moneymatters/ Deacon. Olu Adetola /
12th August 2015 | Lagoon Restaurant, V/I – Lagos, Nigeria
F E A T U R E P R E S E N T A T I O N
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1What is Money?
Just a medium or a means
It is intrinsic
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introduction
Lack Hardly Kills But Lack of knowledge of Money (Financial) Management often does.
With all the exigencies of today's life, coping with life's demand is not easy,
and getting the finances right is tough. We are often reactive to day to day
priorities instead of medium and long term financial planning.
After spiritual development, financial (money) management is the next most
essentials ingredient to a successful and happy life.
‚A woman makes a home but a man who cannot provide for his family is worst than an infidel and a denier of the faith‛ - 1Tim5:8
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2First things First!!!
Make Christ the sourceof your Wealth
“...Oh that you will bless me indeed, and enlarge my
territory, that your hand would be with me and you will
keep me from evil” - 1 Chronicles 4 v 10
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Why do you spend money for what is not bread?
Why spend your wages for what does not satisfy?
Are you thirsty? Come to the waters
Don’t you have money? Come and buy bread
Come and buy wine and milk
Come and buy without money or price/ Isaiah 55 1-3 /
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Successful (money) financial management begins withthe payment of an honest tithe and the giving ofproportionateofferings.
God loves a cheerful giver and His promise to open the windows of
heavens and pour out great blessings upon faithful tithers shall be
ours as we do this.
/ Malachi 3:10, Isaiah 58:6 – 12 & 2 Corinthians 9:6 -7 /
Good Financial Planning creates a stable home with financial stability
instead of chaos within the home.
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While enjoying the period of abundance, we shouldplanthe period of abasement.
We should be modest in our expenditures; disciplineourselves in our purchasesand try to avoid debt.We will feel more secure and enjoy greater peace of lifeif we have a financial reserve
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• Money is not the evil; management of it can be.
• Do not acquire what you cannot maintain.
• Study, understand & Manage your spouse’s or partners attitude
to money.
• Don’t eat your seeds with your harvest - Save for your family‘s
future.
• Take care of the little foxes in your closets
• Labour may not be our source for greatness but it is our engine
for success and blessing. The sleep of a labouring man is sweet.
/ Ecclesiastes 15:12 /• Be good. Plan and leave inheritance for your children's children
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3Financial Decisions
in Short & Long Term
Good financial planning should include Short, Medium and Long Term planning.
/ SHORT TERM / These are financial decisions on immediate expenditure and
on impulse. They are expenses made from spare money and on something we
like or need immediately. // Aso Ebi //
/ MEDIUM TERM / These are financial decision made over a fixed period of
time and to which savings can be made over such period (Wedding expenses)
or for which a loan that can easily be repaid over a fixed period of time (3-5
years) is taken. (new car or home appliances.)
/ LONG TERM / These are expenses made from long financial planning and
involves long term commitments e.g. housing through mortgage. Or saving for
children's further education or retirement.
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Whichever we choose (Short, Medium or Long term), weshould keep in mind the need to keep money for therainyday.
If we use all our money in the short term, we could findourselves facing considerable financial difficulties whensomethingunexpectedmay happen.
Always ensure that you take these unforeseeable eventsinto considerationand save.
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/MOBILITY & TRAVELS NEEDS /Car repairs
/BREAKDOWN OF HOME APPLIANCES /Fridges, Freezers, cookers washing machine
/HOME REPAIRS /Replacement of blown off or leaking roof, Damaged carpets
/HEALTH NEEDS /Medical needs, Visit to doctors clinic or hospital
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financialmisbehaviours/ Impulse buying
/ Excessive materialism
/ Preoccupation with social image
/ Using money to control others
/ Addictive behaviour
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4Financial Mismanagement
The Dos & Don'ts
• Create a periodic family budget (MONTHLY or WEEKLY)• Develop a debt avoidance or reduction plan. Don’t pay debt with
debt
• Develop a saving induced plan and culture
• Prepare a spending plan to create a sustainable spending pattern
• Distinguish between Needs and Wants. ‘Don’t buy a goat because
of its voice’
• Let your spending be governed by your Earnings rather than
Yearning.
• Build and maintain a financial reserve always.
• Involve your entire family in setting the family financial goal.
• Develop and implement your budget plan
• Avoid being in constant debt. A debtor is always a slave to his /
her creditor. / Proverbs 22:7 /
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exploitationComes in different shades and colors. More difficult to know and deal with if perpetrated by friends or relations./ You can be a target if /
/ Emotional
/ Financially buoyant
/ Influential/Wealthy
/ Spiritually dependent
/ Age (Younger or Older)
/ Possess Excessive Empathy
/ A Reclusive / introverted Person
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5How to deal
with your Debts
/ Don’t ignore the problem /
It won’t go away. The longer you leave it, the worse it gets.
/ Maximise your income /
Develop the habit of second income preferably from your hobbies.
/ Tackle your priority debts first /
For example, debts that could mean losing your home or having
your gas or electricity cut off.
/ Work out your personal budget /
Plan ahead on how to utilise your income before the pay day and
limit unplanned expenditure.
/ Work out a reasonable offer /
To repay the money owed to your creditors. Don’t worry if it
seems small-creditors prefer you to pay a small amount regularly
rather than make an offer you can’t afford.
/ Get Advice /
to solve your debts problems before it get out of hand.
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6/ Budget-ing /<<Key Areas>>
Projected balance/ Projected income less expenses /
Actual balance/ Actual income less expenses /
Difference/ Actual less projected /
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Projected Monthly Income
Income 1
Extra Income
Total Monthly Income
Actual Monthly Income
Income 1
Extra Income
Total Monthly Income
Tithes, Offerings & Gifts
Food
Children
Accommodation
Personal care
Taxes
Entertainment
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18%
20%
10%
20%
7%
12%
2%
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TITHES , OFFERINGS AND GIFTS (15%)
Projected Cost Actual Cost Difference
Tithe
Offerings
Charity
Total
FOOD (20%) Projected Cost Actual Cost Difference
Groceries
Dining
Other
Total
CHILDREN(20%) Projected Cost Actual Cost Difference
Education
Other
Total
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ACCOMODATION(24%) Projected Cost Actual Cost Difference
Mortgage or Rent
Phone
Electricity
Gas
Water
TV & Cable
Waste Removal
Maintenance / Repairs
Supplies
Other
Total
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PERSONAL CARE(7%) Projected Cost Actual Cost Difference
Medical
Hair / Nails
Clothing
Dry Cleaning
Health Club
Organization Fees / Dues
Other
Total
SAVINGS OR INVESTMENTS(10%)
Projected Cost Actual Cost Difference
Pension Fund
/ Personal & Official /
Investment Account
Stocks & Shares
Total
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TAXES(12.5%) Projected Cost Actual Cost Difference
Federal
State
Local
Community
Total
ENTERTAINMENT(1.5%) Projected Cost Actual Cost Difference
Videos / DVDs / CDs
Music / Concerts
Sporting Events
Live Theatre
Total
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7/ Summary + Conclusion /
Apply wisdom in the management of money (wealth)
Be wise with money - Plan before spending
Save money for the future but do not hoard it
Spend with discretion & control
Remember to give back to the lord joyfully
Assist others with discernment
Poverty is not a terminal disease. We can manage ourselves out of it!
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thankyou
2ND WEDNESDAYS OF EVERY MONTH | 06.15PM
G R A C I A S M E R C I D A N K E
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