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Articles > Spending

How am I spending my money each month and does my outgo of cash exceed my income?

Are My Monthly Living Expenses
Ruling How I Live Monthly?

By Elaine Bechtel

Are you not able to do what you want, when you want, because your money has already been spent? Have automatic debits taken over your checking account? Are you afraid to answer the phone or door because it may be another creditor? Is Stress taking a toll on your health and relationships? Do you argue about money? If you are answering yes to these questions, then your spending is ruling and ruining your life. It’s time to step back and take a look at what is happening. Ask yourself: “Is there a way to live so that I reduce my expenses now?”

I can remember a time when I thought I would never get out of debt. But I made a plan and committed to repayment. I set up a spending plan and cut back on excesses. By applying the action steps below, I found I could control my spending while I was getting out of debt. This gave me a sense of accomplishment and strengthened my resolve to live debt free.

The action steps below will help you avoid going further into debt:

  1. Set up values and goals to direct your spending. Ask yourself: “Does this purchase reflect my values or help me achieve my goals?”
  2. Avoid using credit cards. If you do, pay them off when the bill comes.
  3. If you are an impulse buyer, wait three days before you buy anything over a specific amount. (Ex.: $100)
  4. Evaluate your purchase:
    a. Is it value for price?
    b. Does it meet a need or a want?
    c. Will it be around long after it’s been paid for.
  5. Research the purchase:
    a. Find the store with the best price.
    b. Can you save up and pay cash?
  6. Visualize your debt free life; positive daydreaming encourages you to reach your goals.

God owns everything and we are His stewards, so every spending decision is really a spiritual decision. Let God’s Word from Romans 13:8 (NAS) be your target: “Owe nothing to anyone except to love one another; for he who loves his neighbor fulfills the law.” And, draw your strength from Philippians 4:13 (NAS): “I can do all things through Him who strengthens me.”

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