In my previous post, I defined what book keeping is in simple terms and I gave examples of how I had been bitten by the acclaimed Yoruba financial demon known as Agbana. I’m sure you read that post. If you have not, scroll down to read it. Today, our focus is on how to keep financial records. What simple steps can you take to help you monitor your spending and have a good financial record? Here are a few:
- Start by documenting all your income. Even if someone gives you a monetary gift, document it.
- Document all your expenses too. Even if you buy a sachet of water at the rate of ₦10, write it down. This is part of financial intelligence.
- At the end of the week, be your own accountant. Proceed to reconcile the account.
- Make financial decisions for the new week. You can make specific financial decisions like cutting down on your intake of Coke to save some money or taking your girlfriend out to eat shawarma, if you have extra cash.
It is good to employ the services of an accountant, if you can afford it. If not, you can ask a friend of yours who is financially wise to give you some financial advice. If it is a business you run, as the business grows, you might need to employ an accountant just like WiG Radio is already thinking now.
“And it came to pass, that when he was returned, having received the kingdom, then he commanded these servants to be called unto him, to whom he had given the money, that he might know how much every man had gained by trading.” – Luke 19:15
In the above scripture, we understand that God as our master is always expecting us to give a report of all the resources He has placed at our disposal. So God wants us to keep records and be accountable.
It is good to account for everything knowing that you were entrusted with the money in your hands. It belongs to God who hates waste, loves prudent people, cheerful givers and careful administrators. In that parable the master went on a long journey and did not come back for a long time but the faithful servants kept record of their trades. Keeping records might be tough initially but with time, it becomes a habit.
In the early days of WiG Radio, we decided to keep record of everything from ₦100 upwards, even if we bought a Can of Malt drink of ₦100, we put it in our record. We do not have any money that belongs to us. All we have is God’s money given to us as a trust, so we must use it as accountable servants.
TIP: When in transit and you do not have time to document your spending, to avoid forgetting, you can make use of the memo or notepad on your phone to record any expense incurred. Then you can transfer it to your records later.
By the way, there is this book by Arese Ugwu called ‘SMART MONEY WOMAN.’ It will increase your financial intelligence. I’ve read it and I suggest you grab a copy.
Practice these tips and thank me later.
This post is a selection from the Wisdom Gate Family Bible Study Series ©2017. If this has blessed you, kindly drop us a comment or send us a mail at firstname.lastname@example.org. You can also listen live to WiG Radio on www.wigradio.com or download the app at www.wigradio.com/apps.