. Fasting
Having no money isn’t bad at all at a certain point in time. It can be a golden opportunity for fasting. When material and monetary things are in absence, we can concentrate on spiritual things. When we have money, it’s hard for us to abstain from buying foods, drinks, and other material things that our body needs. Now, when money is not in our hands, we can do fasting. Meaning we can try to abstain from gluttony, drunkenness, gambling and extravagance – things that weaken our spirits.

3. Rest
Activities can be costly. Hence, if we don’t have the money to cover our entertainment and other activity expenses, the best thing to do is to “rest”. But keep in mind that having a rest is great when we are tired. This means, we should only take a rest at a reasonable short period of time – enough to energize and rejuvenate our body and minds. A few days without money can be a good few days of rest. This can also be more relaxing if a person who doesn’t have money also doesn’t have debts or any obligations.

4. Think
When we can’t do something because it will cost us to do or when we can’t travel to any places because we can’t afford to travel, the best thing to perform is thinking. Thinking certain things can be beneficial to us if done properly and timely. In exercising our minds, we can be able to create useful ideas and strategic plans. We can also do meditations and realizations which can nurture not only our brain but also our soul and our whole personality. These are the things that we usually forget when we are busy spending and playing our money. Hence, when money is gone, these are the nicest things we can do to ourselves.

5. Find money
If you don’t have money, then you should find money. If you already don’t have time to spend, if you’re already tired of resting, if your fasting period is over, and if your plan and ideas are now must go into action, then you should now start finding and earning money. It’s now time to use your rejuvenated self to work for money. This is now the moment to put those ideas you created into reality. Your plans must be acted now. If you have something to work on, then work it now. If you have goods to sell, sell them now. If you have services to render, render them now. If you have receivables, then collect them now. Money comes to us if we think it and work for it.

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Assets = Liabilities + Equity

As we transform this to,

Liabilities = Assets – Equity

As we understand, personal assets and equity are,

Equity = Paid-up capital + Cumulative Net Income (losses)

And since,

Net Income (loss) = Income – Expenses

Therefore we can say that,

Liabilities = Assets – [Paid-up capital + (Cumulative income – cumulative expenses)]

And in our personal parlance, considering a one year equation, assets as properties, paid-up capital as zero, and expenses as our wants and needs, this equation can be transformed as,

Debt = Property – Income + Wants

If today we have the following:

Debt = $1,000

Property = $1,500

Income = $2,500

Wants = $2,000

As we place these values on the equation, we will arrive to this:

Debt = Property – Income + Wants

$1,000 = $1,500 – $2,500 + $2,000

Now if we want to make our debt of $1,000 to zero, we can opt one or all of the following ways:

a.) Sale a property amounted to $1,000 and pay-off our debt amounted to $1,000

Upon sale of property at book value amounted to $1,000,

($1,000 – $1,000) = ($1,500 – $1,000) – $2,500 + $2,000

We can pay extinguish our debt.

$0 = $500 – $2,500 + $2,000

This application is simple. If we want to get rid of our debts, we may sell some of our properties and use their proceeds to pay-off our debts. But we must also remember not to sell assets that are generating substantial revenue for us. This means, we must analyze first the best decision – whether to benefit from an asset through its proceeds or through its generated income. This is because generated income can also be used to pay-off our debts.

b.) Earn additional income of $1,000 without selling your property (this can be done through rendering of services), and use the additional income of $1,000 to pay-off all debts

By earning an additional of $1,000,

($1,000 – $1,000) = $1,500 – ($2,500 + $1,000) + $2,000

We can eradicate our debt.

$0 = $1,500 – $3,500 + $2,000

Another way to eradicate debt is to earn more and more income. This means we need to be diligent and innovative to do that. But we should also bear in our minds that big income is useless if we also have huge expenses. Hence, we should also have the virtue of self-control and discipline. To increase our income we need to work harder, longer and wiser. The people who usually incur debts are those who don’t earn enough money to cover their expenses or repay their obligations.

c.) Reduce our wants (expenses) by $1,000

By reducing our expenses by $1,000,

($1,000 -$1,000) = $1,500 – $2,500 + ($2,000 – $1,000)

We can reduce our debt to zero.

$0 = $1,500 – $2,500 + $1,000

Spending more than you can afford is one of the top reason why people are trapped into debts. In the equation, it is very clear that if we will cut our expenses, we can also cut our debts. Since our expenses are originated from our needs and wants, we should know how to prioritize things. This can be done, by spending based on our needs instead on our wants.

I hope this simple article will help you win your battle against debt. Always remember that financial freedom is the ability of a person to harmonize all the financial elements around us, which include our assets, equity, income, expenses and debt itself.

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There are many important things to consider if we want our budget to go into success. These include making them specific, quantifiable, realistic and documented. We should specify our budget and make details so that we can have a clear picture of what we will follow. Measurability is also important in any financial plan, especially that we are dealing with money. Quantifying our budget is also vital in estimating future financial figures. We must also see to it that our budget is realistic and achievable. A conservative approach is more likely to succeed than a frustrating idealistic budget. Moreover, budgets must also be supported by documentations which are very useful in tracking and monitoring them. Tracking our earning, spending and saving behaviors will give us an idea on our weak points and strong points when it comes to our personal financial matters. With this, we can always find ways to strengthen our weakness and preserve our strengths. However, all of these things may not be enough for our budget to be taken efficiently. We should also realize one thing, and that is what I will discuss in the following paragraphs.

The important key to an effective budgeting lies on the value and importance we give to it. We may have a specific, measurable, attainable and trackable budget but it may not just be enough to help us reach our financial objectives. It is important to ask ourselves the following questions. Why are we making a budget? What is its great importance to our lives? These questions should be answered by our selves. We need to have a sense of direction. Budgets are tools that we can use to make our finances stable. But still we need to know its essence and values. Many people failed their financial plans because they don’t value them. Several financial gurus will teach you how to manage your personal finances. But without the sense of purpose you may only falter at the end. Our own budget should have a great impact in our lives.

In every plan we build, we need to assure that it is important to us. In every budget we create, we should see to it that it is relevant to our lives. As for me, I am budgeting because I want to save money for the establishment of my own corporation. I want to have a company that will employ people and give them jobs. I also want to offer quality products and services that will give my clients and customers satisfaction. This is why budgeting is so important to my life. Now, you can also try to meditate and know the roots why are you making a budget. Even a child can give great importance to his own budget to save a few bucks from his school allowance to buy a nice toy. Therefore, ask yourself once more, why I am budgeting? We all know that systems and tools facilitate our goals (financial goals), but our values are the ones who will give those goals the sense of direction and the sense of destination.

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Knowing is good, but understanding is better. That’s why, let’s not just memorize the following formula but let’s understand it. The following formula and explanations are derived from the financial accounting equation, Asset = Liability + Equity.

Liability = Asset – Equity

The above equation gives us the understanding of the following:

1. Increase in asset without increase in equity will increase your liability
This means that if you obtain cash or acquire properties and other assets without accumulated earnings, you will resort into debts. The debt trap is usually found behind our needs and wants. Once we desire for something we cannot afford to pay for cash, we call the lenders and the creditors for help. Therefore to prevent debt, we should not buy something beyond our earning.

Don’t increase your asset if your equity cannot afford that increase.

2. Decrease in asset may reduce your liability
One certain way to decrease or extinguish your debt is to pay-off them. If you have cash to settle your obligations, then settle your debts. If you have receivables, then exert your best effort to collect them so that you can use them to pay your own liabilities. If you have assets that don’t generate income, you may sell them and use the proceeds to repay your debts.

Cut your asset and use that to cut your debt.

3. Decrease in equity without increase in asset will increase your liability
Equity is equal to infused capital plus accumulated earnings (losses) minus capital drawings or dividends. This primarily means that if you incur losses or don’t earn enough profits, your chance of getting out of debt will fade.  Net income or profit is directly related to your revenue and inversely related to your costs and expenses. Moreover, revenue is directly related to your assets such as cash and receivables while your cost, purchases and expenses are directly related to your liabilities such as accounts payable and accrued expenses. Hence, to decrease or zero out your liability, you should increase your revenue to collect more cash and receivables and efficiently minimize your cost and expenses to avoid more trade payables and unpaid expenses.

Increase your equity to prevent increase of your liability.

4. Increase in equity may reduce your liability
As discussed in the preceding paragraph, increase in your cumulative earnings will increase equity. If your equity increases, you can be able to finance your needs not by means of debts but by means of the assets generated from your revenue, such as cash and receivables generated from your sales. Therefore, strive for earnings to increase equity and to get out of debt. Work well to increase your salary income. Do business well to increase your business income. Also, avoid unnecessary costs and expenses to avoid losses that will result to deficiencies in your equity.

Conclusion and the real secret formula:
The secret formula to get out of debt is simply you. You, being the one who is capable of knowing and understanding the basic formulas (e.g., accounting equation, financial ratios, etc.,) that the world has provided us. You, being the one who can control your effort in accumulating profits. You, being the one who can manage your behavior in spending your money.  And you, being the one who can only defeat the poor person within you.

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1. Maximize talent, skill and knowledge
Increasing our earning potential means enhancing our capabilities. This means we need to maximize our selves. If you are currently an employee and enjoying being such, you can study further to increase your self’s market value. Completing post graduate courses and passing professional certification examinations are two best ways to uplift your professional worth and chance to demand more salary to your boss.

Now if you are an entrepreneur like me, we can all join forces to increase our skills and knowledge by training, researching, enhanced learning and networking. Entrepreneurs and business owners need innovation to continue and increase profiting.

2. Invest more time
Time is an essence for every goal that we want to achieve. Hence, if we want to maximize profit, we should maximize our time in attaining that target. To input more time means to save and gather more time. For business owners and entrepreneurs who enjoy flexibility in time, this could be an advantage. One way to save time is to outsource tasks that consume most of our time but offer only few returns. These jobs include routine functions which we can delegate to other people so that we can have more time to concentrate on our core activities that give us higher returns. The logic is… we pay for less to save time, and we use those times to earn more.

For employees who work for eight hours a day, there are still a lot of hours to engage in money making activities. They can choose from a variety of extra works they can take, depending on their interests and passion. These may include online money making, working at home, baking, selling products, and other jobs that can be done in their extra time.

3. Utilize resources
Outside from our selves, are the tangible assets in our possession such as land, building and equipment. To earn more profit, we need to utilize all our idle resources. If you have a land or a building which are left unused, you may consider finding tenants and enjoy revenue from rents. If you have other equipment (car, office machine, et cetera), that are not fully utilized you can reckon any business activities that can make them profit making machine. Finally, if you have money sleeping under the sun, you can invest them into low risk income yielding investments such as, time deposits, debt securities and mutual funds to earn more in the form of interest and dividend income. And if you really have a business idea which you are confident to succeed, make that money your equity.

4. People
No man is an island. That’s why we have an island so we may live better. Our relatives, friends, affiliates, allies, and anyone who are somehow linked to us can also become our assets or advantages. If you want to gain more profit, you must capitalized your network of people. The bigger your network is, the greater products or services you can sell. The more you can sell the more revenue and profit you can have. Just think of your several followers in Twitter or friends in Facebook. Make them useful and help them by providing them their needs. That means selling them relevant products and services they really need. Just don’t solicit them too much if you don’t want them to leave you.

If you’re an employer, your employees can be your best assets. If you want to maximize productivity and profit, you need to make them more motivated and productive. A demoralized and discouraged group of workers can make your financial results fall down. Hence, you need to know and do the best things that will make them happy and bring your company into profit success. In short, you need to have a better Human Resource Management and leadership skills to earn better comprehensive income.

5. Minimize cost, charges, waste, risk and losses
In the financial sense, if you have a stable revenue, the less cost and expenses you have, the more your profit. For this reason, we need to identify costs and expenses that we can eliminate without affecting the level of our gross sales or revenues. In trading goods, we can reduce our cost of goods sold by reducing gross purchases or increasing purchase discounts. With regard to expenses and charges, we can reduce or eliminate those which cannot affect our revenue and we can avoid in the first place. The following are examples of those charges and expenses:

• Excessive entertainment expenses
• Unimportant travel expenses
• Penalties for non-payment of dues and taxes on time
• Interest expense on delayed loan repayment
• Bank charges on accounts falling into minimum balance
• Credit card charges on buying on account even if cash is available
• Loss on fire (in the absence of insurance)
• Loss on theft and fraud because of non implementation of strong internal control
• Other cost, expenses and losses due to the absence of strategic planning, internal control and risk management.

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1. Plan ahead
Make a budget of your monthly expenses. Establish your next month’s expenses now. Know and study what you will spend and what you will need to buy next month. Ask yourself – do you have enough current and future resources or income to cover those future expenses? Can you still save money if you will fill up those expenditures? Always remember to have your financial plan the S.M.A.R.T features. That is being specific, measurable, attainable, relevant and trackable. In planning ahead, you should also make a prioritization of your expenses. You will need this to determine what are those which are important are and what are those which can be eliminated. By thinking in advance, you can also anticipate sales with discounts that can give you significant savings. The goal here is simple – knowing in advance the financial troubles and deficiencies you will encounter and having advanced solutions to prevent them. Of course don’t forget that a plan is useless if not followed. Hence you need to have a lot of discipline and determination to achieve your plans and goals.

2. Cut the unnecessary expenses
In order to have the best solution in reducing your monthly expenses, you need to apply the process of elimination. This means you need to eradicate those expenses that are not really important to you and to your well-being. The best examples of these money wasters are the vices that are currently making you poor and unhealthy. These vices include drunkenness, gluttony, smoking, gambling, womanizing and other bad habits that can snatch your money in the pocket, as well as money in the banks. Your entrainment expenses should also be lessened because this is where extravagance starts. You can also try to become more physical and at the same time lower your expenses of paying other people to do the simple works that you can do-it-yourself. Example of this is walking your own dog, washing your own car, and other simple works that may give you time to relax and simultaneously save money.

3. Obey the rules, pay your debts and bills before their due date
The objective here is to avoid expenses that you should not have in the first place. These are penalties, surcharges and interests. Pay your water and electric bills before due date to avoid interests and penalties. Remit your taxes before deadline to avoid interest and surcharges. Settle your debts on time to avoid penalties. Obeying the rules can also prevent future obligations and extra payments. A simple defiance of traffic rules can cause you an additional cash outflow. Hence, it’s best to just live freely and have financial freedom.

4. Stay fit and healthy
This doesn’t need further explanation. We all know that medical bills are everyone’s worst financial nightmares. Moreover, you cannot work and earn money if you are sick. We also know that unhealthy foods are often the expensive foods. Choosing to eat health-friendly food can also lower our expenses and save us more money. Therefore, let us take care of our best physical asset – our body.

5. Action
It’s a one word to add in every steps and every ways for a successful mission. If you want to gain victory in reducing your monthly expenses, you don’t just need to think, plan, read, analyze and promise your self – you need to act on them. This article or any personal finance article, although well and intelligently written, will not become effective and helpful if not put into action.

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