I was asked to speak to women's Bible study group about important steps to take in this difficult financial economy. It seems like forever since I was involved in finances and the like (10 months is forever when I look at all of the adventure that I've experienced at home with my daughter since then). However, I was able to put my career hat back on, and come up with some thoughts for the group. My premise is that thee is a lot of information out there...they just need to think through their needs and use the resources that are available.
Five Components of Calm
Keeping it Together in Today’s Economy
Five Components of Calm
-Put it in Perspective
- Plan
- Prioritize
- Partner
- Pay Attention
1. Put it in Perspective
- Remember who is really in control
- The economy is cyclical
2. Prioritize
- Refocus your financial priorities
- Essential vs. discretionary expenses
- What needs to be done now vs. what can be done later vs. what really doesn’t need to be done at all
- Refocus your life priorities - career vs. education, relocation vs. stay in the area
- Seek contentment
3. Plan your spending (and saving)
- Budget, Budget, Budget!
- Realistic look at your “true” expenses including gifts, copayments, babysitters, newspapers, etc.
- Anticipate potential financial changes
- Adjust accordingly – the little things really do make a difference
- Keep some fun
4. Partner
- Collaborate with subject matter experts – banker, tax professional, financial planner, etc.
- Attend seminars and events
- Have a source of accountability – friend, support group, etc.
5. Pay Attention – Educate Yourself
- Read appropriate articles/websites
- Maintain your financial documents/information
- Watch the news (in moderation)
“For I know the plans I have for you,” declares the Lord, “plans to prosper you and not to harm you, plans to give you a hope and a future.” Jeremiah 29:11 (NIV)
“Any enterprise is built by wise planning, becomes strong through common sense, and profits wonderfully by keeping abreast of the facts” Proverbs 24:3-4 (TLB)
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