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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

MoneyMatters | Nehemiah’s Court 12.08.15

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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%


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


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


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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