I taught a class once which was called “Finances Under Construction” at a local church. Finances are a big issue both personally, in marriages, and according to the Bible. Though it takes money to live, we need to look at what we really do with our money and the impact that money has on our lives.

The first thing that we need to realize is that it is God’s money. Nothing belongs to us. It all belongs to God. There is nothing on this earth that you can take with you when you go. (You could take it, but what are you going to do with it….lol)

January of a new year is tagged as two things. One is tax month for me as I have a lot of record keeping to balance and prepare for all of the necessary tax filings that need to be completed. If you are in business you can relate. The second item it is known for is White Sales for Sheets & Linens…..lol. (Tip for the day: January & July are the two best months to shop for clearances and sales because this is typically the two times of the year when businesses need to complete their inventory and pay their taxes. The lower the inventory, the lower their taxes.)

In preparing for my tax filings, January is the time that I take audit of all my spending for the year. I keep every receipt that I spend throughout the year and I total everything monthly (sometimes yearly…lol) to see where my money goes. Even my McDonald receipts are kept. This is a real eye opener when you see how much money is spent weekly, monthly, quarterly, semi-annually and annually on just fast food alone. Question: How can you change your spending habits if you do not know where your money is going? Answer: You can’t.

One of the first challenges for the participants in my “Finances Under Construction” class was to take an audit of your spending for a month. Take a little pocket notebook and write down every penny that you spend for a month. Now, there are apps for this as well. I’m old school and when I can see it in writing, it sticks with me and I can see it in black and white. Also, you don’t have to worry about anyone getting a hold of your information. 🙂

Challenge No. 2 – Let’s look at your monthly income. If you do not work a typical job where you receive a pay check either weekly or bi-weekly, this total is a little harder to obtain. You will need to look at your annual income from the prior year and calculate your monthly average income.

(Side note: If you are self-employed and live off of receivables, my heart goes out to you as this is part of being self employed. It is hard sometimes for your clients to understand that this income is your bread and butter. If your invoice sits on their desk or in their inbox waiting for approval, and then to be processed, that your payment is going to take longer to get to you. It’s like going without a paycheck for a month or two. I don’t know many people who can go without their paychecks.)

Challenge No. 3 – Question: Which of your numbers is higher for the month? Your Income? or Your Spending?

In order for you to get your finances under control, it is going to take everyone working together. If you are single, you just have yourself to hold accountable. If you are married, it will take both the husband and the wife to work on this together. It takes both to work as a couple in order to meet your financial goals. If you are not working together and you are pulling against each other, you will not get anywhere. It will be a constant tug-of-war. You both are accountable to each other.

If you are renting and sharing expenses with a roommate, then you will need to be responsible for your own finances and covering your share of the expenses. You will need to audit your spending, obtain a hard copy and proof of what your share of the expenses are so you can calculate accordingly and then take a look at your income.

Finances take transparency. Everyone needs to communicate and be open about their spending and their income. If you are hiding money, hiding spending, hiding collection calls, throwing the mail away, then there are some serious issues that should be addressed.

What are your financial goals? You need to look at what your financial goals are. This can be individually or as a couple. There is nothing wrong with a wife to have her own financial goals and/or a husband to have his financial goals. The point is to work together to achieve the goals that you have set for yourself and/or as a household. You need to work as a team to help each other achieve their goals. You need to know what your goals are in order to proceed. (Some of your goals may be to pay off all of your credit cards, pay off your home, save for retirement, save for a vacation, save for college, purchase a new car, renovate your home, buy your first home, etc.)

The road to your finances under construction will depend on your goals. Are they long term goals? Are they short term goals? Are they individual goals? Are they goals as a couple and/or as a household? Or for the kids?

Since it is going to take you about a month to gather all of this information and make some of your decisions regarding your finances, obtaining your totals and setting your goals, I am going to stop this blog here for today. This will give you the opportunity to complete your self- evaluations and next time, we will discuss the next steps needed to start working toward your financial goals.

Recommendations: Write EVERYTHING down. Put your receipts in one location for the month. I keep one file box for the year. Inside this file box are all of my folders for the year and 12 envelopes. Each envelope represents a month and I keep my receipts in the envelopes. Computers are nice but, would your computer sustain an IRS audit? If you are married, schedule 1-2 hours a week and sit down and discuss your goals. Talk about both long term & short term goals. Use this time for open communications. Laugh and have fun. Most importantly PRAY. Ask God what He would like you to do with His money. I always pray and seek God’s wisdom to help me to be a good steward of His money and the blessings he has given to me. (Luke 16:10 Whoever can be trusted with small things can also be trusted with much.)

The Bible also says that we prosper by the fruit of our hands. (Psalm 128:2 You will eat the fruit of your labor; blessings and prosperity will be yours.) So turning your finances around will take work, time, and patience. Because tithing will be coming into play as we build your finances in order to meet your goals.