The cornerstone of financial education is straightforward: don’t spend more than you earn. While it might sound like a cliché, this principle is vital. Managing your money effectively involves balancing your monthly expenses, meeting essential needs, and saving for your short-, medium-, and long-term goals.
You might ask, “How can I possibly save when my income barely covers my bills?” The answer might not be as daunting as it seems. Economics professor Alexandre Miserani explains, “When income is limited, we must pay closer attention to the value of money—finding ways for it to work for us. This starts by saving a percentage of your income every month, no matter how small, and maintaining financial discipline. It’s about receiving your salary, setting aside a portion without impacting your budget, and gradually cutting unnecessary expenses while building the habit of saving.”
A report from the Money Advice Trust reveals that 6.8 million adults in the UK are struggling to meet essential expenses, such as rent and council tax. Many households report that their financial situation is worsening.
To tackle this growing crisis, experts stress the importance of financial discipline. The first step is understanding exactly how much you earn and where your money goes. A helpful tip for the new year: from 1st January, record all your expenses—yes, every single one. Whether it’s a coffee, a sweet treat, or an unplanned purchase, track it all. Review your spending monthly to identify areas to cut costs and allocate part of your income towards an emergency fund or investments for future goals.
Looking for guidance on improving your finances?
Every Monday, the Universal Church holds a meeting titled “Prosperity with God.” These meetings are dedicated to teaching you how to use your faith to advance in your finances and to build a strong foundation for your financial life. If you are looking for direction and inspiration on your journey to success, through prayers and messages based on the Word of God, join us at your nearest Universal Church.
Event: Prosperity with God meeting
Date and time: Every Monday at 7:30pm (also at 7am, 10am & 3pm)
Location: Your local Universal Church
Source: https://moneyadvicetrust.org/latest-news/6-8-million-people-struggling-to-pay-for-essentials-despite-falling-inflation/#:~:text=New%20research%20from%20the%20Money,as%20rent%20and%20council%20tax.
