615 F E A T U R E P R E S E - - PowerPoint PPT Presentation

moneymatters

/ Deacon. Olu Adetola /

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What 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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MoneyMatters | Nehemiah’s Court 12.08.15

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First things First!!!

Make Christ the source

• f 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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MoneyMatters | Nehemiah’s Court 12.08.15

Successful (money) financial management begins with the payment of an honest tithe and the giving of proportionateofferings.

God loves a cheerful giver and His promise to open the windows of heavens and pour out great blessings upon faithful tithers shall be

• urs 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 should plantheperiodof abasement. We should be modest in our expenditures; discipline

• urselvesin ourpurchasesandtryto avoiddebt.

We will feel more secure and enjoy greater peace of life ifwehaveafinancial 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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Financial 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

• n 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)

• r 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. MoneyMatters | Nehemiah’s Court 12.08.15

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Whichever we choose (Short, Medium or Long term), we should keep in mind the need to keep money for the rainyday. If we use all our money in the short term, we could find

• urselves facing considerable financial difficulties when

somethingunexpectedmayhappen. Always ensure that you take these unforeseeable events intoconsiderationandsave.

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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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financial misbehaviours

/ Impulse buying

/ Excessive materialism / Preoccupation with social image / Using money to control others / Addictive behaviour

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Financial 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
• f 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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exploitation

Comes 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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How 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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/ 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

MoneyMatters | Nehemiah’s Court 12.08.15

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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MoneyMatters | Nehemiah’s Court 12.08.15

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

MoneyMatters | Nehemiah’s Court 12.08.15

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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/ Summary + Conclusion /

Apply wisdom in the management

• f 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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MoneyMatters | Nehemiah’s Court 12.08.15

thankyou

2ND WEDNESDAYS OF EVERY MONTH | 06.15PM

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