Did you know you only need to have faith as small as a mustard seed? (Matthew 17:20)
1. Change your mindset
Have you challenged your thinking? If the answer is yes, then you're one step ahead of the game. But if your answer is no, It all starts here! If you keep thinking "my finances will never be in a good place", or "my family will never be one of generational wealth". You know what? It will be that way. There is so much power in our thinking and God wants your mindset to change to one that believes, with God all things are possible ( Matthew 19:26).
God has thousands of promises over your life, and we’ve picked some essential ones to let you know these promises don't exclude your finances. Check out our podcast episode Steward That Coin if you want to hear about these promises.
Are your actions aligned with your dreams?
2. Start really planning
We all say we’ll start today, and then tomorrow happens, and then next week comes, and then it's new years eve, and we simply start planning to plan again. Let's cut to the chase and actually start TODAY. There are so many ways you can get your life together, including your finances by just simply making time to start putting plans in place and actioning them. It will feel so good when you are ticking off each box on your list, one by one.
Proverbs 16: 9 - The heart of man plans his way, but the Lord establishes his steps.
3. Be practical
Create a chart and start tracking your weekly outgoings. Trust me, you will Instantly start thinking "when did I subscribe to that?" You’ll then be in a great position to visibly see your finances and how you can change spending habits and manage expenses.
You can also use money tracking apps. There are many on the market that can help you track your daily expenses and provide monthly reports which are FREE. You should always read the terms and conditions before signing up to any apps which you provide personal or financial information regarding yourself, and ensure you're using the best app to meet your needs. Before making financial decisions always do research, or talk to a financial adviser.
Now I know you're thinking how do I generate more asset income?
It's all about the side hustles. I love me some of 'The Humble Penny', which is a Youtube channel who provide great practical financial tips in 2020, that can help provide you with the knowledge to move you from being consumed with debts, to gaining more assets. Helping you generate additional wealth for you and your family. Check out their Youtube video on side hustles where they delve into different hustles you can do in 2020 to generate additional income.
4. Be consistent
This changes the game.
Once I became consistent with my chart and started investigating ways to reduce my debts and expenses; I noticed a huge difference. Me being consistent was finally paying off. To find out more about managing debt and how to avoid the big red flags check out Episode 8 Steward That Coin.
If you create a chart or use an app don’t look at it every 2-3 months otherwise it is
U-S-E-L-E-S-S and will serve no purpose just like the 6-way vegetable cutter in your kitchen draw and remains unused. Take your time to create a chart or ensure you understand the functionality of the app you choose. If you choose to create a chart, why not make it colourful and bold with multiple fonts. Make it pleasant to return to, so you can enter those numbers with pride and actually want to look at it frequently.
5. Set goals
All the above will help move you towards your goals. You do have goals right? Not to worry if you don't! Good news you can start today. What do we want to achieve? Start by setting short term goals and structuring it in a way that upon completion of those short term goals moves you a step closer to your long term goals. I'll explain it.
i.e. You want to pay off your Car debt in 18 months. A short term goal would be to set up a standing order for a set amount each month. Every month you will achieve your short term goal paying off a set amount, moving you to the long term goal of ultimately paying off your Car debt in 18 months. Please note this is simply an example, to illustrate short term and long term goals.
Use your short term goals as a catalyst to rocket you into successfully achieving your long term goals.
We all can agree that there is an amazing feeling when you set goals and achieve them.
Well, that's it. If you want more tips, a good laugh and some key scripture check out our podcast Episode 8 Steward That Coin.
I pray that these tips do give you a head start in your pursuit of generational wealth and transform your mindset into a God lead one.
With Love Jo Chi