retirement

How Making a Plan Can Save You Time and Money

4 Minute Read

Measure twice, cut once.

It’s an important rule to remember in carpentry because it eliminates waste and costly mistakes. But can it also apply to your finances? Yep!

Taking the time to make a plan for your money on the front end lets you reap great rewards down the road. Sure, you’ll notice the benefits to your time and money, but they go far beyond that. Areas of your life that time and money touch—pretty much all of them, right?—also improve.

Taking the time to make a plan for your money on the front end lets you reap great rewards down the road.

But first, you need a plan—also known as a budget.

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Your Plan Should Look Like This

First, you need to sit down and decide where every dollar will go. Before the month even begins, you should already know how much—and where—you’ll save, give and spend. Then, as the month progresses, you take time to track each dollar as it comes in and goes out. You have to make sure you’re sticking to the plan!

Yes, that takes time, effort and lots of intentionality.

It’s definitely more intensive than just hoping and praying there’s still money in your account until your next paycheck. But the more you do it, the easier it gets. And think about this: All that effort pays off big-time down the road. And some pretty scary stuff might happen if you don’t have a plan.

Want some specifics on what’ll happen to your life without a plan for your money—and all the great things that could happen with one? Consider this.

The Effects on Your Time

When you tell your money where to go instead of wondering where it went, that frees up your time! Why?

You’re not wasting time scrambling to move money around when you do overspend.

You’re not making phone calls to banks or businesses because you’ve overdrawn or bounced checks.

You’re not asking your landlord for more time to pay your rent.

You’re not working last-minute side gigs to pay your electric bill.

Instead of looking into the past and trying to fix your mistakes, you can look toward the future. Stress and worry become peace and freedom. And you have more time for the really important things in life: your relationships with friends and family, your walk with Christ, your job, your hobbies and passions. And those are a much better use of your time!

Instead of looking into the past and trying to fix your mistakes, you can look toward the future.

The Effects on Your Money

Heading into the month without a plan for your money is expensive! When you have no idea where your cash is going, chances are you’ll end up paying lots of fees: overdraft fees, late fees, bounced-check fees.

All of those fees mean you’ll be spending money on things you’d rather not have to. And the things you want to spend it on? They’ll just have to wait. Look at it this way: You’re stealing from yourself and your future!

With just a little planning, you can save yourself tons of money on fees and careless spending. You’ll have more money to bless others, to save for your future, and to spend on the kind of life you dream of. That’s winning with money!

With just a little planning, you can save yourself tons of money on fees and careless spending.

You might say that when you have a plan for your money, you, "Measure twice, spend once, and save every time." And that’s something anyone can get on board with!

Are you ready to learn more ways to win with money? Financial Peace University can show you how!

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