Financial Stability - HAVE A GOOD PLAN

BIBLE PRINCIPLE:  "The plans of the diligent surely lead to success, but all who are hasty surely head for poverty." - PROVERBS 21:5.

WHAT IT MEANS: Diligently sticking to your plans is an important key to success.  Therefore, plan before  spending.   Remember, you likely cannot buy everything you want. Thus, spend your money wisely.

WHAT YOU CAN DO:

* Stick to a budget. Write down all your expenses, and put them down in categories.  Then allocate funds for each expense.  If you overspend in one category, take money from another to cover the difference.  For example, if you spent more than you planned  on automobile fuel, take money set aside for a less important purpose-for example, dining out.

Avoid unnecessary debt.  To the extent possible, avoid going into debt. Instead, save up to buy the items you need. If you use a credit card, try to pay off your balance in full each month to avoid paying interest. If you are in debt, set up a repayment plan, and then stick to it.  

One study suggests that when paying with a credit card, people are prone to spend more. So If you have a credit card, use it with restraint.

Next time: Financial Stability - BEWARE OF HARMFUL ATTITUDES

From the jw.org publications