Financial Wisdom from the book of Proverbs

Thought I’d share a little ancient wisdom for you to ponder today.

• “In the house of the wise are stores of choice food and oil, but a foolish man devours all he has.”  Proverbs 21:20  (NIV)
• “The poor are always ruled over by the rich, so don’t borrow and put yourself under their power.'”  Proverbs 22:7  (MSG)
• “Do not wear yourself out to get rich.  Have the wisdom to show restraint.”   Proverbs 23:4-5 (MSG)
• “Don’t agree to guarantee another person’s debt or put up security for someone else.  If you can’t pay it, even your bed will be snatched from under you.”   Proverbs 22:26-27 (NLT)
• “Know your sheep by name; carefully attend to your flocks; (Don’t take them for granted; possessions don’t last forever, you know.) And then, when the crops are in and the harvest is stored in the barns, You can knit sweaters from lambs’ wool, and sell your goats for a profit; There will be plenty of milk and meat to last your family through the winter.”  Proverbs 27:23-27 (MSG)
• “Committed and persistent work pays off; get-rich-quick schemes are ripoffs.”  Proverbs 28:20 (MSG)

Happy Holidays with no financial hangover

It’s that time of year.  The calendar page turns to November or maybe even December and we realize how few days remain until Christmas.  It’s not too late to plan for a merry holiday season paid for with cash!

This week, start by making a list of all the people whom you’d like to bless with a gift this season.  Keep it simple.  Start with your immediate family and set a dollar limit for each.  The dollar limit for each should be the amount that you are comfortable paying in cash.  Commit to keep your spending to that amount or less.

The next thing to plan for is holiday gatherings, both Thanksgiving,  Christmas and New Years.  Determine now the amount you can spend on potlucks at Aunt Susie’s, work parties and travel.

Once you’ve determined those two amounts, total up them up and divide it by the number of paydays you have between now and Christmas.  You may need to make adjustments.

Last, make a list of inexpensive or free gifts you could give.  Examples are homemade cookies, fudge, chocolate sauce, soup mixes, certificates for nights of babysitting, free car washes, or for a homemade dinner.  Look also for packs of items you could divide into several different gifts.  There are a multitude of ideas.  My personal favorite is Rachael Ray’s Five-Minute Fudge, inexpensive and absolutely delicious!  One recipe can be divided into 4 different gifts depending on the pan you use.

By making a plan and sticking to a preset budget, you can have a merry holiday season with no financial regrets later.