Common (Financial) Sense

In his book Money, Possessions and Eternity, (Tyndall House publishers, rev. ed. 2011) Randy Alcorn listed 10 ‘Practical Guidelines to Control Spending’.  I thought it might be wise reproduce that common-sense list here.  They include:

  1. Realize that nothing is a good deal if you can’t afford it
  1. Recognize that God isn’t behind every good deal
  1. Understand the difference between spending money and saving money (no ‘savings’ on purchasing $80 sweater for $30—saving is setting aside money for future use)
  1. Look at the long-term cost, not just the short-term expense
  1. Pray before you spend (God may want to supply this need / want for free or at a greatly reduced cost—TIME cover with C.S. Lewis)
  1. Examine every purchase in light of its ministry potential (could money be better used to preach gospel or help poor)
  1. Understand and resist the manipulative nature of advertising
  1. Learn to walk away from things you want but don’t need
  1. Realize that little things add up
  1. Set up a budget and live by it
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