Managing Money God’s Way

Finder’s Keeper’s

Remember being young and coming across something that didn’t belong to you, yet piqued your interest, and showed some promise of being beneficial. The phrase we used to claim the ‘found’ item was, “Finders Keepers, Losers Weepers”. Basically we found it, so we are going to keep it, and the person that lost it, is well, just out of luck. In today’s ever changing financial climate, we can all find a few things that belong to us, that could be very beneficial.

I came across an article at Kiplinger.com called Resolved: This Year, I’ll Keep More Cash. It is an interesting article that lists seven ways to find and keep more of your cash this year. The one thing that we should all strive for is personal responsibility. In case you haven’t realized, the government is not going to be the answer to your problems. You are the best answer to your own problems. If you need more income, go get a second job. If you need to cut expenses, sacrifice cable for a few months. Whatever it takes to help you and your family win financially, is almost always possible within your own situation. I know there are certain situations that are out of your control, but once we understand the hand we have been dealt, let’s take control and fix the problem.

Ok, rant off. Let’s take a look at the list:

1. Get your spending under control
2. Set up a flexible spending account
3. File a new Form W-4
4. Raise your insurance deductibles
5. Cut the cost of credit
6. Open an online savings account
7. Bump up your 401(k) contributions

What do I think? Thanks for asking.

1. Totally agree with this one. Kiplinger recommends Mint.com for your budgeting. I don’t recommend one method or site over another, when you find something that works for you, use it. I personally use an Excel spreadsheet tailored to our family
2. Haven’t tried this one, but with all of the copays to the doctor and dentist, I will likely be looking into it.
3. Last year we got back the smallest return ever, so this one is one we feel good about. If you are expecting a big return, then change your W-4 and bring more money home in your paycheck each month.
4. Once you have enough money saved to cover the amount of a higher deductible, then talk to your agent about raising it. This will save you on premiums, but don’t do it unless you can afford to cover the deductible out of pocket; not on a credit card. Remember, no more debt.
5. Ok, you know what I am going to say. Instead of cutting the cost of credit, just cut out credit. Sure, you may be able to get some cash back, or earn some reward points, but for us we try to live by Proverbs 22:7
6. I have my emergency fund in a Money Market, but I am not getting anywhere close to 3%, thanks to the Fed rate cuts. I may have to look into this one.
7. We contribute to our 401(k) up to the match, we are fully funding our Roth IRAs and saving for college with 529s. We are going to increase the amount going into college, and may increase 401(k) giving. Afterall, everything is on sale, but we won’t jeopardize our monthly budget. We will do everything ‘on purpose’.

What about you? Any ideas on ‘finding’ some of your own cash?

Related Websites

• Saving Money with Your Credit Cards pt 1
• Can I make my House Payment with my 401(k)?
• Staying Solvent in Bad Economic Times
• How To Prepare Financially For An Emergency.
• An Argument For Switching To Cash-Only

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